Scotland: lender to do own property valuation although there is a home report value

googler

agrinnall wrote: »

True, but a refresh costs in the region of £100 whereas a new report by a different surveyor would cost £400+, so unless the OP is prepared to pay the difference I don't see why the vendor would agree.

There's nothing in the HR legislation which obliges the seller to pay for the refresh, either.....

BigAunty

googler wrote: »

What widespread evidence do you have of the banks not trusting them?

"Don't work as intended" - try telling that to the thousands of Scots who buy and sell every week.....

There is a company in my city whose Home Reports are not regarded as worth the paper they are written on and who are largely shunned by lenders who have approved panels.

There are dozens of reviews by home sellers who find that their HR has to be done from scratch again once an offer has been accepted. I have come across a few news articles that are critical of their practice.

My estate agent think they are a joke and guided me towards two other companies that are accepted by major lenders.

All is not efficient and perfect within HR production.

http://www.dailyrecord.co.uk/authors/the-judge/home-sellers-fury-as-firms-195-1165811

googler

BigAunty wrote: »

There is a company in my city whose Home Reports are not regarded as worth the paper they are written on and who are largely shunned by lenders who have approved panels.

If all you have is one company out of... how many surveyors operating in Scotland (?), then that is hardly evidence of an endemic problem.

One story in the Daily Record about a couple of homeowners who, by their own admission, wanted to cut corners, doesn't make all HRs 'not worth the paper...'.

I would suggest the majority, if not all, HRs by reputable surveyors are accepted by the major lenders. Otherwise, the outcry would be far greater than you citing one company in one city, and there would hardly be any housing market at all.

agrinnall

googler wrote: »

There's nothing in the HR legislation which obliges the seller to pay for the refresh, either.....

There's nothing that obliges the seller to have a refresh done (I had a "discussion" about this with one of the agents who came to value the house ) but if an old HR valuation is not acceptable to the buyers mortgage provider then a refresh will be required and somebody has to pay for that. I did suggest to the agent that I went with that perhaps I could ask the buyer to pay for that but they thought that was a very bad idea, and for £100 I wasn't going to argue.

googler

agrinnall wrote: »

There's nothing that obliges the seller to have a refresh done

Very true


I did suggest to the agent that I went with that perhaps I could ask the buyer to pay for that but they thought that was a very bad idea, and for £100 I wasn't going to argue.

Most sellers, faced with a choice of -a- paying for the refresh, or -b- digging their heels in, insisting that the buyer pay, and possibly losing their buyer in the process, will choose option a.

agrinnall

googler wrote: »

Most sellers, faced with a choice of -a- paying for the refresh, or -b- digging their heels in, insisting that the buyer pay, and possibly losing their buyer in the process, will choose option a.

Indeed, still slightly annoying when the refreshed report is exactly the same as the original.