X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Property-a-holics

    Can you give lender your own survey?

    Just wondering ,if for example you know your going to remortgage with a certain lender and you know which surveyor they use to do the valuation, could you just prior to applying for the mortgage get a survey done with the surveyor they use then when the time comes for the mortgage survey say, hey ive already got it done using the guys you use, here you go...to speed things up :

    0
    0

    I don't think you can. I think they insist on appointing their own as the surveyor is acting on their behalf not yours.  Plus I think  it is a nice money making scam for them as you pay the fee and it is about twice as much as you would pay yourself if you go direct to the surveyor. Your surveyor friend could probably advise for definite on this.

    0
    0

    No.

    However, you can have your own private survey done by the same surveyor they use.

    The lender will still send out a surveyor from that firm for their own vaulation.

    If the valuation is different, you would have a valid reason to ask why? Smile

    0
    0
    No. The survey only gives a snap shot on that day its done. A sink hole could open up the day after. The lender will want to protect himself against that by doing everything in the correct sequence. By all means though get an additional one done before privately. If it shows defects that may prevent further lending then it gives you an opportunity to fix that before the surveyor that really matters comes around to do their stuff.
    0
    0

    Jonathan Clarke. http://www.buytoletmk.com


    The surveyor acting for the lender has to be instructed by them as they would need to be the ones who could make a valid claim against the surveyors PI cover if required. 

    If you instruct, their cover is on risk to you and it potentially creates a conflict of interest for the firm actually doing the survey.  It has been known in the short term lending sector that an existing survey (done for you or another lender) can sometimes be rewritten for a nominal fee providing the new lender makes the formal instruction, but in the long term lending market you risk that having found and instructed a surveyor yourself that the lender you are trying to save money with gets it into their head to instruct a different panel lender to do the same job, just to keep things clean for them.

    0
    0

    David is absolutely right.

    Instructing the same valuer can very often cause far more problems.

    If you instruct a valuation you are doing so for your own benefit. If the lender instructs a valuation it is being done for the lenders benefit. The basis of the valuation is completely different. The valuer is telling the lender whether the property is good security for a loan, that’s not what the valuer will be reporting to an individual.


    0
    0

    Mr Mark Alefounder

    Mortgage & Protection Broker

    Optimum Independent Financial Advisers

    Mobile 07716 647 928

    Tel: 01206 366700

    http://www.optimum-ifa.co.uk

    The financial regulator, the ‘Financial Conduct Authority’ designates that there are two different types of financial advisers, ‘independent’ and ‘restricted’. The status of an adviser firm will affect the type of advice that is given. A restricted adviser firm can only recommend certain products or product providers, whereas an independent adviser firm, such as Optimum, is able to consider and recommend all types of retail investment products and/or providers that could best meet clients needs and objectives. Optimum Independent Financial Advisers offers genuine unbiased and unrestricted advice.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    Optimum Independent Financial Advisers is authorised and regulated by the Financial Conduct Authority

    Financial Services Register Firm Reference Number (FRN): 223293

    © Copyright 2017 Optimum Independent Financial Advisers. All Rights Reserved