Do you have to use the lender's surveyor

moneylover

Am hoping to arrange a mortgage in the next few days and will probably go for a 'house buyer's report'. Can anyone tell me - do I have to use a surveyor on the building society's panel or can I choose any chartered surveyor? Obviously this isnt any good if their report is not acceptable to the BS but I wondered what the situation is these days? It occurred to me it might be slightly cheaper to make my own arrangements...

MarkyMarkD

It may be cheaper. If the chartered surveyor you choose is on the lender's panel, there shouldn't be a problem although the surveyor may charge you more for making the report available to the lender as well as to you.

If the surveyor is NOT on the lender's panel, it is probably too much hassle.

Dan_Collins_2

You have to use the lenders survayor for the valuation report but you can use anybody for the honebuyers report as it is for you and you only. Some lenders its cheaper to go with a panel val but normally its cheaper to pay the val then the homebuy via your own choice!

UK007BullDog

I guess it depends on the lender but my bank will only accept from their own panel and they will order the survey. They will not accept the survey even if the surveyor is on their panel if ordered by the customer as there has been a lot of fraud. Also it is cheaper to have the more detailed survey done via the lender as it is just a fraction more, but could be a whole lot more if done through ones own means.

Dan_Collins_2

A homebuy report is a homebuy report, either via a lender or direct. In some cases it is cheaper but it depends on the lender.

The homebuy report is done for you, the valuation is done for the lender. The report is carried out at the same time as the valuation but it takes a little more time to get back to you. you do not always get a copy of the valuation.

luckyfool

In England and Wales the typical scenario is that the lender wants a mortgage valuation done by a lender on their panel, and instructed by them (or an authorised representative such as a mortgage packager). Most lenders will not accept a survey instructed by the client irrespective of whether the surveyor is on their panel. My best guess would be that they want to ensure that the surveyors duty of care is to them as the lender, and not to the client.

In Scotland the system is different and subject to the surveyor being on the panel it is normally fine to get things done yourself.


You should get a cost for the lenders valuation on its own + your independently sourced homebuyers report, and compare that with what your lender quotes for a homebuyers report (with valuation done at the same time). Normally the 2nd route should work out slightly cheaper.

cheers

Joe