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

googler

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.

This. 

If it's the latter, you might find that the lender unwittingly hires the same surveyor as did your HR, and all will be well. 

MovingForwards

Loubell83 said:

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

The valuation came in at the same price as my offer, which was £2k under the HR valuation. All the other details about the type of property / construction etc were the same.

Loubell83

MovingForwards said:

Loubell83 said:

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

The valuation came in at the same price as my offer, which was £2k under the HR valuation. All the other details about the type of property / construction etc were the same.

Thanks. It appears to be more common then my EA has made out so fingers crossed

newsgroupmonkey_

Loubell83 said:

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.

Of course it does, exactly for the reasons you said - home reports are there to give an idea of the valuation.

Unless something is intrinsically different about the property to that which your home report was based on, it's unlikely that another surveyor will disagree - most valuations are done based on comparables of similarly sold properties.

In many cases for simply giving a value, the surveyor may not even visit the property! They may do a drive-by or desktop valuation.

Loubell83

newsgroupmonkey_ said:

Loubell83 said:

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.

Of course it does, exactly for the reasons you said - home reports are there to give an idea of the valuation.

Unless something is intrinsically different about the property to that which your home report was based on, it's unlikely that another surveyor will disagree - most valuations are done based on comparables of similarly sold properties.

In many cases for simply giving a value, the surveyor may not even visit the property! They may do a drive-by or desktop valuation.

The surveyor is definitely visiting the property but nothing has changed and our home report was only done 6 weeks ago and house prices are still steady in our area.
 
Plus our buyer is paying the value in the Home Report so hopefully wont cause many issues.
Your comment agrees with my thoughts - essentially that one surveyor to another looking at recent prices shouldn't really have vastly different opinions.