Who is entitled to see results of a survey

tsolrm

If I instruct a survey carried out on the property that I am thinking about buying - who is entitled to see this survey? For example what if the survey brings up issues that could put the mortgage offer in jeopardy - does the lender have to be informed about this (they have carried out their valuation already)? The solicitor says yes but why? If the lender wanted to know they should have carried out their own survey.

mattant

Just the person who paid for it (you), the bank would only be interested in the valuation survey. 

tsolrm

mattant said:

Just the person who paid for it (you), the bank would only be interested in the valuation survey. 

If the solicitor is acting in the interests of me and the lender - do I have to show the survey to them?

davidmcn

tsolrm said:

if the survey brings up issues that could put the mortgage offer in jeopardy - does the lender have to be informed about this (they have carried out their valuation already)? The solicitor says yes but why?

Are you sure you haven't misinterpreted what they've said? If your solicitor is also acting for your lender (which is the norm) then if the solicitor knows about something adverse in the survey, they can't withhold that information from the lender. But if you keep the survey results to yourself, that wouldn't be a problem (though bear in mind you might want your solicitor's advice about some matters). You don't need to disclose the survey results to anybody else if you don't want to.

macman

If the defect is serious enough to make the property unmortgageable, then it should have come up on the lender's own valuation?

tsolrm

macman said:

If the defect is serious enough to make the property unmortgageable, then it should have come up on the lender's own valuation?

They aren't doing proper valuations at the moment due to COVID. They call them 'desktop valuations'

Surrey_EA

tsolrm said:

macman said:

If the defect is serious enough to make the property unmortgageable, then it should have come up on the lender's own valuation?

They aren't doing proper valuations at the moment due to COVID. They call them 'desktop valuations'

Lenders are doing physical valuations, despite Covid. 'Desktop' valuations have always been a thing, it really comes down to the risk for the lender. The higher the LTV%, the greater the risk, the more likely a physical valuation is.

eddddy

tsolrm said:

If I instruct a survey carried out on the property that I am thinking about buying - who is entitled to see this survey? For example what if the survey brings up issues that could put the mortgage offer in jeopardy - does the lender have to be informed about this (they have carried out their valuation already)? The solicitor says yes but why? If the lender wanted to know they should have carried out their own survey.

tsolrm said:
They aren't doing proper valuations at the moment due to COVID. They call them 'desktop valuations'

It's difficult to follow your logic and/or understand what your concern is.  You seem to be saying....

• The mortgage lender has done a poor quality valuation
• So you don't want to show the mortgage lender your survey

Is it because your survey values the property at less than the mortgage lender's valuation? If so, that happens a lot - but the mortgage lender will rely on their valuation, and not yours.

Or is there another reason?

tsolrm

eddddy said:

tsolrm said:

If I instruct a survey carried out on the property that I am thinking about buying - who is entitled to see this survey? For example what if the survey brings up issues that could put the mortgage offer in jeopardy - does the lender have to be informed about this (they have carried out their valuation already)? The solicitor says yes but why? If the lender wanted to know they should have carried out their own survey.

tsolrm said:
They aren't doing proper valuations at the moment due to COVID. They call them 'desktop valuations'

It's difficult to follow your logic and/or understand what your concern is.  You seem to be saying....

• The mortgage lender has done a poor quality valuation
• So you don't want to show the mortgage lender your survey

Is it because your survey values the property at less than the mortgage lender's valuation? If so, that happens a lot - but the mortgage lender will rely on their valuation, and not yours.

Or is there another reason?

The main reason is if the survey throws up issues that would cause renegotiation of the house price. For example if the house has subsidence. The lender would not touch it but I would be willing to take it on if the vendor discounts the price enough to tempt me.

Thrugelmir

tsolrm said:

eddddy said:

tsolrm said:

If I instruct a survey carried out on the property that I am thinking about buying - who is entitled to see this survey? For example what if the survey brings up issues that could put the mortgage offer in jeopardy - does the lender have to be informed about this (they have carried out their valuation already)? The solicitor says yes but why? If the lender wanted to know they should have carried out their own survey.

tsolrm said:
They aren't doing proper valuations at the moment due to COVID. They call them 'desktop valuations'

It's difficult to follow your logic and/or understand what your concern is.  You seem to be saying....

• The mortgage lender has done a poor quality valuation
• So you don't want to show the mortgage lender your survey

Is it because your survey values the property at less than the mortgage lender's valuation? If so, that happens a lot - but the mortgage lender will rely on their valuation, and not yours.

Or is there another reason?

The main reason is if the survey throws up issues that would cause renegotiation of the house price. For example if the house has subsidence. 

Subsidence would be evident. 

tsolrm

Thrugelmir said:

tsolrm said:

eddddy said:

tsolrm said:

If I instruct a survey carried out on the property that I am thinking about buying - who is entitled to see this survey? For example what if the survey brings up issues that could put the mortgage offer in jeopardy - does the lender have to be informed about this (they have carried out their valuation already)? The solicitor says yes but why? If the lender wanted to know they should have carried out their own survey.

tsolrm said:
They aren't doing proper valuations at the moment due to COVID. They call them 'desktop valuations'

It's difficult to follow your logic and/or understand what your concern is.  You seem to be saying....

• The mortgage lender has done a poor quality valuation
• So you don't want to show the mortgage lender your survey

Is it because your survey values the property at less than the mortgage lender's valuation? If so, that happens a lot - but the mortgage lender will rely on their valuation, and not yours.

Or is there another reason?

The main reason is if the survey throws up issues that would cause renegotiation of the house price. For example if the house has subsidence. 

Subsidence would be evident. 

I'm not sure how that answers my question