Browse Forums Building A New House 1 Nov 02, 2015 3:58 pm I have put a deposit on some untitled land at Mandalay Beveridge. We have asked our bank if they can go and value the land and they told us they cant because it is not ready to be titled for 5 more months. Now the problem is the land sales people wont wait that long so we can get the land valued. How can we get this land valued so we can secure the block? And is there anyone else who has had this problem in Mandalay? Re: How to get untitled land valued 3Nov 02, 2015 4:56 pm Our bank valued our (untitled) land as part of securing finance. I figured that was a normal step? Edited to say: When we went through valuation/securing finance we were also about 5 months out from our land titling, there were no issues as far as I know. Do you have a mortgage broker? We built the Rathdowne with Simonds Express in Western Melbourne Site start Oct. 2015 Keys Jan. 25th, 2015 My build thread -here- Re: How to get untitled land valued 4Nov 02, 2015 5:56 pm Hi There, As far as I am aware, it is standard for the bank to value the land before they commit to provide a mortgage for that land. Their reluctance to do so 5 months out from expected titles will, no doubt, be all about risk. Unfortunately the expected titles date provided by developers is notoriously unreliable. Some people say you should double the period quoted by the developer. As the Melbourne property market begins to falter, the bank is probably concerned that the value of the land could drop in the period before settlement. The risk they may bear will also be a function of the amount of equity you are providing. I suggest you try a few other banks. Always a good idea to shop around for finance in any event. Cheers, Logician BLOG : http://balwyn196.blogspot.com.au Re: How to get untitled land valued 5Nov 02, 2015 6:08 pm The bank is in the process of valuing ours now and we are approx 5 weeks away from titling. You can place your deposit on the land as it is pending finance, so if you can't get the finance you will get your deposit back. Re: How to get untitled land valued 6Nov 03, 2015 9:03 am We have a pre approved loan from the bank. On our contract with the land is subject to finance. We have informed the land sale people of this but they don't want to wait for the bank to value the land because the bank said they will only do it 3 prior to the land being titled. Re: How to get untitled land valued 7Nov 03, 2015 9:13 am kew23 We have a pre approved loan from the bank. On our contract with the land is subject to finance. We have informed the land sale people of this but they don't want to wait for the bank to value the land because the bank said they will only do it 3 prior to the land being titled. Talk to another bank. That sounds weird. When we went for finance, the bank sent a valuer out to our block basically straight away as part of us getting finance. If you have pre-approval you should be right to go? Do you have a mortgage broker? Ours has been worth his weight in gold. We built the Rathdowne with Simonds Express in Western Melbourne Site start Oct. 2015 Keys Jan. 25th, 2015 My build thread -here- Re: How to get untitled land valued 8Nov 09, 2015 7:28 pm Our mortgage broker advised that the banks are changing their policies and they won't value land until it is pegged out. He says it shouldn't be a problem with our pre approval going through and they will just value when we are closer to settlement. Our land isn't titling until April Re: How to get untitled land valued 9Nov 14, 2015 3:30 pm Thee Our mortgage broker advised that the banks are changing their policies and they won't value land until it is pegged out. He says it shouldn't be a problem with our pre approval going through and they will just value when we are closer to settlement. Our land isn't titling until April We have bought our block at Mandalay. When we informed them that the bank wont value the land until Jan-feb, they told us we will have to go unconditional or we loose the block. We told them we have been Pre approved and showed them the paperwork but that was still not good enough. Re: How to get untitled land valued 10Nov 14, 2015 3:31 pm kew23 Thee Our mortgage broker advised that the banks are changing their policies and they won't value land until it is pegged out. He says it shouldn't be a problem with our pre approval going through and they will just value when we are closer to settlement. Our land isn't titling until April We have bought our block at Mandalay. When we informed them that the bank wont value the land until Jan-feb, they told us we will have to go unconditional or we loose the block. We told them we have been Pre approved and showed them the paperwork but that was still not good enough. We are worried if the land gets under valued. Re: How to get untitled land valued 11Nov 14, 2015 7:43 pm Our bank has not valued our land yet and we are 3 months from land being registered & titled. Civil works are still underway so the bank won't value until the civil works are completed and they can access the block properly. We haven't struck any issues with this in terms of securing our block though Re: How to get untitled land valued 13Nov 15, 2015 6:16 pm Why can't you simply out down a deposit and then when the land is pegged get in valued then? We had the similar problems and solicitor and mortgage broker along with the land sales were fantastic. They just keep providing an extension till the land was pegged and our bank could end a surveyor out. From what my mortgage broker was telling me this is now a new rule put in place by the banks to protect their capital. So if you are having problems, I would be inclined to think everyone in the development would be having the same issue when buying land. Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6442 Depends how much direct sun it gets. Is there any shading (eaves or trees)? If the sun hits a window directly it doesn't matter too much if it's double or single… 1 12665 9 24791 |