Scottish Home report

isthatreduced

Hi I need to get a home report,I am aware that it is not a legal requirement to also get a mortgage valuation.

What is the advantage/disadvantage of getting a mortgage valuation?

googler

I predict;

If you don't have one, your buyer's lender won't be able to rely on your HR for the buyer's valuation, and they'll 'ask' you to get a revised HR.

You can argue all you like that there's no legal obligation upon you to provide this, but with the vast majority of sellers commissioning HRs with full mort val reports, this will fall on deaf ears.

Unless you're very likely to be selling to a cash buyer who won't be getting ANY mortgage finance at all .....?

isthatreduced

Thanks that is what I thought.
What happens if the surveyor is not on the Mortgage company's approved "panel" ?
Also what happens if I don't agree with the valuation?

beecher2

We followed our solicitor's advice regarding which surveyor to use - I'd ask them.

googler

isthatreduced wrote: »

What happens if the surveyor is not on the Mortgage company's approved "panel" ?

If the buyer's lender is agreeable and flexible, they'll commission a survey and charge it to the buyer. If they're not, they'll ask you to provide another HR from an accepted surveyor.


Also what happens if I don't agree with the valuation?

On what basis could you do this?

How would you argue that you, with (on the face of it) no experience in property valuation or surveying, with no access to property data beyond the publicly-available Zoopla, etc., are better placed to value it than a qualified, experienced RICS surveyor who does this every day of the week?

nikki2804

We bought a house in November, home report was valid when the mortgage application was submitted but had expired by the time the underwriter got to it. They insisted on a refreshed home report but my broker started that all they needed was a new valuation. The Bank eventually agreed and the vendor even paid but it drew the process on for ages!

Plus the valuer walked in, went "yup, I agree with the valuation" and walked out. £210 for that :mad: glad I didn't pay it!