Closing Valuation

I am nearly completion of a self-build - the engineer should be certifying the final stage payment in the next few days. However, my mortgage advisor has now said that an independent closing valuation is required which will cost 63 euro. This is the first I have heard of this. Does anyone know what this is about and is it compulsory?

When you originally got your mortgage approval, there would have been an initial valuation done, by one of the lender's panel of valuers. But all s/he could value was a house that was not yet built, so s/he would have looked at the plans and the site and issued a report that "if the house is built according to these plans on this site, it will be worth €X."

It's now necessary for the same valuer to revisit the house and confirm that indeed it was built according to the specs originally submitted and is worth €X.

Yes it's compulsory. You could try to get the lender to pay for it since it's for their benefit but at this point in the process you don't have an awful lot of bargaining power.

Liam D Ferguson
www.ferga.com

Thanks Liam.

All I got when I received my mortgage approval was a two-page letter. Should I be entitled to a policy document as well which would outline these details?

I think it would have been nice to have been told the whole process from the start, but I don't think there's any rule-book that says it's compulsory.

LDFerguson said:

I think it would have been nice to have been told the whole process from the start, but I don't think there's any rule-book that says it's compulsory.

Click to expand...

I know in the documents with PTSB it states it's needed on non-completed house at time of valuation...

It doesn't say anything about it in my two-page letter from PTSB. It just would be nice to know of these details from the start...