surveying a property?

myright

Hey guys

What's the process during the end of the mortgage? In terms of surveyors and valuers?

Does the buyer book both of them? Or does the lender have to do it? Or the seller??

kingstreet

The mortgage report and valuation will be carried out by a surveyor chosen by the lender, at the borrower's expense.

The borrower may pay a supplement and have the lender's surveyor carry out a more in-depth inspection and report, such as a HomeBuyer's Report, at additional expense to the borrower.

myright

Thanks so much . So what about the first valuation before the lender one? Who pays for that?

As to the valuation the lender gets taken out. Do they give a copy to the seller or and the borrower aswel?

Lastly, what if the lenders valuation is lower than the one the borrowers surveyor did?

p00hsticks

myright wrote: »

Thanks so much . So what about the first valuation before the lender one? Who pays for that?

As far as I'm aware there isn't usually a valuation before the lender one - other than by the sellers estate agent to determine the price it goes on the market at, and that's free.

myright wrote: »

As to the valuation the lender gets taken out. Do they give a copy to the seller or and the borrower aswel?

The borrower will get to see it (after all, they paid for it) - the seller won't unless the borrower chooses to show it to them (perhaps to renegotiate the price if the survey comes back with a lower valuation than the price offered or highlights faults).

myright wrote: »

Lastly, what if the lenders valuation is lower than the one the borrowers surveyor did?

The borrower won't usually use a different surveyor to the one used by the lender, although as kingstreet says, the borrower may choose to pay a bit extra to get a more detailed level of survey.

The amount the lender is prepared to lend will depend on what the lender valuation comes back with. If the buyer has offered a higher price then the valuation , then it's up to the buyer to decide if they want to proceed - if they do they may need to find extra money to cover the gap if the seller won't renegotiate.