Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Valuation of new build

  • 23-07-2020 8:21pm
    #1
    Registered Users, Registered Users 2 Posts: 36


    Hi

    I was just wondering how long it usually takes for a valuer to send a report to the bank re valuation of a new build property. We are under scary time pressure to get everything signed off before our mortgage approval expires. Snag is booked for 14th august and hopefully will have drawn down by 31st August. Any advice/suggestions welcomed!!!


Comments

  • Moderators, Society & Culture Moderators Posts: 40,355 Mod ✭✭✭✭Gumbo


    CarlosV wrote: »
    Hi

    I was just wondering how long it usually takes for a valuer to send a report to the bank re valuation of a new build property. We are under scary time pressure to get everything signed off before our mortgage approval expires. Snag is booked for 14th august and hopefully will have drawn down by 31st August. Any advice/suggestions welcomed!!!

    2 weeks for snag, snag sent over.
    Items on snag completed.
    You check again. May still find snags.

    Then paper work.
    I think you better start asking bank for extension.


  • Registered Users, Registered Users 2 Posts: 623 ✭✭✭tedimc


    If you very very close, which it sounds like you are: would your solicitor draw down the funds just ahead of the deadline and then release them once all is in place?

    We had a somewhat similar issue where there was an extremely long delay in getting the sale through due to issues on the seller’s side. I think we had to reapply 2 or 3 times due to our approval expiring. A right pain in the rear!


  • Registered Users, Registered Users 2 Posts: 36 CarlosV


    tedimc wrote: »
    If you very very close, which it sounds like you are: would your solicitor draw down the funds just ahead of the deadline and then release them once all is in place?

    We had a somewhat similar issue where there was an extremely long delay in getting the sale through due to issues on the seller’s side. I think we had to reapply 2 or 3 times due to our approval expiring. A right pain in the rear![/quote

    If the solicitor can do that it would be amazing. I don't care if we are paying before we have the keys. Can solicitor draw down before valuation has come through?? This could be the lifeline!


  • Registered Users, Registered Users 2 Posts: 623 ✭✭✭tedimc


    I don’t think they are ‘supposed to’ but it is worth asking. I know some have done it. However, I would think you should get your valuation completed in time. From the dealings I’ve had - the auctioneer trend it around in a day or two and all was submitted electronically.

    However - are you very sure the auctioneer will value the property at the value you need for your mortgage LTV?

    If so - chat to your solicitor and see if they would go down that route.


Advertisement