Lender won't accept home report

NWOIHTS

Hi
I was looking at a house that I am really interested in. The seller has said they will close the sale if they give me x amount, which I was happy with.

I am now going through the process of trying to finalise the deal and now my mortgage adviser has told me that any lender won't accept the home report as the surveyor that done it is not a member of the lenders approved panel and that they, or I, would need to get a home report done by a surveyor who is a member of this panel.

So this kind of leaves me in between a rock and a hard place I am not sure what is the next step. Solicitor says that technically the seller has done everything required of them and it would be up to them whether they get another report done. So reading between the lines I am feeling like it is me who has to pay for another report.

I would have thought that if you were selling a house that the surveyor should be a member of the valuation board otherwise what's the point if the survey is not work the paper it's written on?

Right now it seems like check mate, there is no definitive action being taken, my mortgage adviser has told me they need to get a home report by someone who is member of the lenders panel, the sellers estate agent said it's ok the lender only has to request the property valuation from the surveyor, and my solicitor said they have technically done everything that is required of them.

What's the next step to get this process moving again? Any suggestions would be gratefully welcomed.

N

G_M

Scotland by any chance?

NWOIHTS

G_M wrote: »

Scotland by any chance?

Yes.

I've been told that the lender won't accept this home report and that it is the responsibility of the seller to have a suitable home report that will be accepted by the lender.

I've told my solicitor what the mortgage guy said and if they can pass that on to the sellers estate agent. I spoke to their estate agent previously and they seemed awfully laid back about the situation and that it wasn't a big deal.

davidmcn

It shouldn't need to be a full home report, just a mortgage valuation. Up for negotiation whether the seller or you pay for that, but I would certainly start by pushing for the seller to do so.

tberry6686

It should be up to the op to arrange a suitable home report, the vendor has supplied one, whether it is acceptable to the op's lender is not the vendor's problem.

agrinnall

I think in this situation you'll either have to pay for at least the valuation part of the Home Report to be redone by an acceptable surveyor, or change to a different mortgage provider who will accept the existing one. I'd guess that the former option is likely to be the most cost effective and cause the least delay.

NWOIHTS

Thanks for all the replies. I've checked up prices of valuations only and I could be looking at anything from

£280 - £350 with £100 admin charge, whatever that is.

I simply find it unacceptable that the seller shouldn't be liable for having a proper valuation done since they are selling the house and should have been advised that a valuation done by someone not on the lending panel would effectively be worth nothing.

It's akin to me MOT'ing a car as I am a mechanic although not a registered MOT tester. I know what to check but would it stand up in court or be acceptable to a buyer that I had done the MOT, even though I know the things to check for? No it wouldn't.

I can only go with what my mortgage adviser has told me that they would need to get another home report done by someone who is a member of the valuation panel otherwise I would have to shell out a huge chunk of cash I can't afford to be doing right now.

tberry6686

I simply find it unacceptable that the seller shouldn't be liable for having a proper valuation done since they are selling the house and should have been advised that a valuation done by someone not on the lending panel would effectively be worth nothing. You find it unacceptable that the vendor chose a surveyor that YOUR lender wont accept. Do you think the Vendor should get a Survey done for every mortgage lender in the off chance that you might choose them ?

It's akin to me MOT'ing a car as I am a mechanic although not a registered MOT tester. I know what to check but would it stand up in court or be acceptable to a buyer that I had done the MOT, even though I know the things to check for? No it wouldn't. No. It's akin to getting an MOT done by a MOT tester and you car finance company not accepting an MOT from that tester.

I can only go with what my mortgage adviser has told me that they would need to get another home report done by someone who is a member of the valuation panel otherwise I would have to shell out a huge chunk of cash I can't afford to be doing right now.

Your mortgage advisor is wrong. The vendor has to supply a home report by law (it does not specify that the surveyor must be on your lenders panel). Just because your chosen lender does not accept it is not the vendors problem.

scottishblondie

NWOIHTS wrote: »

Thanks for all the replies. I've checked up prices of valuations only and I could be looking at anything from

£280 - £350 with £100 admin charge, whatever that is.

I simply find it unacceptable that the seller shouldn't be liable for having a proper valuation done since they are selling the house and should have been advised that a valuation done by someone not on the lending panel would effectively be worth nothing.

It's akin to me MOT'ing a car as I am a mechanic although not a registered MOT tester. I know what to check but would it stand up in court or be acceptable to a buyer that I had done the MOT, even though I know the things to check for? No it wouldn't.

I can only go with what my mortgage adviser has told me that they would need to get another home report done by someone who is a member of the valuation panel otherwise I would have to shell out a huge chunk of cash I can't afford to be doing right now.

There is nothing wrong with the home report itself. Not all lenders have the same home report firms on their panel, and you can't really blame the vendor for not choosing a firm that your specific mortgage lender has approved. They couldn't possibly know in advance which mortgage lender potential purchasers would be using. Other lenders would find the home report perfectly acceptable.

Your options are fairly straightforward, so getting this wound up about it is really pretty pointless. The vendor has fulfilled their legal obligation by getting a home report, but if they want to proceed with you as a purchaser they may well agree to pay for another valuation to be done. If they won't, you'll either have to pay for it yourself or let go of this house and move on.

agrinnall

Actually, another alternative to the two I provided earlier, is for the surveyor who had done this report to get themselves added to the lender's panel. It would probably benefit them to do so but I don't know if there is a cost to them or how long it would take.

G_M

Makes a change from reading how terrible the buying process is south of the border and how much better to the north.

It seems crazy to have a system that requires the vendor to have a home report done pre-marketing (to speed up the process amongst other reasons), but not have a system to ensure reports are standard and one by professioanals and, critically, accepted by lenders.

Down here, vendors have to have an EPC before marketing. But EPCs are regulated as to what they contain, who undertakes them etc, and they are then beyond quesion.

(seting aside the fact that they are pointles of course.....)