Online Mortgage Application (Homebuyers Report help)

jack900

Hi All,

I have been filling out an online application for a Tesco Mortgage, after receiving a decision in principle, and it has raised a few questions I need help with.

Firstly, I am asked for the contact details to give to the lender-appointed surveyor to be able to value the property. I am given the options for estate agent or vendor (and other). I have contact details for both EA and vendor, but I don't know which would be the preferred option. It is actually a probate sale so I don't know if that complicates things, I feel it might be easier to put the EA down?

My 2nd question is regarding the 2 options on the form to select the type of valuation, which are "Standard Valuation", and "Scottish Home Report". I understood it was standard practice to write on the form for the valuer to contact you if you wanted to perform a Homebuyers report on top of the valuation, but this isn't an option. Do you think that means I will only have the choice to contract a seperate independent HBR, or is there a way to do something else about that?

Thanks for reading!
Jack

jack900

Also, do most people think it's better to have an independent surveyor? I understand it can make the process take longer...

ACG

Are you buying the property in scotland? A Scotish homebuyers report i believe is the same as any other homebuyers report. But ask tesco if your unsure.

You would put the contact details for the estate agent usually and they would speak to the vendor.

jack900

Sorry, I meant to say the property is in England.

jack900

jack900 wrote: »

Sorry, I meant to say the property is in England.

So a day after the application was sent through ~8pm, I had a call the next morning from Countrywide to ask if I wanted additional survey on top of valuation. I have agreed to this but apparently it won't be until wb. 5th August, however a simple valuation would've been able to have done the previous week. Does anyone know why it is different? Seems to make sense to me that the surveyors would be booked out sequentially whether doing simple valuation or more extensive. I guess that's not how they do it.

My desired moving in date is 23rd August - do you think have the HBR done on wb.5th will work in that timescale? And what about if the valuation is less and negotiation is required - how long does that usually take?!!

Caladan

How long is a piece of string?

23rd August seems reasonable, as long as Tesco is willing to approve the Mortgage subject to valuation and as long as the various solicitors involved communicate with each other promptly.

If the HBR comes up with issues and you need to renegotiate - Put your new offer in, if they accept it just tell Tesco you need less money and presumably they can just amend the loan amount.

If the application wont be approved until after the valuation (unlikely I think, I don't think many lenders work that way round) then you may be a bit optimistic on August 23rd, but I can't see it being far off that.

As to the question about why the HBR will be later - I'm just guessing but I can think of 2 reasons - 1: The HBR may be conducted by people with more experience/qualifications than standard valuations or 2: The HBR takes longer and therefore a standard valuation could be squeezed into the diary but a full HBR couldn't.

Just a guess, good luck with the purchase!

Yours,
Cal