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  • FIRST POST
    • Neil Moore
    • By Neil Moore 5th Dec 17, 3:00 PM
    • 1Posts
    • 0Thanks
    Neil Moore
    Home report Scotland issue
    • #1
    • 5th Dec 17, 3:00 PM
    Home report Scotland issue 5th Dec 17 at 3:00 PM
    Hi,
    My home report came up at 220k, sold for full asking price and due to move out on 30th Sept.
    Before moving day the purchasers lender sent a local surveyor out to look at the property for mortgage purposes and valued the property at 185k.
    I have been on to all parties concerned trying to get answers including the RICS with no luck, the RICS had originally told me that a second valuer could only go +or - 5% on the home report figure and this was following the RICS code of standard and following their red book procedure which they later back tracked on.
    Any help advice would be grateful.I have now lost the sale because of the said issues.
    Thanks.
Page 1
    • Pixie5740
    • By Pixie5740 5th Dec 17, 3:04 PM
    • 11,709 Posts
    • 16,460 Thanks
    Pixie5740
    • #2
    • 5th Dec 17, 3:04 PM
    • #2
    • 5th Dec 17, 3:04 PM
    Have any comparable properties sold near by in the last 6 months? I know it's unlikely but have you seen the mortgage valuation?
    • googler
    • By googler 5th Dec 17, 3:27 PM
    • 14,627 Posts
    • 9,476 Thanks
    googler
    • #3
    • 5th Dec 17, 3:27 PM
    • #3
    • 5th Dec 17, 3:27 PM
    Whilst the intent of the HR legislation was to have sellers and buyers equally reliant on the HR, if your buyer's lender digs their heels in, there's nought you can do.

    Just hope that your next buyer is using a lender who will accept your HR at face value.

    Unless you want to go fully into complaints procedure against your surveyor....?
    • davidmcn
    • By davidmcn 5th Dec 17, 6:00 PM
    • 6,847 Posts
    • 6,788 Thanks
    davidmcn
    • #4
    • 5th Dec 17, 6:00 PM
    • #4
    • 5th Dec 17, 6:00 PM
    the RICS had originally told me that a second valuer could only go +or - 5% on the home report figure
    Originally posted by Neil Moore
    I think something's been lost in translation - that's a typical rule of thumb for the acceptable margin of error on (standard residential) valuations before a negligence claim kicks in. But there's no assumption that your surveyor is right and the other one is wrong.
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