Do I have to pay valuation costs?

super_sweeney

Just got called by a valuer today looking to Bill me for this.

I had not requested it nor been informed it was to be done. Turns out he has done it on the wrong property so I won't be paying this time.

Is it common to pay this I would have thought the bank should foot this bill as they get enough from us with their extensionate rates

Hazydays123

super_sweeney wrote: »

*bumb*

Just got called by a valuer today looking to Bill me for this.

I had not requested it nor been informed it was to be done. Turns out he has done it on the wrong property so I won't be paying this time.

Is it common to pay this I would have thought the bank should foot this bill as they get enough from us with their extensionate rates

Yeah this is the first I've heard of having to pay for this. UB never mentioned we'd have to pay so I'm quite confused???

athtrasna

Mod note Split to new thread.

It's in my approval in principal letter from KBC that I have to pay the valuation costs.

SB_Part2

I had to pay for mine with BOI. Ulster Bank were offering to pay for it. It's more usual than not to have to pay for it.

L'prof

Standard practice to pay for valuation and it's mandatory to get house valued. Optional, but recommended, to get an engineer's report too.

Askthe EA

L'prof wrote: »

Standard practice to pay for valuation and it's mandatory to get house valued. Optional, but recommended, to get an engineer's report too.

I'm fairly sure its mandatory for a mortgage to get an engineers report, any mortgage sale I've been involved with has had an engineer through it.

To the OP, its entirely normal practice for the purchaser to pay the valuer, its looked at as a cost of purchase like your legal fees.

L'prof

Askthe EA wrote: »

I'm fairly sure its mandatory for a mortgage to get an engineers report, any mortgage sale I've been involved with has had an engineer through it.

To the OP, its entirely normal practice for the purchaser to pay the valuer, its looked at as a cost of purchase like your legal fees.

It depends on which engineer you're talking about? The engineer that the bank organises to value the house is mandatory. Like I said though, an additional engineer that will give you a list of possible issues with the house is optional. This was the case when we were going through the process less than a year ago.

al_E_kat

We had to have a valuation at our expense in order to get our Loan pack issued. Bank chose and sent out the valuer as well without any consultation with us, think it's just par for the course

Hollister11

You have to pay it AFAIK.

Irish_rat

Of course you have to pay for it. I've a picky one at the min where I have to contact them to update mine when the property is finished. Bank won't release funds until the current market value is correct.

SarahMollie

In my experience, you don't absolutely need the engineers report to get a mortgage if the house is under 40 years old. All banks will differ though.

You always need a valuation. Customer pays, and bank provide a list of approved valuers for you to choose from. The BOI list must have had at least 200 options in Dublin.

Archaeoliz

As others have said it's arranged by the mortgage company and only really reports that the property is actually of around the correct value for the mortgage. For a more useful report you do need to get an engineers report as well. We had a lucky escape when one valuer valued the property we were sale agreed on at €70k below the asking price (and €50k below our offer). It was too far for them to drop so we walked away. In the property we finally bought the valuation was fine but the engineer showed us that the heating in part of the house wasn't connected and that an extension had been built with only one structural steel and it needed three. Worth every penny and small price to pay in the long term.

Hazydays123

Found out today that the bank will be paying for the valuation. So it seems to vary from bank to bank. Surveyor is paid for by purchaser though.

L1011

Askthe EA wrote: »

I'm fairly sure its mandatory for a mortgage to get an engineers report, any mortgage sale I've been involved with has had an engineer through it.

Depends on the bank and with some, the declared age and/or location of the property. You may find you're asked for one if its a five year old house in a pyrite zone or its over 100 and not if its a 1980s estate house, for instance.

Pawwed Rig

It is part of the central bank guidelines that the valuation report is done within 2 months of mortgage draw down.

baldbear

If your buying a house you should really know a valuation is required.

We had to get a second valuation done as we went just over the 2 months before funds finally drawn down. A lot of people are getting stung this way I'd imagine.

Cookie_Dough

Hazydays123 wrote: »

Found out today that the bank will be paying for the valuation. So it seems to vary from bank to bank. Surveyor is paid for by purchaser though.

Don't mind me asking but what bank are you getting mortgage with? I have to get a valuation for AIB but there was no mention of them covering the cost.

SB_Part2

Cookie_Dough wrote: »

Don't mind me asking but what bank are you getting mortgage with? I have to get a valuation for AIB but there was no mention of them covering the cost.

Ulster bank cover the cost of valuations.

Cookie_Dough

SB_Part2 wrote: »

Ulster bank cover the cost of valuations.

Thanks, I figured AIB didn't cover it as there was no mention of it, they just forwarded the list of their approved panel.

Sleepy

SB_Part2 wrote:

Ulster bank cover the cost of valuations.

Brilliant news, I was expecting a bill for the valuation on ours. That's €150 I can put back into the renovation budget!

Hazydays123

Cookie_Dough wrote: »

Don't mind me asking but what bank are you getting mortgage with? I have to get a valuation for AIB but there was no mention of them covering the cost.

It was Ulsterbank as you've probably guessed at this point!

Cookie_Dough

Hazydays123 wrote: »

It was Ulsterbank as you've probably guessed at this point!

Another poster had said it but thanks for the confirmation

super_sweeney

baldbear wrote: »

If your buying a house you should really know a valuation is required.

We had to get a second valuation done as we went just over the 2 months before funds finally drawn down. A lot of people are getting stung this way I'd imagine.

your probably right but......... if you've never bought a house as most people here have not there is a lot we dont know hence we turn to the community for helpful support :P

alibab

I'm with AIB and paid for my valuation.