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Lender offered to do HomeBuyer's Survey
antsmusic1
Posts: 29 Forumite
Hello all :-)
It's my first post, me and my partner are first time buyers and have just had our offer accepted on a property
It's all very scary and I have been using MSE as my bible the past few weeks however can't find any opinion on the question that I currently have.
Our mortgage broker has suggested allowing our lender (Halifax) to commission the full Home Buyer's Survey that we want to have done. A quick run around my homeowner friends have suggested this is a bit odd, and could impact the chances of Halifax approving the loan. Why would this be? Apparently if they have access to the report it can affect whether they will lend to us? We have a low LTV of 58%.
Thoroughly confused. I have earlier today informed the broker we wish for Halifax to do the report, but now I am having second thoughts. Should we go independent for the HBR?
Thanks in advance... and look forward to posting on the forum. I haven't been a member of a forum community for at least 10 years :j
It's my first post, me and my partner are first time buyers and have just had our offer accepted on a property
It's all very scary and I have been using MSE as my bible the past few weeks however can't find any opinion on the question that I currently have.
Our mortgage broker has suggested allowing our lender (Halifax) to commission the full Home Buyer's Survey that we want to have done. A quick run around my homeowner friends have suggested this is a bit odd, and could impact the chances of Halifax approving the loan. Why would this be? Apparently if they have access to the report it can affect whether they will lend to us? We have a low LTV of 58%.
Thoroughly confused. I have earlier today informed the broker we wish for Halifax to do the report, but now I am having second thoughts. Should we go independent for the HBR?
Thanks in advance... and look forward to posting on the forum.
I haven't been a member of a forum community for at least 10 years :j 0
Comments
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The lender will do a survey and you will be paying for it so the uplift from Mortgage Valuation to Full homebuyers report may be less than paying someone else to duplicate the basis of the valuation...0
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Thanks nearlyrich
That was the main appeal to be honest - but apparently if the lender has 'access' to the homebuyers report; it could mean if there are issues then the mortgage will be refused?
Or am I just worrying too much...? :undecided0 -
If there is anything negative the surveyor will tell the lender anyway, you would not want to be paying more than the house is worth so I would say go for the Halifax survey/home buyer's report.0
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No.
The Valuation may be little more than a drive past to see the property exists and is standing....nearlyrich wrote: »The lender will do a Valuation and you will be paying for it so the uplift from Mortgage Valuation to Full homebuyers report may be less than paying someone else to duplicate the basis of the valuation...
If you upgrade
* on the plus side, it may be cheaper than instructing your own surveyor, since, yes, their surveyor will be visiting (or at least driving by) anyway.
Ring a couple of RICS surveyors and compare prices!
* on the minus side, the Homebuyers may turn up something more than their Valuation would have, that makes them re-consider their offer0 -
Isn't your solicitor duty bound to tell the lender if something turns up on an independently commissioned service?0
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No.
The Valuation may be little more than a drive past to see the property exists and is standing....
If you upgrade
* on the plus side, it may be cheaper than instructing your own surveyor, since, yes, their surveyor will be visiting (or at least driving by) anyway.
Ring a couple of RICS surveyors and compare prices!
* on the minus side, the Homebuyers may turn up something more than their Valuation would have, that makes them re-consider their offer
It'll end up costing me about £350-400 for an independent surveyor. It's about £150 to 'upgrade' so reflects a saving of about £200-£250.
My concern is that our situation for our mortgage is ropey (I am on a zero hours contract supplemented by private landlord rental income, along with an excellent credit score, and my partner has a healthy £24k income but a very poor credit score) and I am terrified of it being refused! Our only saving grace is an excellent LTV. I want to make sure our application goes through with as little hiccups as possible, hence my concern...
Not sure if a surveyor is duty bound to inform the lender questionss, however the advice I've had from my friend is that an independent survey will increase your chance of securing a mortgage.0 -
Well for anyone wondering, I just spoke with my conveyancer and she strongly advised to go independent with the survey. So that's the decision made :-)
Many thanks for your advice 0 -
Only if he knows about it.questionss wrote: »Isn't your solicitor duty bound to tell the lender if something turns up on an independently commissioned service?
Why would he?
You instruct the surveyor. He inspects. He writes a report. He sends you the report. You read it.0
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