Lender valuations: who usually pays?

G

gianni

Registered User
Messages
686
Have had a search on this topic but none of the previous threads seem to cover this specific point...

Who usually foots the bill for the property valuation conducted on behalf of the lender ? The reason I ask is that my lender is asking me to pay for this valuation/survey... which struck me as odd. Surely the lender would want their 'own' people conducting the valuation ? :confused:

I will be having my own survey done (by a certified person) but I'm willing to bet that this will not suffice for the lenders requirements. This will leave me having to pay twice for a similar service (although I am aware that a lender valuation/survey isn't as detailed or expensive as a 'full' survey)

Has anyone else faced this scenario ? Do other lenders pay for the valuation - if so I may use this as 'ammunition' in discussion with my lender..



Thanks in advance for any feedback :)
 
As far as I know you have to pay the valuation - most lenders will refund the valuation if you don't get mortgage approval.
 
The bank's valuer (for which you'll pay approx. €130) is an auctioneer. The bank will have a preferred list of valuers, but I wonder if you are entitled to engage your own valuer--after all, it's your money. If you approach the auctioneer who is selling you the property, he may supply a cheaper or free valuation for the bank, as he's already valued the property.

J.
 
You can choose your own valuer, but they have to be on the bank's approved panel.

I don't think they will accept a valuation from the same auctioneer who is selling the peoperty, but I am open to correction on this.
 
It is very rare for a lender to accept a valuation from a valuer not on their panel. As CCOVICH said you can choose your own valuer but they have to be on their panel. They insist on this because their panel of valuers have been approved by them whereas a valuer not listed on their panel have not. Also, each of the lenders have a different type of valuation form which only valuers on their panel would have access to.

As for who pays for the valuation, many lenders are willing to cover the cost for FTBs. Even if your lender doesn't you should chance your arm - the worst they can say is no.
 
I got a mortgage from Ulster Bank through a mortgage broker in Cork. My broker insisted that the bank pay for the valuation which they did. Bank's want the business....push them on it.
 
With PTSB we sent a cheque with application and they contacted valuer and sent them my cheque directly...
 
jhegarty said:
With PTSB we sent a cheque with application and they contacted valuer and sent them my cheque directly...
Click to expand...

you usually pay but the valuer usually goes in the banks name
 
Thanks for the advice folks :) - I particularly like Hel n & Squonk's take on things...


My lender is one of the big Irish banks and I have been an excellent customer of theirs for almost 30 years. I'm going to put that point to them, in an effort to get them to cover the cost, and see what they can do for me...

I suppose they know that I'm unlikely to seek out an alternate lender at this stage of the proceedings which isn't in my favour. Nonetheless I'll casually mention that other lenders cover the cost of the valuation for FTB's and hopefully that might encourage them to look favourably on me. I'll keep ye posted!

As for who pays for the valuation, many lenders are willing to cover the cost for FTBs. Even if your lender doesn't you should chance your arm - the worst they can say is no.
Click to expand...

In the immortal words of Delboy - he who dares, wins. ;)
 
Well, I spoke with my bank yesterday afternoon...

No dice. I will have to pay for it myself. I'm a little disappointed with them since I am a v. long standing a/c holder with them and I have always been in the black. Admittedly I wouldn't be one of their high roller customers with wads of cash but who is to say how my finances might pan out in later years.

I suppose they reckon that I'm unlikely to change lenders at this stage (and they're right!) nonetheless I will not speak favourably of them to any of my friends who will be in similar situations over the next few years. Hopefully that'll knock a few €'s off their balance sheet in the future!
 
You must log in or register to reply here.
Back
Top