Buyers Lender wants Mortgage Valuation even though Home Report supplied (Scotland)

Loubell83

Hi everyone. 

I am in Scotland and currently selling a flat in Edinburgh. 

We had a home report done when putting the flat on the market and accepted an offer at the Home Report Value for the property. The Home Report contained a Mortgage Valuation report and was done by one of the main player surveyors here. 

All was running smoothly until I had a call from my EA today informing me that my buyers lender is wanting to do a mortgage valuation as opposed to accepting Home Report.

I am an anxious person and this is already causing me stress! My EA said it was unusual for this to happen but does anyone know what reason it could be?

I am concerned that my property will get down valued or even my buyers lender will refuse the mortgage. 

Thanks

lozzy81

When I sold my flat years ago my buyer did a valuation, he was buying it as a buy to let so could be something similar? 

user1977

Either because the HR surveyor isn't on the lender's panel, or the lender has a policy of getting their own valuations. Your EA should be able to explain this to you - and if they can't, talk to your solicitor, who ought to have more of a clue.

There are 101 reasons why your buyers might not get a mortgage (or otherwise pull out), but I don't see any reason to be concerned about their lender refusing to lend unless you know something which makes the mortgageability of the property dubious.

Loubell83

lozzy81 said:

When I sold my flat years ago my buyer did a valuation, he was buying it as a buy to let so could be something similar? 

Its definitely for them to live in - my EA confirmed this

Loubell83

user1977 said:

Either because the HR surveyor isn't on the lender's panel, or the lender has a policy of getting their own valuations. Your EA should be able to explain this to you - and if they can't, talk to your solicitor, who ought to have more of a clue.

There are 101 reasons why your buyers might not get a mortgage (or otherwise pull out), but I don't see any reason to be concerned about their lender refusing to lend unless you know something which makes the mortgageability of the property dubious.

My EA said it was disappointing and didn't happen very often, but can often be a formality.

There were no 3s on the Home Report so nothing that I think would make the property unmortgageable.
It is above a commercial premises but I have never had an issue with mortgage/remortgage and my EA and solicitor said in Edinburgh this isn't an issue.

Just anxious but as you say could be as simple as the surveyor isnt on the panel.

I would hope that most surveryors are roughly on the same page when it comes to values as its done from recent sales in the area.

theartfullodger

Sold 2 houses in Scotland, each with home report.  Both transactions the buyer's lender required their own valuation.  I had no issues with this.

If that's lender's conditions, that's the lender's conditions.  

MovingForwards

The HR surveyor wasn't on my mortgage lenders panel, I paid for a valuation and carried on with the purchase.

Loubell83

theartfullodger said:

Sold 2 houses in Scotland, each with home report.  Both transactions the buyer's lender required their own valuation.  I had no issues with this.

If that's lender's conditions, that's the lender's conditions.  

Thanks, I suspect this may be the case but I still worry! Everything I read on the internet is UK based and obviously we have the home report up here so a different situation - I just wanted some peoples experiences!

Loubell83

MovingForwards said:

The HR surveyor wasn't on my mortgage lenders panel, I paid for a valuation and carried on with the purchase.

Did everything come back as per the Home Report on the valuation survey?

I have read so many stories about down valuing!  Google is not my best friend

user1977

Loubell83 said:

theartfullodger said:

Sold 2 houses in Scotland, each with home report.  Both transactions the buyer's lender required their own valuation.  I had no issues with this.

If that's lender's conditions, that's the lender's conditions.  

Everything I read on the internet is UK based 

Despite popular demand, Scotland is still in the UK...

Loubell83

user1977 said:

Loubell83 said:

theartfullodger said:

Sold 2 houses in Scotland, each with home report.  Both transactions the buyer's lender required their own valuation.  I had no issues with this.

If that's lender's conditions, that's the lender's conditions.  

Everything I read on the internet is UK based 

Despite popular demand, Scotland is still in the UK...

Yeah should have phrased this better!
I should have phrased a lot of what is on google doesn't reference Home Report in detail, and down valuing does appear to be more prominent outside of Scotland.