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  • FIRST POST
    • lanceyp88
    • By lanceyp88 8th May 18, 7:07 PM
    • 17Posts
    • 3Thanks
    lanceyp88
    Why cant a mortgage valuation surevy be used for new buyers after chain falls through!!
    • #1
    • 8th May 18, 7:07 PM
    Why cant a mortgage valuation surevy be used for new buyers after chain falls through!! 8th May 18 at 7:07 PM
    Hi Guys,

    We are in the process of selling our home, 2 weeks prior to completion our initial buyers pulled out, luckily within a day we sold the house for a similar price, The initial buyers had mortgage valuation done along with searches.

    Are current buyers are now in the process of buying the searches from the initial buyers solicitors. which is great and will speed the up the process.

    However today we have had a call from countrywide surveyors who asked to book the appointment for the Mortgage Valuation survey to be conducted. I explained that Countrywide did a survey 3 weeks ago and everything was fine and it was going to be the same surveyor that was coming round to conduct the survey. I asked whether the current buyers could request this survey as it is only 3 weeks old and would save me having to have time off work and free up an appointment slot for someone else that actually needs it. They spoke with legal and general and the lender and they said no, but did not offer any reasons other than " it is a new customer"

    What is the issue with that report being copied and the original notes from the survey being forwarded on to the new buyers lender?

    It seems to me that this is just a money spinner for surveyors. Would love to hear your thoughts.

    Thanks

    Lance
Page 1
    • GraceCourt
    • By GraceCourt 9th May 18, 2:17 AM
    • 187 Posts
    • 106 Thanks
    GraceCourt
    • #2
    • 9th May 18, 2:17 AM
    Only applies to property sales in England & Wales
    • #2
    • 9th May 18, 2:17 AM
    The short answer is that it can, but only in Scotland, where for over ten years a property in Scotland for sale is only surveyed once for that proposed sale. In fact, the law - The Housing (Scotland) Act 2006 - requires the person marketing the property to prepare and assemble certain documents (collectively known as the "Home Report"), including a "Scottish Single Survey", for the very reason that has given rise to your question... i.e. that it's a complete waste of money to have the same, or a different, surveyor assessing the same property more than once for a single sale process.

    A Home Report comprises a single survey and valuation, a property questionnaire, and an energy report. There is a fixed penalty charge of 500 for non-compliance, as set out in The Housing (Scotland) Act 2006 (Amount of Penalty Charge) Regulations 2007.

    Why this hasn't been sorted out South of the Border since this procedure was introduced in Scotland is anyone's guess. Scotland has a completely different legal system (for example, a lot of visitors find out far too late that the alcohol drink/driving limit in Scotland is much lower than in England and Wales) and its own Courts so perhaps there's something in English law that is preventing it.

    And in Scotland, an offer to buy - even a verbal one - is contractually binding, so "gazumping" doesn't exist!
    Last edited by GraceCourt; 09-05-2018 at 2:32 AM.
    • amnblog
    • By amnblog 9th May 18, 8:01 AM
    • 10,459 Posts
    • 4,131 Thanks
    amnblog
    • #3
    • 9th May 18, 8:01 AM
    • #3
    • 9th May 18, 8:01 AM
    That's the way it works Lance.

    It suits the Lender as they get recourse back to the valuer as it gives them a 'contract', it suits the valuer as they get paid twice.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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