Nationwide asking for homebuyers report refresh (Scotland)

mellowtimes

We are buying a property in Scotland. The date of report for the HomeBuyers report is 25th Feb. Nationwide are saying that the report needs a refresh and that I need to go via the vendors solicitor and ask them to get a refresh done at the vendors expense....

I really don't follow why this needs to be done at anyone's expense other than Nationwide. It clearly states on their website for the Mortgage that they will pay the fee for a valuation report - with no mention of an exception for Scotland. But when I speak to them on the phone they have said they need this refresh to produce the valuation.

Anyone come across this before ? It strikes me as more than a little weird.

kingstreet

It's a HomeReport not a Homebuyer's Report.

In Scotland it's a requirement to have a HomeReport when you offer a property for sale, but when it becomes more than three months old, it may cease to be acceptable to a lender. For example, Nationwide's critieria;-

Transcriptions

From 1 February 2010 the only transcriptions accepted are those arranged under the Scottish Home Report (single survey) process for purchase mortgages introduced in December 2008. Transcriptions are not accepted for remortgage applications and those relating to new build properties.

For acceptance of these transcriptions the following points apply:

The valuer providing the transcription must be the individual who prepared the original Home Report or inspected the new property.
The firm employing the valuer must be on the Nationwide panel.
The valuation figure must be no more than 90 days old.
Where the valuation figure is a result of a 'refresh' of the original Home Report, it must be based on an internal/external inspection that has taken place within the last 90 days.

The transcript will only contain the same information and valuation figure as the Single Survey. A valuer may however, at the request of the seller, update ("refresh") the report which could result in changes, including the valuation figure. To refresh a report the valuer must re-inspect the property.

Nationwide will instruct valuers to forward transcripts only if they have inspected (or re-inspected) the property within 3 months from receipt of our instructions.

It is not normal for a lender to pay for the update of a vendor's report. If in doubt, ask your mortgage advisor for further guidance on this issue.

mellowtimes

Thanks for the comprehensive reply kingstreet.

I guess what I am not following is why the refresh of the HomeReport is required at all. Surely all that is required is a valuation for Nationwide to verify....

"...the amount of advance it is prudent to make on the proposed security" - quoted from Nationwide's T&C's for Mortgage Offers.

I am really struggling to understand why there would be an expectation on the vendor to pay for the valuation for the buyers mortgage company :think:

EDIT:

I found the webpage you were quoting from and there is a further section where it says :

"Where a transcription cannot be provided we will let you know and we will arrange a valuation subject to payment of the relevant fee."

So I would think that is relevant here. A transcription cannot be provided as it is out of date so Nationwide should arrange the valuation.

Will take that back to them and see what they say.

mellowtimes

After some phone tennis and a hold-a-thon with Nationwide got this sorted and they are sending out their valuer to do the valuation with the fees covered as per the product I signed up to.