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Home Reports - Scotland

Newhoose22
Posts: 16 Forumite
Anyone any experience of being asked to have a home report refreshed by a buyers lender? I am wondering how close to their mortgage offer this happened?
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Comments
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Are you selling or buying?
The house we sold (completion tomorrow yay!!) our home report was 7 months old. We refreshed it for our buyers who requested we do it for them. We accepted their offer and I had a surveyor round and home report refreshed for them within 7 days of their offer.
The house we are buying. Their home report was almost dated a year ago. Our mortgage company did not ask to see a home report. Many lenders get their own valuer out to value the property. We asked them to refresh the home report anyway. The hummed and hawed and finally after asking again they did refresh about 4 weeks after they had accepted our offer. I had already received my mortgage offer by then as they were not interested in a home report.
Dont know if any of that helps?0 -
Thank you for taking the time to reply. We are selling. Home report was 14 weeks old when our buyer put her offer in, this was 5 weeks ago.
We are due to complete next week but we are still waiting for buyer to get her mortgage offer as she is self employed so the completion date is looking highly unlikely now. Her Financial advisor has advised it's because she is self employed so the lender keeps coming back asking for more information.
So far we haven't had a valuation done and we have not been asked to refresh home report and I am wondering if this is the final stage for the lender or if it's normally requested so late in the process0 -
Newhoose22 wrote: »Thank you for taking the time to reply. We are selling. Home report was 14 weeks old when our buyer put her offer in, this was 5 weeks ago.
We are due to complete next week but we are still waiting for buyer to get her mortgage offer as she is self employed so the completion date is looking highly unlikely now. Her Financial advisor has advised it's because she is self employed so the lender keeps coming back asking for more information.
So far we haven't had a valuation done and we have not been asked to refresh home report and I am wondering if this is the final stage for the lender or if it's normally requested so late in the process
It's normally requested quite early on, generally immediately an offer is accepted. If you haven't been asked then they probably don't need it done - and if settlement is next week then it would be a bit late for them to ask now!0 -
Thank you David. Everyone keeps telling me they more than likely will and now our solicitor has said he is going to ask buyers solicitor about it.....wondering now if we would have been better waiting to see0
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Newhoose22 wrote: »Anyone any experience of being asked to have a home report refreshed by a buyers lender? I am wondering how close to their mortgage offer this happened?
Standard practice if your HR is more than 12 weeks old, and you've accepted this buyer's offer.
How would any seller know when their buyer had received their mortgage offer?0 -
Fingers crossed for you.
Their mortgage could come through tomorrow and missives could be signed early next week and the could move in at the end of next week. It is all still do-able.
If the lender has not been out for their own valuation then I guess that means they are accepting the home report although it is out of the normal 12 weeks.
I would expect that they started their mortgage application around 4 weeks ago so if no refresh has been asked by now then I would hope all is fine.
Keep us posted!0
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