Scottish Single Survey & HSBC

Broondog

I'm looking for some help out there with a recent query I've had with my existing (& new lender) - HSBC for our new home which we move into on Friday this week! The issue is to do with a single survey in Scotland. The market works differently from England & Wales so please be careful in your reply.


Wed 6th Apr 10 we offer for new property submitted via our solicitor for new property with clause: “Subject To Survey” to ensure that there was provision for the lender to accept the survey undertaken if not satisfied. In principle accepted and missives start being concluded (usually 3-6 weeks)




Back in Jan 10 the single survey undertaken on behalf of the prospective purchaser (i.e. me) – commissioned by the vendor (i.e who is selling) - was undertaken by DM Hall, one of the largest in Scotland. This an essential part of the home report required to sell. DM Hall are full RICS members as I understand.



Solicitor on other side continues to ask about removing subject to survey clause. HSBC although unclear in their advice - say that survey which has included a MORTAGE VALUATION REPORT is not acceptable to them stipulating the following;


"The surveyor is not on our approved lending panel. Advised that E-Serve or Direct Valuations - only they could represent the survey. There would be a Representation fee in the region of £250."



Solicitor we were buying from kept putting pressure to conclude the missives, as such, we paid for the original DM Hall survey to be represented in a format that HSBC accept. Co-incidental, the wording of the survey, findings and valuation are almost identical.


Why has the Scottish Parliament put in place a single survey system (which has inflated the survey prices anyway) to then require another survey at the time of purchase due to the fact that banks & surveyor firms can just opt out?


This is a blatant attempt at market manipulation & profiteering from a corporate body and I suspect close to being illegal noting there appear to be no grounds as to why that survey should not be accepted - does anyone know if I have any consumer or legal grounds to pursue HSBC with for this?

Downsizing__for_sanity

I know, I know, it's so annoying. Bought our first house in Mar 2004, built in 1904 so we of course had a full survey done by a local surveyor after our offer was accepted and before deal was concluded. This was in depth as we were worried about huge costs if we had had to redo the roof etc.

Funny old thing - Northern Rock would not accept this - and sent someone out from Aberdeen - miles away - to literally DRIVE PAST the house - and charge us another £300 ish for the privelege. :mad:

But what can you do? Maybe annoy our MPs/MSPs about it?

Downsizing.