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Do I have a right to see the mortgage survey

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  • Do I have a right to see the mortgage survey

    I have had a mortgage survey completed for the Nat West, they are putting restrictions on the mortgage so I want to try another provider, I am going through the mortgage broker based in the sellers agent but now want to approach a building society myself. I have asked for a copy of the survey (after all I have paid for it), the broker says I can't have it,or even see it, as it was completed for the Nat West. Where do I stand?

  • #2
    Re: Do I have a right to see the mortgage survey

    I don't know what your rights are, but I find it odd that you haven't been given a copy of the survey. It is difficult to see whose interests are served, other than your broker, who won't want you approaching a BS directly, or he'll lose his commission. You could try contacting the NatWest directly and asking for a copy.

    However, bear in mind that it is in your broker's interests and in those of the seller's estate agent, to get you the best possible mortgage deal. You are unlikely to do better than the broker. If the restrictions on the mortgage are because of work that needs doing on the property, you might be better off cutting your losses and walking away.

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    • #3
      Re: Do I have a right to see the mortgage survey

      Unfortunately, a mortgage valuation (or mortgage survey) is only intended to protect the lender by making sure that the property is worth the money in case the buyer defaults and the lender has to repossess the property. That's why you haven't been able to gain access to it, even though you paid for it. You would have to commission your own survey if you want to know what condition the house is in.

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      • #4
        Re: Do I have a right to see the mortgage survey

        If I was you I would wirte to the Mortgage lender and ask for a copy of the survey under the Data Protection Act. It is called a Subject Access Request. If thgye fail to comply within 40 days I think.

        Once you have read it you will know what you need to do to increase the chances of your mortgage being approved.

        Finally NEVER NeVER EVER use anyone recommended or referred to you by an estate agent. Especially the Vendor's EA!
        BRAND NEW HOMES
        Information for UK new home buyers
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        • #5
          Re: Do I have a right to see the mortgage survey

          I thought that a Subject Access Request was only so that someone could access personal data held by an organisation about them. Unfortunately, the mortgage valuation will not contain any personal information about the potential buyer. It will only concentrate on the value of the property proposed for loan. I don't think that making a Subject Access Request would help here - sorry.

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          • #6
            Re: Do I have a right to see the mortgage survey

            You are wrong! Anyway it may just push the lender into giveing lazygit a copy of the survey rather than have a load of potential trouble.

            My guess is it does have something personal about lazygit in it which is why they dont want hime to see it!
            BRAND NEW HOMES
            Information for UK new home buyers
            New Home Blog The latest news and views

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            • #7
              Re: Do I have a right to see the mortgage survey

              Thanks for that, I will drop the phrase "subject access request" when I see the mortgage advisor next. I must admit the deal that he was setting up was competitive, its just the way Nat West want to withold 5k until the house is rewired. We have a contingency fund to do this and other repairs but if they withold the 5k we have to make up the mortgage shortfall out of the contingency and therefore not have the money for repairs to then release the 5k. Bit of a catch 22 (old book....gooogle it)

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              • #8
                Re: Do I have a right to see the mortgage survey

                This is a buyer's market. I'd try getting the vendor to accept £5,000 less. He'd be an idiot not to do so to avoid losing the sale.

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                • #9
                  Re: Do I have a right to see the mortgage survey

                  I agree with Jeannie D, a mortgage valuation is for the lender only, it is a valuation, not a survey for the buyer's benefit. The lender requires you (the applicant) to pay for it as it is for the purpose of lending you money at your own request, but the act of paying for it doesn't necessarily give you the right to have access to it.

                  I also agree with the suggestion that a request for personal data under the Data Protection Act is unlikely to provide you with the valuation report as it does not contain personal data about you and you will waste 40 days (the time they have to respond) and £10 (the amount they are allowed to charge) for no benefit.

                  To comment on editha's suggestion - if the seller accepts £5,000 less then the purchase price will reduce by £5,000, this will need to be notified to the lender and they are then likely to impose a new £5,000 retention of funds against the new purchase price still leaving the buyer with the same amount of shortfall.

                  If the seller (or buyer) was to pay for the re-wire before exchange of contracts however then the lender could re-inspect and remove the retention if they were satisfied. The trouble is that paying for the work before exchange is risky for either party.
                  ____________________________________________
                  Property for sale in Torquay

                  www.thomasdobner.co.uk

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                  • #10
                    Re: Do I have a right to see the mortgage survey

                    Update.
                    Got in touch with Nat West direct and they faxed a copy no probs. Noticed that where the valuer signs the report there is a statement which says "I understand that a copy of this valuation will be disclosed to the borrower" so seems it is the mortgage broker being an ar**.

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                    • #11
                      Re: Do I have a right to see the mortgage survey

                      Good result, lazygit, and I've learned something from it - thank you. Your persistence paid off!

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