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A bank account will need to be opened in your name with the bank arranging the mortgage. Sometimes this is done at the outset and other times after the formal approval has been granted. Most banks instruct a valuation after the formal approval but some require this to be done at the start of the process. Monthly mortgage payments have to be paid from this account and funds to cover the valuation fee have to be paid into it before the valuation can be instructed. When instructing the valuation, the bank will usually select a company at random from the panel of independent companies it uses for valuations. The selected company will send one of their valuers to the property by prior appointment. After the visit, the valuer will prepare their report and then send it to the bank.

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Valuation

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