Lender won't accept home report

googler

Haven't read the whole thread, but you, as a buyer, don't need a Home Report for your lender. You just need the most basic mortgage valuation, from a surveyor on their panel. Or from a surveyor they commission themselves.

NWOIHTS

davidmcn wrote: »

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.

I can only go by what my mortgage adviser has told me that is the seller needs to get a full home report done by someone on the lending panel. Their estate agent however said no they only need a mortgage valuation and that the HR is fine!

It should be set up so that the HR is done by someone who is on a lending panel and can give authorised valuations. Otherwise there's no point doing it. The seller maybe thinks they are saving money, but it's a false economy as they won't get house sold and likely have to pay or part pay for another HR.

NWOIHTS

tberry6686 wrote: »

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.

From what I am being told by mrtgage adviser is that the HR will not be acceptable to any lender, not just my lender.

NWOIHTS

agrinnall wrote: »

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.

I may accept paying for part of a valuation only if that is acceptable. however I keep coming back to my mortgage adviser who has stated that they will need a full new HR and that it won't be accepted by any lender (his exact words).

NWOIHTS

tberry6686 wrote: »

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.

Mortgage adviser specifically said that no lender will accept the home report. I have to go on what he is telling me as I have no idea about this stuff myself. If he is wrong I couldn't tell you but he does a lot of work for a lot of people and highly recommended. I have to fall back on his word rather than anything I read on the net at this moment. I am totally open to his words being proven wrong but at this point I am only going what I have been told by a reputable adviser.

G_M

NWOIHTS wrote: »

From what I am being told by mrtgage adviser is that the HR will not be acceptable to any lender, not just my lender.

Maybe the seller wrote the HR themselves......??:T

DRP

NWOIHTS wrote: »

Mortgage adviser specifically said that no lender will accept the home report. I have to go on what he is telling me as I have no idea about this stuff myself. If he is wrong I couldn't tell you but he does a lot of work for a lot of people and highly recommended. I have to fall back on his word rather than anything I read on the net at this moment. I am totally open to his words being proven wrong but at this point I am only going what I have been told by a reputable adviser.

have you rung up a few more lenders to see if they will accept the HR?

Probably the first thing i would do in your situation...

googler

NWOIHTS wrote: »

I can only go by what my mortgage adviser has told me that is the seller needs to get a full home report done by someone on the lending panel. Their estate agent however said no they only need a mortgage valuation and that the HR is fine!

There is no, repeat no, legal obligation on a seller to provide any viewer or buyer with an HR produced by a surveying firm on any particular lender's panel. There is only an obligation to provide an HR in the format laid out by the legislation. If the HR is in this form, the seller and the agent have fulfilled their legal obligations.

You can look up Scottish Govt websites in addition to listening to your mort advisor. You can look up the legislation for yourself. Your mort advisor is not the only source of knowledge on this topic.

NWOIHTS wrote: »

It should be set up so that the HR is done by someone who is on a lending panel and can give authorised valuations. Otherwise there's no point doing it. The seller maybe thinks they are saving money, but it's a false economy as they won't get house sold and likely have to pay or part pay for another HR.

It's not up to the Govt to legislate on which surveyors will be acceptable to mortgage lenders. They can pick and choose who they will do business with.

In your situation, you're going to dig your heels in and insist on the seller providing another report, even though they're not obliged to, because you don't want the extra expense of a separate valuation.

Likewise, the sellers will dig their heels in and insist that they've done what the law requires of them, because they don't want the extra expense of another HR.

It's up to the two of you to agree a resolution, and ultimately the resolution will depend on how much you want the property.

And, as someone has said, you could try other lenders, since your current one seems a bit picky.

googler

G_M wrote: »

Maybe the seller wrote the HR themselves......??:T

Unlikely. It should bear the surveying firm's name, and a digital signature of the surveyor carrying it out, so it's a phone call away to check with the firm concerned whether they did it or not.

googler

NWOIHTS wrote: »

I may accept paying for part of a valuation only if that is acceptable. however I keep coming back to my mortgage adviser who has stated that they will need a full new HR and that it won't be accepted by any lender (his exact words).

Did he/she tell you why he/she thinks this? If so, please advise.

Is it because it doesn't have the Mort Val Cert, as per this story?

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

"Conveyancing specialist Professor Leo Martin, of Strathclyde University, said a home report is of limited use if there is no valuation certificate.

He said: “Since December 1, 2008, houses for sale have had to be marketed with a home report.

“The pack contains three documents by law – a single survey, an energy report and a property questionnaire.

“Most firms of surveyors who are on the major lenders’ panels include a valuation report as well."