valuation report?

[ravinder79]

Hi all,
am sorting out mortgage for 2 bed apartment. Apartment is gona be ready in Jan 2006 but for mortgage purposes, valuation report is required. I did get valuation done and faxed it to Bank. But bank is particularly looking for re-instatement value (how much money is required if property burns down etc). Talking to valuer he says its covered under Block Scheme, since apartments are insured under block scheme.Therefore valuar cant give me a figure. Talking to bank, they say we need a figure?
Am bit confused who is right here ? I havent seen copy of block insurance policy as yet. Hoping to get hold of it asap.
Regards
Rav

 

[WizardDr]

If the valuer was a surveyor he would have used the standard figures for building costs in such a scheme. If your Apt was say €300k then the reinstatement might be adjacent to €220k. Dont know why you need the block insurance policy. So he can give you a figure.

 

[CathyK]

I have come accross this problem myself before, EBS seem to be one bank that cant get their heads around this, but they will not budge on it, in the end the valuer gave a figure, in order to proceed with the mortgage drawdown, he ended up giving a figure for the whole block, which was worthless, ask you solicitor to get hold of the block policy and ask him to send this to your bank now, as he will need to produce it anyway before drawdown ...this should keep them happy.