Is This Correct?

kingstreet

RBSBuyer wrote: »

The second valuation has been done today by another RBS approved assessor and he did mention its to do with " the keep at arms length rule"???

As mentioned, the lender is taking additional steps because of the possibility of attempted fraud.

Mortgage fraud usually involves a surveyor, solicitor and the perpetrator in a conspiracy. Lenders will try to remove the possibility of being a victim where possible.

RBSBuyer

Thrugelmir wrote: »

Correct. Collusion between parties is how parties is how fraud is committed. Buyer, Seller, Valuer are all connected and in essence fix the transaction to over value the property. So there needs to be third party independent verification.

Understood.

But now looking for valuation to go up!:)

The property has been lying empty for a considerable time. So in a rush to move in I have had house,

1: rewired
2: new switches / light fittings
3: attic insulated
4: upgraded kitchen, new doors, sink, taps
5: new electric shower
6: completely decorated
7: new carpets
8: new blinds
9: new kitchen felt roof
10: replaced rotten facia board gutters, kitchen
11: new dado rails
12: new fireplace
13 :new combi boiler
14: cut back and made jungle of garden presentable

plus lots of little things to make house up to standard and presentable

But still do not understand that the bank did not need the SHR which is a legal requirement to sell here?