Why do we need to pay for another valuation when we only had one done last year?
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My wife and I had a valuation carried out when we were planning on selling our house last year. The sale fell through, but we now have another buyer. We're trying to save on costs but the buyer is insisting that it's a legal requirement to have an updated valuation carried out, even though our last one was less than 18 months ago. Is this true?
edjames
2 years ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
No, its a load of nonsense. And in any case its the buyer that pays for the valuation. Even when HIPS were in place this covered things such as searches and energy efficiency ratings.
i think your buyer is trying to take advantage of you.
any high street lender your buyer plans to use will not accept your valuation, they will only accept one that they have instructed and this could be even more frustrating if you pay for a new valuation, the lender rejects it and then the lender appointed valuation turns out to be carried out by the same person you had just paid.
in terms of only 18 months having passed, in the property market thats a massive amount of time.
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i think your buyer is trying to take advantage of you.
any high street lender your buyer plans to use will not accept your valuation, they will only accept one that they have instructed and this could be even more frustrating if you pay for a new valuation, the lender rejects it and then the lender appointed valuation turns out to be carried out by the same person you had just paid.
in terms of only 18 months having passed, in the property market thats a massive amount of time.
