Lender valuation + Homebuyer Report

kopper

Hi
I have paid my lender £295 to book a valuation on a property I am buying. The lender also suggested a few Surveyors so I can call for quotes for the survey.

One of the companies charges £893 for a Homebuyers Report which include the valuation but this company is also the same company that will be carrying out the lenders valuation. I asked this company whether I can not pay the full £893 since it includes the valuation which I paid, but they insisted it will be separate to the lender valuation and I will need to pay £893 even though I already paid the lender £295 for the valuation.

This surveyor company will be carrying out both on the same day at the property.

McTaggus

Most lenders often provide you with the opportunity to upgrade the basic valuation to a homebuyers survey, so you don't end up paying the same cost twice. However, I think that all needs to be arranged through the lender, as otherwise you are entering into a separate contract privately with the surveyor and would therefore need to pay twice.

joeistheone

I paid £312 for a homebuyers report which I upgraded through my lender. This was in London. I can't think why, even if you arrange separately, it would be £893.

dc197

Find another surveyor for the survey. If you don't need another mortgage valuation then you don't need to pay for a product that includes one.
For £650 you can get a full building survey (often more comprehensive than Homebuyer's Report) without a valuation.

kopper

I thought it would have been easier to to have one surveyor turn up to do both on the same day.
I will probably call around for more quotes.

Thanks

ThePants999

I paid £460 for a full building survey, just outside London, though admittedly this was a sort of special offer from the surveyor.

stator

kopper wrote: »

I thought it would have been easier to to have one surveyor turn up to do both on the same day.
I will probably call around for more quotes.

Thanks

Easier yes, which is probably why they think they can get away with charging so much.
But definitely worth shopping around.
The estate agents will allow as many visits as needed so don't worry about that

marksoton

kopper wrote: »

Hi
I have paid my lender £295 to book a valuation on a property I am buying. The lender also suggested a few Surveyors so I can call for quotes for the survey.

One of the companies charges £893 for a Homebuyers Report which include the valuation but this company is also the same company that will be carrying out the lenders valuation. I asked this company whether I can not pay the full £893 since it includes the valuation which I paid, but they insisted it will be separate to the lender valuation and I will need to pay £893 even though I already paid the lender £295 for the valuation.

This surveyor company will be carrying out both on the same day at the property.

Blimey! To say that's steep would be an understatement. Anywhere!

kopper

I called the lender to get it upgraded to a Homebuyers Report and I only had to pay £235 extra instead of £893 the surveyor was charging.

Result. Thanks all

kinger101

It's a double edged sword having the bank's valuer do the survey. The more the survey finds, the more likely it is that the bank will impose conditions or reduce the amount of the loan based on a lower valuation. Of course, this can be a bargaining position. But if the vendor refuses to shift, it can mean the sale collapsing.