House buying/selling question please??

[ICEQUEEN20]

A house in a particular area we want came up for sale, we viewed it, had an offer accepted today, so we have estate agents coming round to value our house over the next few days. The Mortgage lender who we have been with for 18 years are already pressuring me to pay a £430 upfront for a valuation fee (no refundable). Is there any way we can hold this off for a couple of weeks as if the Estate Agents dont think our house is worth putting up at a price we want, we wont be able to continue?

[theonlyone]

If the estate agent is legit they will give you a free valuation on your
property ..what has the mortgage lender got to do with you selling ??

[jackthehat]

Don't , like I said last time, get a 'valuation survey' done. This is only for the Mortgage Company's benefit and offers YOU the purchaser little protection later down the line.

If you seem to get the 'green-light' from your Estate Agent, arrange an for an independent 'full structural survey' and ask for a valuation from the Surveyor. Should the purchase proceed and defects come to light, you may get recompense from the Independent Survey, you certainly WON'T from your mortgage company.

Your mortgage company ought (that's only, ought) to accept this as evidence of the value of the new property.

[Canary42]

Just tell them "Wait two weeks"

[theonlyone]

Forgot to mention a HIP ..

[ICEQUEEN20]

But we are buying as well so thats why the Halifax want a valuation fee done, to cover themselves. The way they were talking it was if it can only be done through them! They are also pressuring me to buy different insurances, life, home, contents, sickness unemployment etc... pressurised sales really...!!

[boxtops]

You can get your new mortgage where you like - don't let them bully you!

[jackthehat]

Exactly.
All they are interested in establishing is that the house you are wishing to purchase is worth more than the mortgage they will be advancing to you.
That is why it is a 'financial valuation' and protects 'their money'. To find out whether the structure is sound you need a 'Structural Valuation'; this is what protects 'your' money.

Fob them off.....................for a while.

If they are unwilling (and I really would push on this) to accept an independent report and valuation, you may have to bite the bullet and pay for the one they insist you must have. I guarantee you that there will be no comparison between the two reports. However, if you decide to save money and rely on 'their' report...........should anything fundamental go wrong with the property you will find that 'they' will have a clause that means it's not their fault............

[society]

I'd listen to Jackthehat, she makes a lot of sense.

[bednobs]

jack the hat is a she??

[jackthehat]

Yes..............can I help ? :o)

[bednobs]

no, i just always thought you were a bloke!

[jackthehat]

I find that quite a lot..................:o)

[bednobs]

oh dear!

[ICEQUEEN20]

Thanks appreciate your answers. Its certainly all cut and thrust in the housing market !!