How long valuation take

During the mortgage application period, your solicitor will have been executing the conveyancing process. This involves tasks such as applying to your local authority, for a market search, which takes around 1 month on average, although can take longer depending on how busy your local authorities property and the land department is.

Once all of the above tasks have been taken care of, your solicitor will book a meeting with you for a pre-exchange meeting, where you can ask questions and raise any issues. If you are happy, they will then arrange a convenient time for a final competition date. The competition date — the day you finally get to start life in your new home.

Once the exchange of contracts has taken place, your appointed solicitor will organise the mortgage to be finalised so that you now officially own your home. The period from the exchange of contracts to the completion date depends on both the buyer and owner. Once you have both agreed to a date, it takes 1 week from this point since this is the amount of time it will take to receive the funds once your solicitor has notified your lender.

Typically it takes around a month from the exchange of contracts to the completion. However, if your application is a little more complicated, such as you are looking to buy a non-standard build, or have bad credit, it may take longer. Once your mortgage application has been approved, the offer is usually valid for 6 months. However, some lenders may have a completion deadline for their offer. After this deadline has passed, you may be able to still use the same lender for a mortgage, but your eligibility is likely to be re-assessed as circumstances may change.

Therefore, you may have to start the application process again and your new offer may be altered depending on your current circumstances. A mortgage broker can really help with the mortgage process as they will be familiar with all of the latest deals on the market, and the ones you are most likely to be accepted for. Your broker will also help you to fill in your application forms and let you know what documentation you need to complete the process quickly.

Furthermore, they will handle the submitting of the application and liaising with your solicitor to get the whole process moving much quicker.

Getting a mortgage with poor credit is trickier. There are a number of niche mortgage providers that specialise in securing mortgages for those with no credit history, or serious blemishes on their credit record.

These lenders will consider the severity of the credit issue, the duration of the credit issues, the age of the problem, along with the standard eligibility criteria for a mortgage.

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Get a quick house sale offer Take the second valuation NOW! Call us today: From a mobile: info propertycashbuyers. Follow us Follow PropertyCashUK. Therefore to choose Edwards Valuations for yourself or your client is to know you can totally rely on our professionalism and the advice that will be provided. Therefore to choose Edwards Valuations for yourself. Frequently asked questions. What happens when I order a Valuation?

How long will it take to complete the Valuation? Why does the Valuer need to inspect the interior of the property? Who does my Valuation need to be addressed to? This may be tempting to accept, but a Homebuyers Survey would still be a better option as it's a more comprehensive survey, saving you money in the long-run.

A Valuation Report and a Mortgage Valuation will take between 10 and 20 minutes, depending on the size of your property. You should then receive the report within 2 to 3 working days unless you have to specifically request to view it first.

Let's take a look at the timings associated with a Valuation Report. This is due to the requirements set out by your mortgage provider that a valuation must be undertaken before they can finalise the mortgage agreement.

Once you've submitted a mortgage application, your lender will most likely want to underwrite the financial position of the case before organising the valuation.

The length it takes for a mortgage valuation to be instructed depends on your specific lender. Keep in mind that the time it takes will often increase during busy periods and so it could take up to working days for the valuation to even be organised.

This may even be doubled if the surveyor themselves are also busy. You will need to take into consideration the fact that the current owner or tenant could still be occupying the property. Good communication with the surveyor will allow you to be aware of what they require access to and if there are any concerns they have so that you can help remedy them in time.

Unlike a Homebuyers Survey or Full Structural Survey, both of which will certainly take a number of hours or even a full day to complete, the Valuation Survey is likely to take a much shorter amount of time.

This is based on the fact that they are not looking specifically at any issues or concerns of the building, but are instead looking at its general condition and location in regards to its overall value. The average time it takes for the lender to receive the report is 2 working days. However, the report will be queued and so it could take another full working week until it's seen.