Valuation - just a requisite of the loan or pre-requisite for the Letter of Offer?

T

Tiberium

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We are buying a house and went sale agreed some weeks ago. We hired a valuer to do the property valuation for the bank. He told to us one week ago the valuation will be done within 2-3 days.
We are waiting for the Letter of Offer to be issued from the bank.

Can you tell me please if the valuation is just a requisite of the loan or a pre-requisite for the Letter of Offer?
(I didn't find a clear answer neither in the previous threads in this forum nor in the internet)

I think in the second case I need to expedite the valuer or find another one.

Thanks in advance.
 
I recently got my letter of offer before the valuer was in.

I don't think you can draw-down your mortgage until the bank get the valuer's report.
 
Just get another one ask the bank who in your area is on their panel most chartered surveyors will be
 
Some lenders require the valuation report prior to loan offer; others don't require it until after. Check with your lender.
 
This can depend on the development also. Usually if you bought off plans a couple of years ago and property is only ready now your lender might require a valuation pre-letter of offer but generally letter of offer issues first, with the condition that the valuation comes in at a certain amount. This is due to the loan to value clauses. Different LTV's for different properties and circumstances. FTB's can get 100% but generally depends on size of salary. Affordable propertys can get 97% LTV funding but general rule of thumb is 92% LTV. Some lenders have lower LTV's for switchers and investors etc. Ask your mortgage advisor as they are the ones inputting the clause.
 
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