property survey

payless

There's one major lender that unless someone selects a homnebuyers report , looks at each case
(guess mainly mortgage size, loan to value, house age) and then in some lower risk cases don't even bother with a driveby, let alone an internal inspection but uses a database system- and thats even on purchases!-

They don't directly charge the client for valuation
(although do have other fees).

martinhp

a straight answer is . The valution is based on the purchase price. The surveyor will either agree with that price or if not, downvalue it to a lower price.

A 'drive by' is really only done when a remortgage is being applied for on a low LTV (normally under 75%)

terrierlady

i know on our new homes development (National Builder) that the survey/valuer comes out twice if on the first vist the home is at an early stage of construction, the second time is usally just before completion both build and legal, to ensure that the property is ok.

yonk

You live and learn...nice to know what they teach you and what really happens are often not quite the same thing!

I suppose it comes down to risk/cost benefit analysis - if you really had to defend a valuation, saying you hadn't even entered the house would cause you difficulties. But I don't suppose many valuations are ever challenged in court unless there is a major problem.

Here in Scotland, the same (or different) surveyor(s) can value a house many times for different clients in the time it is on the market and charge for each one with only the 1 buyer ultimately getting the house.

terrierlady

again on a new homes development each visit is indeed recorded and each valuer seen and accompanied by the sales negotiator to the plot , then they sign the plot record card, this gives the name of the person doing the vals/ date and time etc.

chubbybrown4real

You live and learn...nice to know what they teach you and what really happens are often not quite the same thing!

I suppose it comes down to risk/cost benefit analysis - if you really had to defend a valuation, saying you hadn't even entered the house would cause you difficulties.  But I don't suppose many valuations are ever challenged in court unless there is a major problem.

Here in Scotland, the same (or different) surveyor(s) can value a house many times for different clients in the time it is on the market and charge for each one with only the 1 buyer ultimately getting the house.

They are trialing the seller pays for the survey here in Inverness and 6 other areas I think.
But who would trust a sellers survey ?
cheers

yonk

Here too but no-one is taking it up. No-one has solved the duty of care /conflict of interest issue as far as I can see.

You pay a surveyor, if he gets it wrong, you can sue. Somebody else instructs the surveyor, you can't sue because of privity of contract. Fought out in the courts about bank valuations (3rd party duty of care as people relied on them regardless) so we'll have to wait and see.