Ridiculous survery admin fee

LillyJ

Actually the thing that made me question it was that when the leaflet came through from the valuer, it said "you have paid £390 for this survey"
I was worried that they had only asked for a basic valuation and not the homebuyer's report, so I phoned up to check.

Sorry if you think I am being petty but I wasn't aware that this was common place, as I have never bought a house before. I am trying to save as much money as possible as we would like to be able to buy things like a fridge and bed when we move in, as we are currently in rented. Therefore every little helps.

Sorry to have wasted all your time.

MarkyMarkD

LillyJ wrote: »

errrr no I couldn't, I had to take their valuation.

Exactly. They told you their valuation was £490 and you took it. Therefore you accepted their price.

It's fine to ask questions like this. It answers your uncertainty and probably the same question that other FTBs are asking themselves.

And it's good that others can answer.

PROFESSIONAL_LANDLORD

Lilly J

Remember when you went to Spain, and you gave the waiter a tip, well it's the same thing, that's their tip. The £100 will be used for the Halifax xmas party!,,,,,,,,,GLUG GLUG GLUG



No your right! greedy beggars:mad:

MarkyMarkD

All lenders charge a mark-up on the valuation fees they are charged by external valuers. Or they do it themselves and make even more money.

It's part of the way they run a mortgage business at some sort of profit.

I can't honestly see why anyone is surprised.

Debt_Free_Chick

Just wondering now ...... if the Homebuyer's Survey was £390 then the additional £100 may have been for the lender's valuation.

There will have been two reports - the HM Survey for the buyer and the valuation for the lender

LillyJ

Debt_Free_Chick wrote: »

Just wondering now ...... if the Homebuyer's Survey was £390 then the additional £100 may have been for the lender's valuation.

There will have been two reports - the HM Survey for the buyer and the valuation for the lender

No it was for an admin fee. I asked the Halifax. The valuation alone was £390, which is why I went for the HB report with them as it was cheaper than paying for the valuation and then getting our own survey.

I hadn't realised every lender made this extra fee that was not in the product fee, if I had I wouldn't have asked the question.

I suppose I am just not the sort of person who pays blindly for things and asks no questions about it. I have tried to research absolutely every aspect of house buying, and I know that this is the wrong time but we plan to stay for 10 years.

So I just wanted to check I wasn't being ripped off by any part of the process, and we are currently making a budget to pay for the big things we need which are sofa, fridge freezer, and bed. (we lived in part furnished so already have washing machine, dining table etc)

So I want to save money every where I can without skimping!