Site valuation cost for Mortgage

Fracking Cylon

My last step in finalizing the mortgage is to get a site valuation done from AIB's panel for a new build. Just wondering what people here have paid to get this, and is it worth shopping around between auctioneers? I have heard people say about 130, which seems high to come and look at a field and fill up a form.

New build in sight

Hi, we got our mortgage through AIB too, and we paid €00 plus VAT so €123. And to be fair i think €100 plus VAT is the going rate. Just make sure you get them to do the full valuation, we only requested the site be valued but when we handed it in we were advised that things had changed and we had to get the valuation done including finished house.
Good luck.

Fracking Cylon

New build in sight wrote: »

Hi, we got our mortgage through AIB too, and we paid €00 plus VAT so €123. And to be fair i think €100 plus VAT is the going rate. Just make sure you get them to do the full valuation, we only requested the site be valued but when we handed it in we were advised that things had changed and we had to get the valuation done including finished house.
Good luck.

Thanks for that. Talking to the bank a month ago, they said that we would need 2, one for the site, and another at the end once the house is built, stating what it's worth. I have a feeling he could have been wrong with that. I'll ring to confirm and see what auctioneers usually do and charge.

New build in sight

Yes we were told the same, but then once we had handed in the site only valuation, apparently things had changed and we needed the complete valuation. It wasnt a problem only took another few days but just better to be forewarned about it so I can help you avoid wasting time

mmc2010

Hi there, ours cost €150 and the one valuation covered what the site was worth and what the end value would be. Our site is in the country though (approx 18miles from the valuer) so maybe that made a difference.

zrejvpx

We paid 150 (incl VAT) as well (another quote was for 150 excl VAT). That included the full valuation of what the future house would be worth (based on plans) which is what AIB wanted (plus they want another valuation on completion)

Fracking Cylon

I rang for quotes on Friday. They tend to differ. First quote was for 150 incl vat with 65 for a valuation when the house is finished.
Second, and the one we went with was for 135 incl VAT with 65 for finished valuation. Last quote I got was for 200 + VAT!

lollymob

Quick question. Do you have to use a valuer that the bank recommends or can you use any auctioneer. Also, I will be applying for a mortgage shortly- Do I have to have the land valued before I submit application?
Thanks.

zrejvpx

@lollymob - You have to use a valuer approved by the bank (e.g. AIB's ones http://www.aib.ie/personal/mortgages/residential-mortgage-panel).
Personally, I'd submit an application to get it started and let them come back to you with the request for a valuation when they are looking for for more details. It'd also be worth checking if the valuer you go with is on the panel for more than one bank.