30 Mar 07 The latest on the new flat
We received the valuation report yesterday which is required by the lender to ensure the property is worth the purchase price, since it will be held as security for the mortgage. The report costs £225 and in addition to that we commissioned a Homebuyer’s Report costing £260. It’s a general survey meant to determine if there are major defects needing repair.
The valuation has some interesting bits that reinforce our thoughts that we’ve made the right buying decision. First off, though, the surveyor just determines whether the purchase price is fair and, if it is, enters that price as the cost valuation, which he did in our case.
A bunch of boxes are ticked in the form: Brick Construction, Asphalt Roof, Gas Central Heating, etc. Surprisingly the size of the flat is written as 80 sq.m or 861 sq.ft. Methinks that’s a bit generous, by 100 square feet or so.
Reassuring that the flat is listed as Habitable :) Standard of Construction, Structural and Decorative Repair are ticked as Good (the highest rating).
Best bits are entered in the General Section of the report:
Is there a ready demand for this class of property in this area: YES
Is the district Improving/Static/Declining as a residential area: IMPROVING
All fine news. We should receive the full Homebuyer’s Report shortly but since the same inspector carried that out there shouldn’t be any surprises.
There’s a significant wait in store for us now until the mortgage funds are released for draw down. It takes about four weeks, which seems very strange and I don’t understand it. Realistically the deal should be done!
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Comment by cooking va classes — July 26, 2008 #