Surveys.... how long?

[scirocco265]

Just a quick question to the brains of PH. I accepted an offer on my property from a couple who were 'desperate to move quickly' 5 weeks ago. After I accepted the offer, they instructed the Mortgage Advisor, promptly went on holiday for a week, then gave the MA the necessary documents after this. Their lender is Abbey and I'm aware that the valuation is done after everything else has been aceepted, however, shouldn't I at least have a date for the valuation to take place 5 weeks into the process? Or am I being hasty?

Also, I am concerned that if they are having a problem getting bought, it may be better for me to cut my losses and start to remarket it, or at least inform the buyer that they have a deadline for survey/exchange/completion etc.

Background: I don't live in the property so the delay isn't causing a problem with any chain, I would just like my equity out sooner rather than later.

[zaphod42]

My recent mortgage took 6 working days from phone application to acceptance - including the banks required survey - this was in June. My own survey (because I knew that the bank one would be useless) took about a week to organise and a morning to complete.

edit to add: the previous buyer of the property had messed the vendor around - had put in an offer, had it accepted and 6 months later had still not had a survey done. Quite rightly he insisted on a timetable with us - which suited us fine as we wanted to move fast so we had the estate agent draw up an aspirational timeline by email that we both agreed to. Wasn't legally binding, but helpful.

Edited by zaphod42 on Thursday 18th August 16:28

[Midget2040]

I'm presuming from your post that the couple buying your property already have a mortgage and are not classed as first time buyers, in which case it is not unusual for the property to be valued from outside - no appointment or access needed. If its a building survey for their own purposes, it can take up to two weeks from initial phone call to the surveyors to the purchasers receiving the report. Best thing you can do is to ask ( subtly ) whether your buyers have already paid for the mortgage valuation - turnaround is usually only a couple of days so you won't be far off exchanging in that instance. Personally I'd hang on for a bit longer before considering re-marketing, unless you've had quite a bit of interest in the property ( besides this couple ).