Do I have to use my mortgage provider's surveyor?

Mrs_Bucket

I am due to move in the next few weeks and am just finalising my mortgage etc. I was shocked at the prices the mortgage providers want for their surveys. For example, my mortgage provider wants £300 for a valuation report and then £600 for a homebuyer's survey. The estate agency I am buying through also has RICS surveyors but cannot conduct the survey as they have an 'interest' in the property. I guessed that the mortgage companies had a mark up on their survey costs but never guessed it was about double! This surveyor quoted me £270 + VAT for a homebuyer's survey - about the price of my Building Society's valuation survey!
My question is this - I am taking out a mortgage but also want a better, independent survey on the property I am buying. Is it mandatory that I have the mortgage company's valuation survey and then another survey on top of that or can I just tell them that I am having an independent, indepth survey and will request a surveyor's valuation with it?
I have tried seraching on line for the answer and it is somewhat vague!
Thank you in anticipation!

VIGILANT22

Who is the lender?

Mrs_Bucket

Nationwide

VIGILANT22

08.01.2010

Changes to mortgage valuation process
The way our mortgage valuation transcription process works is changing with immediate effect, meaning we will no longer be able to accept transcriptions of valuation reports except for certain types of mortgages in Scotland.

Where an applicant for a property in England, Wales or Northern Ireland has already obtained a valuation report, even where it's from a member of the Nationwide valuation panel, it will not be accepted for mortgage purposes. All valuations will be instructed through our standard process.

The only transcriptions that will be accepted, from this date, are those arranged under the Scottish Home Report (single survey) process for purchase mortgages, introduced in December 2008, and those relating to new build properties in Scotland.

Mrs_Bucket

Ok, being thick here. Basically I HAVE to have their valuation and then pay for another one as well? Damn and blast it! Thought I was being clever!!
Thanks

Mrs_Bucket

Actually, is that to do with HIPs??

VIGILANT22

why are you instructing 2?...i dont understand you...why is your mortgage advisor not dealing with this?

Mrs_Bucket

I do not WANT to instruct two, that's the point! The banks etc charge stupid prices for surveys as they have a captive market. I only want ONE survey with a surveyor of my choice (cheaper than the bank's one); my mortgage appointment is later today and I wanted to know if anyone knew if they had to have the valuation survey from the bank etc as a matter of course. I know I can select other surveys through the bank but it is cheaper to go independently. I know that the bank has to have a valuation to satisfy their requirement that they are lending on a sound 'investment', so to speak.
I don't want the bank's surveyor - I want my own!

no1goldenchild

why don't you just instruct the valuation through nationwide and then ask the surveyor you found to do the homebuyers report (might even be cheaper than first quoted as you wouldn't need the valuation element)

Fire_Fox

The mortgage valuation is not for your benefit it is for the lenders, therefore you don't get to choose who performs the valuation. Any further surveys are for the purchasers benefit so the purchaser get to choose who performs the homebuyers/ full structural. You may not WANT two surveys, but the lender is stumping up a lot more money than you are so they call the shots.

Mrs_Bucket

Thank you for those of you who replied. Of course I know that a valuation is required for security!!
The answer, in my case, is NO I can't use a private surveyor for the whole lot (homebuyer's report). The policy changed on 5 January for Nationwide (and, I think, for anywhere outside of Scotland). Initally it was OK to go privately, saving me £335! My mortgage advisor (he was hard work) then received a phone call stating that the policy had changed.
So, I am now paying £635 for something I could have got for £300 if I didn't go through the bank. Nationwide state they charge an admin fee of £80 for the survey ........ do your own maths!!