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Bank valuation twice

  • 28-07-2015 1:20pm
    #1
    french_bloke
    Registered Users, Registered Users 2 Posts: 30 ✭


    Hi,

    I've gone sale agreed on a property since May 2015, all the usual has been completed. I'm days away from receiving my keys. I received an email from my bank manager to say they have to order another property valuation under Central Bank guidelines as it has been two months since they did the last one. And unfortunately the cost is incurred to me. Seems a bit ridiculous considering how long a property sale takes...

    It might only be an extra 65 euro but I wasn't aware this existed and is a slight kick in the nads.
    Any thoughts?!


Comments

  • #2
    Archaeoliz
    Registered Users, Registered Users 2 Posts: 142 ✭✭Archaeoliz


    We also had to get a second valuation (our purchase fell through in the end) but the bank (Ulster Bank) just asked the valuer who had visited the property whether they thought the valuation was still valid and they signed it off without re-visiting it and so although we thought we were going to have to pay for a second valuation we didn't need to in the end.


  • #3
    Penguino
    Registered Users, Registered Users 2 Posts: 162 ✭✭Penguino


    The Central Bank brought in a new rule recently stating that the valuation can be no older than 2 months. Makes no sense as a sale rarely closes within 2 months.

    The CB have made some positive moves into regulating the housing market but unfortunately this is not one of them.


  • #4
    french_bloke
    Registered Users, Registered Users 2 Posts: 30 ✭french_bloke


    Thanks for the updates guys, it's frustrating as it is buying a place. Was just another thing I was asking "What am I being charged for now!?"


  • #5
    violetp
    Registered Users, Registered Users 2 Posts: 3 ✭violetp


    french_bloke wrote: »
    Thanks for the updates guys, it's frustrating as it is buying a place. Was just another thing I was asking "What am I being charged for now!?"

    Was in a similar situation recently, emailed branch manager, and AIB agreed to cover the cost of the second valuation for us.


  • #6
    jayjay2010
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭jayjay2010


    violetp wrote: »
    Was in a similar situation recently, emailed branch manager, and AIB agreed to cover the cost of the second valuation for us.

    Darn, I should have done this! I also got caught in this trap -had to get 2 valuations done because of the 2 month rule. Cost me €65, I just wanted it paid and done asap as I hoped it would help close the sale so I didn't really argue it tbh.


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  • #7
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    I had 4 valuations done on our house before the sale closed. And that was before the central bank guidelines, sale took a year and a half. The original valuer only came once and just sent his report in again and again with the same valuation.


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