Buying a house in Scotland -home report

dk5294

Can someone tell me if this is right. In Scotland where there is a home report under 3 months old, with a single survey, clearly stating the property valuation a further valuation is not required by the lender??

I asked this question when applying to Leeds BS and they said I was correct and to call back in a few days time to make sure it wasn't delaying the application. So u did and the person I spoke to told me that I would need to pay a fee as I was buying a home and a home report is just details of the house. I'm really confused now as I've always been advised the home report meant no further valuation required.

It was Walker Fraser Steele who prepared the report and they are well known chartered surveyors in Scotland so I imagine Leeds BS have came across them.

scottishblondie

You shouldn't require an additional survey in most cases. However, if the surveyor is not on the lender's accepted panel then they may insist on a valuation. To me it sounds more likely that the person you spoke to may not be familiar with the Scottish home report system, and so be confused about the requirements. I would phone back again and ask for clarification - perhaps even ask for it in writing.

dk5294

Do you know if there is a way to find out if they are? I specifically called and asked so the fees could be paid upfront and prevent delays.

That's my thinking, he doesn't understand Scottish procedure, but that also slightly worries me.

glosoli

Some lenders require a full valuation to be carried out instead of a transcript in certain circumstances, i.e LTV being above a certain percentage or the home report not being carried out by one of the main players (DM Hall, Graham and Sibbald).

There is no blanket policy which states a lender must use a transcript of the home report.

dk5294

I was led to believe a single survey was the same as a valuation, as it stated what the property was valued at?

glosoli

It depends on the lender. Even if you look at Clydesdale Bank's criteria on the matter (who are Scottish based obviously) it states :

"For residential mortgage applications where the LTV is 75% or below, we can accept a transcript from the Scottish Home Report (Single Survey) subject to the valuation not being more than 90 days' old and the surveying firm / surveyor being on the bank's valuation panel. The fee for a transcript is £100. A bank survey is needed for loans which fall outside this criteria. Transcripts are not acceptable for BTL applications."

dk5294

Ahhhhhh I see. Now I need to see if Leeds are the same. The LTV is 68% so hopefully they are the same, as the home report is under 90 days.

dk5294

Looks like the product we applied for comes with a free valuation?


10% capital repayments are allowed each year during the fixed rate period without incurring an Early Repayment Charge.
Tapered Early Repayment Charges apply up to and including 30 Apr 2020.
95% of borrower share available.
Free standard valuation up to £999.
Maximum loan £500,000.
Interest calculated daily.
This product is not available to interest only applications.
This product is not portable and is only available in Scotland