Lender won't accept home report

DRP

googler wrote: »

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....

what a crazy system for house buying & selling they have up in scotland

you'd think for a piece of paper that is absolutely required to sell a property, that there would be some sort of accreditation for surveyors so surveyors AND lenders could agree the survey meets a minimum standard...

G_M

DRP wrote: »

what a crazy system for house buying & selling they have up in scotland

you'd think for a piece of paper that is absolutely required to sell a property, that there would be some sort of accreditation for surveyors so surveyors AND lenders could agree the survey meets a minimum standard...

That's Holyrood for you!

NWOIHTS

scottishblondie wrote: »

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.

I don't think there is anything wrong with the report itself, it seems to be stemming from this valuation thing and the fact that the surveyor is a one-man band type of operation who is likely on very few, or any, lender's approved panel.

Some clarification here on this whole process:

http://www.gov.scot/Topics/Built-Environment/Housing/BuyingSelling/Home-Report/buyers/advice

Flow chart below showing process, which says mortgage valuation completed by lender and paid for by buyer, so now we're getting answers!

http://www.gov.scot/Resource/Doc/49296/0124380.pdf

rpc

As can happen with refreshes of the MVR, the seller's solicitor will say that this is down to the buyer's choice of lender and so is the buyer's problem. The buyer's solicitor will say that the seller provides the report so it is the seller's problem.

You can quibble about it for ages, or you can agree that a couple of hundred quid should stop a six figure transaction.

Your lender should only need the valuation (equivalent to the old Scheme 1 survey). £200 max I would think.

googler

rpc wrote: »

Your lender should only need the valuation (equivalent to the old Scheme 1 survey). £200 max I would think.

As was said back at post #12.

ressull

Hi, i've been reading through this as i'm kind of on the other side of the fence from you.

I got a home report done around 3 weeks ago and have since sold my house, only to find out that the buyers mortgage provider (Bank of Scotland) does not recognise it as surveyor is not on their list of approved vendors.

Are you any further forward with this? any outcome?

I dont fancy paying for 2 home reports within a month to satisfy their lender, but not sure what the fair thing to do is. half and half?

Ironically, my current mortgage is with Halifax (same bank as BoS) and was in to speak to them a few weeks ago and they had my home valued way over the home report price so they are happy to cover the home just now but as it is a new owner they are not - seems a bit mad.