FTB - Surveyor & EA are the same co...good/bad news?

Goldengoose

Hello,

Apologies in advance if this question has been asked a million times before. I had a quick scoot through the first few pages and couldn't see similar threads.

We are getting our mortgage through the Post Office and have opted for a homebuyers survey. Initially we were going to go for full structural but after speaking with the "random" companies the PO supplied me with, I have opted for HB instead. This has been arranged for today and the consent paperwork from the surveyor arrived this morning for me to sign.

I've noticed that the surveyor is Haywards who are are the same company as KFH who are the agent for this property. I was just wondering if this is a good or bad thing, or if it makes a difference at all?

Obviously I was hoping that the surveyor will proclaim the house to have been wildly over-valued causing a huge and favourable re-negotiation! (I can dream). Is my dream unlikely to come true if the surveyor and EA are one in the same?

Many thanks!

princeofpounds

You aren't entirely clear here - is the survey linked to the PO mortgage house valuation or totally independent of it?

You are less likely to have problems given that the EA did not introduce you to the surveyor so there is less confusion over who really provided the instruction, but I'd always be wary about conflicts of interest. If it was the matter of £50 extra I'd probably get someone certainly independent.

mrcol1000

I am not sure that is allowed as the EA we are buying from told us they couldn't do a survey on the house we were buying because of conflict of interest but had a partnership with another EA who did surveys for them and vice versa. But this was a reprossesed house.

sonastin

If there is an actual connection (part of the same company doesn't necessarily mean they communicate with each other that much), it can be helpful in that the valution is more likely to be favourable to help you get your mortgage, but not helpful in helping you re-negotiate. But if that is what you are hoping for at this stage, it suggests you're worried that you are paying over the odd so perhaps the surveyor's independence is the least of your problems!

But it could also mean that the surveyor glosses over any potential trouble for fear of putting you off the purchase so you might not actually be getting what you are paying for out of him.

In all probability, the two arms of the company will operate independently. The surveyor ought to be registered with RICS and will have his professional reputation to uphold. The fact that they were on the PO's list of approved surveyors suggests that they are a professional and respected firm of surveyors so it is unlikely that this conflict of interest will do any real harm. From a business perspective, the damage of losing PO approved surveyor status will be much bigger than losing your one little sale commission so they should report anything significant.

Goldengoose

Sorry for being unclear. The Post Office has instructed Haywards to perform the basic survey they need for mortgage. And we have paid extra via the PO to have a homebuyer survey done at the same time by same surveyor. It was just when I received the info pack from Haywards about the survey asking me to sign consent, that I noticed they are the same company as KFH (H being for Hayward!).

In fact I initially thought the letter was from KFH as they use the same colour theme/format. Then in the small print at the bottom it says they are part of KFH.

KFH are the EA through which we found this property.

Does that make more sense?

Goldengoose

sonastin wrote: »

but not helpful in helping you re-negotiate. But if that is what you are hoping for at this stage, it suggests you're worried that you are paying over the odd so perhaps the surveyor's independence is the least of your problems!

Fair point sonastin. I don't really think I'm paying over the odds, but I would always like to spend less.... As I said "my dream is.." I also dream about winning the lottery and buying a yacht!

sonastin

Goldengoose wrote: »

Fair point sonastin. I don't really think I'm paying over the odds, but I would always like to spend less.... As I said "my dream is.." I also dream about winning the lottery and buying a yacht!

I'm with you on that one!

DVardysShadow

Goldengoose wrote: »

Sorry for being unclear. The Post Office has instructed Haywards to perform the basic survey they need for mortgage. And we have paid extra via the PO to have a homebuyer survey done at the same time by same surveyor. It was just when I received the info pack from Haywards about the survey asking me to sign consent, that I noticed they are the same company as KFH (H being for Hayward!).

In fact I initially thought the letter was from KFH as they use the same colour theme/format. Then in the small print at the bottom it says they are part of KFH.

KFH are the EA through which we found this property.

Does that make more sense?

Refer the matter back to the Post Office in writing, copy to your solicitor. Post Office might be very upset if they discover this about the mortgage survey and it would be better that they hear it from you.

Personally, I would not want my Homebuyer survey to come from a company so close to the EA.