valuation fee

T

tolkarovers

Registered User
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Hi,
I'm getting a mortgage for a new apartment and the bank are asking for a valuation fee - I know of several other people with the same bank who have not needed valuation fees for new properties - is there any legal guidline if this is required?
Thanks
 
Ulster Bank and AIB don't require valuations on new houses prior to offer - all other lenders do. All properties do however have to be valued at some stage and you pay for the report - typically €130.

Sarah

www.rea.ie
 
Ulster Bank paid for the valuation on our new apartment (when bought). It is a U-First mortgage.

The initial valuation is meaningless. A second valuation is carried out when the apartment is ready for snagging and the cheque is ready to issue.
 
jaybird said:
Does that mean I have to pay another €130 for another one in a few weeks ?
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No-not as far as I know-but are you actually paying the valuation fee? Do UB not pay it on your behalf?
 
Well if your apartment is valued at the amount you are seeking at this point-you may not need a second valuation.
 
jaybird said:
ULster bank have required me to get a valuation on my new house which isn't even finished yet!
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First Active need a valuation of my house...which currently is a grass field!!:confused:
€130 as well though
 
For new properties, you need a first valuation which costs €127, and when it's completed you'll need to get a 'final inspection' carried out which costs a further €63. As far as I'm aware, the Banks seldom pay it.
 
eiregal said:
For new properties, you need a first valuation which costs €127, and when it's completed you'll need to get a 'final inspection' carried out which costs a further €63. As far as I'm aware, the Banks seldom pay it.
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Same as that! the green field site valuation is really a valuation of the plans etc from your developer.
 
eiregal said:
For new properties, you need a first valuation which costs €127, and when it's completed you'll need to get a 'final inspection' carried out which costs a further €63. As far as I'm aware, the Banks seldom pay it.
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Many lenders will forego this relatively small fee in order not to lose the mortgage loan business if you haggle.
 
No you'll still need to get a final inspection. The valuer will state in the first valuation that a final inspection needs to be carried out. They will state the current value and the value on completion. The Bank will hold a retention of the difference until the final inspection states it is fully complete.
 
I am buying a newly built apartment and my mortgage broker has told me that AIB do not require a valuation report to be completed as the builder will provide the bank with the Form HB47 before closing. AIB did send out a valuation report form to me, however the broker advised that this was an error.

I didn't think the HB47 could act as a substitute for a valuation report. Has anybody else come across this before?
 
dimple said:
I am buying a newly built apartment and my mortgage broker has told me that AIB do not require a valuation report to be completed as the builder will provide the bank with the Form HB47 before closing.
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You should be wary of taking such "advice" from a broker. Even with a new property a good snagging survey and maybe even a detailed structural survey is worth the few hundred that it will cost. This is separate from any valuation survey that the lender may require. Note that HomeBond is not a replacement for a suitable survey or property insurance. In my personal experience it is useless and getting any redress through HomeBond is difficult to impossible.
AIB did send out a valuation report form to me, however the broker advised that this was an error.
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You should check with AIB and get it in writing that they don't need a valuation survey. You should separately decide what level of surveying you need to get done to protect yourself against problems that might arise with the property.
 
€130 for my valuation which is a site at the moment! PTSB informed me that the valuer would be inspecting the plans
 
PTSB did one of mine recently and they produced a voucher for a discount scheme which basically covered the valuation fee.. not a red cent left my pocket(or account)
 
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