Did you know? Borrowers have a right to appoint a surveyor on mortgage-backed loans

Raymundo LarraĆ­n Nesbitt, November, 5. 2019

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Article copyrighted © 2019. Plagiarism will be criminally prosecuted.

By Raymundo Larraín Nesbitt
Lawyer - Abogado
5th of November 2019


Most borrowers meekly accept the mortgage surveyor appointed by their lender. Probably because they do not know any better. But did you know that, following new laws, borrowers have the right to appoint their own surveyors for a mortgage loan? Interested?

Law 1/2013 of 14th of May amended Spain’s Mortgage Act from 1981 in its art 4:

“Las entidades de crédito, incluso aquellas que dispongan de servicios propios de tasación, estarán obligadas a aceptar cualquier tasación de un bien aportada por el cliente, siempre que, sea certificada por un tasador homologado de conformidad con lo previsto en la presente Ley…”

This article now reads that lenders are forced – by law – to accept any surveyor proposed by a client (borrower) as long as this surveyor is duly registered and homologated by the Bank of Spain.

You may be asking yourself, why on earth would you go into all the trouble of appointing your own surveyor instead of a lender’s? The answer is simple, lenders post-crash do very conservative property appraisals in mortgage loans (read 30 to 40% under the ‘real’ market value) to the point that more than one deal has gone under because of it. This benefits lenders, not borrowers (I know, shocking). The reason on why lenders would do this are explained in much detail in our in-depth article: Bank Valuations vs Market Value.

Next time you want to ask for a mortgage-backed loan in Spain, don’t be a sheep. Now you know you have a right to appoint your own property surveyor and your lender is forced to accept him/her (as long as homologated and registered with the Bank of Spain).

Either way, you will end up paying for a surveyor; you may as well choose someone that actually looks out for your interests and not the lenders'.

You are welcome.


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