Valuation expiring after 2 months?

James Bond Junior

I got the valuation done on a house I'm buying on the 17th of April. Over a week later the estate agent finally released the valuation. Then there were legal delays and now my solicitor and the vendors are on two weeks holidays. Long story short drawdown is taking longer than i had expected. Fast forward to today and the mortgage advisor emails me to say the valuation is going to be out of date before the drawdown at the end of this month. Does this seem right?

jellybear

Am in a similar situation and we've also been told valuations now last just 2 months. It used to be 3, at least with PTSB it was. Best of luck with the sale. Hope it speeds up for you soon

James Bond Junior

Ffs! I had war with them already, tried to charge me for an updated valuation. Only needed to be updated because THEY had put the wrong address on it. I hope I don't have to pay for another.

castle2012

James Bond Junior wrote: »

Ffs! I had war with them already, tried to charge me for an updated valuation. Only needed to be updated because THEY had put the wrong address on it. I hope I don't have to pay for another.

New central bank rules requires a valuation done after 2 months

johnp001

This was reported on in the Indo a couple of months back
Loans at risk under new rules as house prices fall

An added expense for buyers and greater uncertainty for sellers.
OECD report mentioned in Irish Times article today
Irish house price rises reminiscent of bubble, says OECD
recommends further measures to enforce prudential lending due to the current bubble which is very bad news for those involved in transactions where the asking prices are on the high side, particularly the sellers.

jellybear

James Bond Junior wrote: »

Ffs! I had war with them already, tried to charge me for an updated valuation. Only needed to be updated because THEY had put the wrong address on it. I hope I don't have to pay for another.

Unfortunately we've had similar issues. Practically everybody we've had to deal with has made an error along the way from wrong term on all the paperwork to our house number changing on the site plan and never being told about it! I just keep telling myself it'll all be worth it in the end (which hopefully isn't too far away!!) Best of luck.

James Bond Junior

Right, was just talking to bank. I need a valuation done but it €63.50 instead of €127. A sting but not as harsh as another €127. Valuation runs out on the 17th of this month.