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kenzdawg

Buying Your Own Home Report

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Hi

I'm looking to sell my flat in Edinburgh and I'm pretty staggered by the mark-up on home report by solicitors and agents. Rettie are asking for £700 for theirs, ffs! So I mentioned buying my own to an agent who solemnly told me that one not on the bank lending board could mean I'd have to buy another come exchange of missives. Also I'm a tad concerned about the possibility of collusion in depressing the valuation for quicker turnover (yes, I am a paranoiac, why do you ask?)

Anyone with experience buying their own or relevant thoughts?

TIA for constructive answers.

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Hi

I'm looking to sell my flat in Edinburgh and I'm pretty staggered by the mark-up on home report by solicitors and agents. Rettie are asking for £700 for theirs, ffs! So I mentioned buying my own to an agent who solemnly told me that one not on the bank lending board could mean I'd have to buy another come exchange of missives. Also I'm a tad concerned about the possibility of collusion in depressing the valuation for quicker turnover (yes, I am a paranoiac, why do you ask?)

Anyone with experience buying their own or relevant thoughts?

TIA for constructive answers.

Home Report prices do vary. I am not in Edinburgh but have had ones done there and they were the same price - starting at £300 + vat. But they depend on value - e.g 100-200K £400 + vat and so on up the ladder. So by the time you add vat on to the higher prices it mounts up. Nothing stopping you going direct to surveyor firms to do a home report - cut out the agent altogether (doesn't worry me as I don't add on any chages to my clients)

Re going to some of the HR companies out there - yes you could save a little but I have heard that a lot of these are not done by surveyors on lenders panels so no they will not accept them and then you do have to get a new one and pay again. Personally I avoid them.

Collusion - well if you go to a local surveyor direct you don't have to worry about that but it is all about a REALISTIC valuation, not necessarily a depressed one. In fact if you are getting several agents out they are more likely to tempt you with an inflated value than a depressed one but what is the point of valuing 50K too high and then sitting on the market for 6 months plus. If you are buying again locally remember their values have dropped too.

Don't be paranoid - we're not all out to get you !

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I got my online as it was cheap but I have had to pay for a new survey as the online company was not on any lenders panels (they don't tell you that). So I ended up paying more that the surveyor originally quoted me.

Beware the online Home Report guys, I would only use companies like DM HALL, Allied or Shepherds in future

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Re going to some of the HR companies out there - yes you could save a little but I have heard that a lot of these are not done by surveyors on lenders panels so no they will not accept them and then you do have to get a new one and pay again. Personally I avoid them.

This does not make sense. It is a legal requirement to have a home report. As far as I know it is not a requirement to have it done by a surveyor that is on every lenders lending panels.

If an offer is made on a property and it turns out the HR surveyor is not on the buyer's mortgage company's lending panel, then the mortgage company will require a valuation AT THE BUYER'S EXPENSE. The cost will not be passed on to you.

To the OP-rettie's are a high-end estate agent-their charges are likely to reflect this

Edited by fflump

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This does not make sense. It is a legal requirement to have a home report. As far as I know it is not a requirement to have it done by a surveyor that is on every lenders lending panels.

If an offer is made on a property and it turns out the HR surveyor is not on the buyer's mortgage company's lending panel, then the mortgage company will require a valuation AT THE BUYER'S EXPENSE. The cost will not be passed on to you.

So it's in the seller's interest to use a surveyor who is on the highest number of lenders' panels, since this will increase the ease of buyers getting lending, and speed the buying process up...?

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So it's in the seller's interest to use a surveyor who is on the highest number of lenders' panels, since this will increase the ease of buyers getting lending, and speed the buying process up...?

That is correct, although many sellers would not consider this-and sellers solicitors may not either since they may be in a cosy relationship with a 'favoured' surveyors company.

Note that a seller put more priority on a HR company that is "known" for giving high valuations, rather than one on lots of lenders panels.

Also, for period properties the buyer may want a survey done regardless of who did the HR, in which case whether or not the HR surveyor is on their lender's panel is not relevant to them

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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