Homebuyers report - status 3

Moseydo82

Hi,

I just got our homebuyers back and whilst most things are 1 or 2 statuses there are a few 3 status parts.

These are -

Mains Gas
Mains Electricity
Central Heating
Hot Water

It doesn't state a problem it just says they need checking.

Is this something major to worry about?

ACG

Does it say it needs checking or does it say they have not checked it?

Gas/Electric will 99% of the time come back as a 3 as they do not check them. I have only once seen a homebuyers report that does check them. I tend to prep my clients that homebuyer reports will come back as a 3 for them and its down to them whether to check further or not.

Moseydo82

It recommends they will need checking.

Moseydo82

Does it mean the lender won't lend until these checks have been made?

WestonDave

Its survey speak for "I'm a surveyor, not a gas engineer or electrician - if you want to be sure these are safe and working get one or both in to check - don't blame me if you move in and nothing on these works"


Its no bad thing to get them checked as at least you know what you are dealing with but bear in mind certain things (particularly on the electrics) will come back as non compliant purely due to updating on the regulations - that doesn't necessarily mean its imminently unsafe, just not current best practice.

ACG

Lender will lend with those as 3s.

Mine specifically mentioned getting the place rewired (no great surprise only 1 socket in the whole house worked and had extension lead after extension lead coming off it and even that socket had black sut around it!) the building society were still happy to lend.

Moseydo82

Ok great, now to wait and see what new documents the bank want to see.

kingstreet

How will the lender see your homebuyer's report?

What is on the mortgage report & valuation under essential repairs?

Moseydo82

Don't they get a copy of the homebuyers to see if they will lend?

Moseydo82

Their isn't an essential repairs section that I can find.

kingstreet

Usually, the lender gets its mortgage report & valuation and you get your homebuyer's report.

Lenders tend not to see the latter as it is prepared for you alone.

The lender's only interest will be what is in the "essential repairs" section of its report, not what is on yours which it won't normally be able to see.

If you haven't received it, check if your lender is going to send you a copy of the mortgage report & valuation. Some do, some don't.