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  • FIRST POST
    • lanceyp88
    • By lanceyp88 8th May 18, 7:08 PM
    • 17Posts
    • 3Thanks
    lanceyp88
    Why cant a mortgage valuation survvy be used for new buyers after chain falls through!!
    • #1
    • 8th May 18, 7:08 PM
    Why cant a mortgage valuation survvy be used for new buyers after chain falls through!! 8th May 18 at 7:08 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
    • ACG
    • By ACG 8th May 18, 7:15 PM
    • 17,839 Posts
    • 9,622 Thanks
    ACG
    • #2
    • 8th May 18, 7:15 PM
    • #2
    • 8th May 18, 7:15 PM
    Different lenders have different criteria. When a surveyor comes out, they do the survey based on the lenders criteria. A prime example here is Natwest are quite good at lending above commercial premises. The same surveyor could come out for Natwest and say Barclays and give 2 completely different outcomes.

    Added to the that, I imagine there is something that says if the property falls down the lender could sue the surveyor but they can probably not do that if the survey was not done for them.

    With the legal pack, the new solicitors will still look over the searches so it is a different issue.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • AnotherJoe
    • By AnotherJoe 8th May 18, 8:59 PM
    • 11,536 Posts
    • 13,363 Thanks
    AnotherJoe
    • #3
    • 8th May 18, 8:59 PM
    • #3
    • 8th May 18, 8:59 PM
    Were you trying to make a point that you can post the same question here half a dozen times so why not use the survey multiple times ?
    • goodwithsaving
    • By goodwithsaving 8th May 18, 9:32 PM
    • 881 Posts
    • 1,396 Thanks
    goodwithsaving
    • #4
    • 8th May 18, 9:32 PM
    • #4
    • 8th May 18, 9:32 PM
    The survey is to protect your buyers and their lender. It is not for you. People have different lenders and when I'm applying for a mortgage I want my survey, not someone elses
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
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