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    • kath d
    • By kath d 25th Feb 16, 9:51 PM
    • 4Posts
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    kath d
    Countrywide surveying services-under valuing
    • #1
    • 25th Feb 16, 9:51 PM
    Countrywide surveying services-under valuing 25th Feb 16 at 9:51 PM
    We are selling our house for £235k, had loads of interest, 4 bidders n offers ranging £225k-£233k, we accepted £233k
    Countrywide has de valued our house at £217,500 which is same as next door house sold for in 2015 however our house is a larger more private plot, large detached garage and conservatory (next door hasn't got either.
    Our buyer has pulled out as can't fund the £15,500 difference, we put our house back on the market yesterday for £235k and have 6 viewings booked already, my worry is will we come up with the same problem with any new buyer ? can we challenge the valuation ?
    Is countrywide known for devaluing properties ?
    We feel really helpless, any advice please ?
Page 1
    • G_M
    • By G_M 25th Feb 16, 11:10 PM
    • 41,873 Posts
    • 48,446 Thanks
    G_M
    • #2
    • 25th Feb 16, 11:10 PM
    • #2
    • 25th Feb 16, 11:10 PM
    I don't think you can challenge.

    You could try to influence the next Valuer by leaving the details of next door around or giving it to him, with hights showing the sold price, AND the differences in property.
    • kingstreet
    • By kingstreet 26th Feb 16, 9:34 AM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    • #3
    • 26th Feb 16, 9:34 AM
    • #3
    • 26th Feb 16, 9:34 AM
    Have three similar properties in the vicinity (within 0.5 miles) sold for the same/close in the last four months?

    These are the comparables surveyors use.

    Look at the Land Registry sold stats and research. If there are no recent comparables, surveyors will err on the side of caution.

    BTW as a vendor you have no contract with the surveyor carrying out a valuation for your buyer, so no, you have no right of challenge/appeal.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • eddddy
    • By eddddy 26th Feb 16, 9:39 AM
    • 5,404 Posts
    • 5,047 Thanks
    eddddy
    • #4
    • 26th Feb 16, 9:39 AM
    • #4
    • 26th Feb 16, 9:39 AM
    As G_M says, discuss it with the next valuer when they visit.

    If you can still find the EA's floor plan for the neighbour's vs your EA's floor plans - that might be even better.

    The valuer will know why you're doing it - which is fine. And they may or may not be persuaded by your argument.

    If you get another bunch of offers, perhaps favour those buyers with a bigger deposit/lower LTV, as they might have more room to manoeuvre.
    • MrJB
    • By MrJB 26th Feb 16, 9:43 AM
    • 287 Posts
    • 199 Thanks
    MrJB
    • #5
    • 26th Feb 16, 9:43 AM
    • #5
    • 26th Feb 16, 9:43 AM
    The valuer will of course be persuaded by the evidence of a neighbouring property, providing that was the actual price sold and not the price marketed.

    If I were you I'd tell the surveyor about the neighbouring transaction, although worth adding the caveat that one swallow doesn't make a summer and if this is an unusual anomaly in line with a lot of other evidence to the contrary then you still may not get the price you're after. That said, the amount of demand you've had does seem indicative of the market trends.
    • Ms Sophia
    • By Ms Sophia 26th Feb 16, 12:50 PM
    • 182 Posts
    • 53 Thanks
    Ms Sophia
    • #6
    • 26th Feb 16, 12:50 PM
    • #6
    • 26th Feb 16, 12:50 PM
    We are selling our house for £235k, had loads of interest, 4 bidders n offers ranging £225k-£233k, we accepted £233k
    Countrywide has de valued our house at £217,500 which is same as next door house sold for in 2015 however our house is a larger more private plot, large detached garage and conservatory (next door hasn't got either.
    Our buyer has pulled out as can't fund the £15,500 difference, we put our house back on the market yesterday for £235k and have 6 viewings booked already, my worry is will we come up with the same problem with any new buyer ? can we challenge the valuation ?
    Is countrywide known for devaluing properties ?
    We feel really helpless, any advice please ?
    Originally posted by kath d
    Different banks use different surveying companies, so the next valuation can be different. Moreover, the same bank can use different surveying companies fo valuing the same property! And these 2 surveyors can come up with completely different valuations of the same property! True story...
    • eddddy
    • By eddddy 26th Feb 16, 4:45 PM
    • 5,404 Posts
    • 5,047 Thanks
    eddddy
    • #7
    • 26th Feb 16, 4:45 PM
    • #7
    • 26th Feb 16, 4:45 PM
    The valuer will of course be persuaded by the evidence of a neighbouring property, providing that was the actual price sold and not the price marketed.

    If I were you I'd tell the surveyor about the neighbouring transaction, although worth adding the caveat that one swallow doesn't make a summer and if this is an unusual anomaly in line with a lot of other evidence to the contrary then you still may not get the price you're after. That said, the amount of demand you've had does seem indicative of the market trends.
    Originally posted by MrJB
    I think you've misread.

    The neighbour's property sold for £217.5k - and the valuer valued the OP's property at £217,5k (The OP thinks it's because the valuer has seen what the neighbour's house had just sold for.)

    But the OP is saying that the OP's house is bigger and better. Hence, the OP needs to convince the valuer it is bigger and better.
    • kath d
    • By kath d 26th Feb 16, 5:38 PM
    • 4 Posts
    • 0 Thanks
    kath d
    • #8
    • 26th Feb 16, 5:38 PM
    • #8
    • 26th Feb 16, 5:38 PM
    Thanks for all the comments, it just seems really unfair that one persons opinion can basically halt a sale, without any fear of challenge by any of the parties involved.
    • danslenoir
    • By danslenoir 26th Feb 16, 5:42 PM
    • 218 Posts
    • 260 Thanks
    danslenoir
    • #9
    • 26th Feb 16, 5:42 PM
    • #9
    • 26th Feb 16, 5:42 PM
    Thanks for all the comments, it just seems really unfair that one persons opinion can basically halt a sale, without any fear of challenge by any of the parties involved.
    Originally posted by kath d
    Look at it from the lender's point of view. If it all goes wrong and they need to repossess your house, they want to be consident that they would be able to recuperate monies owned to them from the sale.

    How else do they do that other than by someone valuing the house?

    I agree though, that there should be an option to challenge it. For example, by allowing the purchaser to fund another valuation from a different lender-appointed surveyor if purchaser disagrees with first valuation.
    Last edited by danslenoir; 26-02-2016 at 5:45 PM.
    • kath d
    • By kath d 26th Feb 16, 6:30 PM
    • 4 Posts
    • 0 Thanks
    kath d
    Look at it from the lender's point of view. If it all goes wrong and they need to repossess your house, they want to be consident that they would be able to recuperate monies owned to them from the sale.

    How else do they do that other than by someone valuing the house?

    I agree though, that there should be an option to challenge it. For example, by allowing the purchaser to fund another valuation from a different lender-appointed surveyor if purchaser disagrees with first valuation.
    Originally posted by danslenoir
    I totally understand the need for the lender to have the property valued however the valuation is an opinion of one professional who should be prepared to justify how he has come to that valuation and if additional information is put forward that could alter that valuation then surely that should be allowed, maybe when there is a large difference a call to the estate agent who originally advised that asking price to give their reasons and justifications especially as they have the local knowledge may be helpful.
    • davidmcn
    • By davidmcn 26th Feb 16, 7:25 PM
    • 6,066 Posts
    • 5,815 Thanks
    davidmcn
    I totally understand the need for the lender to have the property valued however the valuation is an opinion of one professional who should be prepared to justify how he has come to that valuation and if additional information is put forward that could alter that valuation then surely that should be allowed, maybe when there is a large difference a call to the estate agent who originally advised that asking price to give their reasons and justifications especially as they have the local knowledge may be helpful.
    Originally posted by kath d
    They can justify it to their client. And often there will be discussion, particularly if there is a lack of comparables. But understandably, surveyors would rather just issue their report and move on, rather than get embroiled in a probably fruitless debate about what the value ought to be.
    • expressyourself
    • By expressyourself 2nd Jul 17, 8:23 PM
    • 1 Posts
    • 0 Thanks
    expressyourself
    Has anyone used them recently by any chance?
    • Crashy Time
    • By Crashy Time 2nd Jul 17, 8:43 PM
    • 5,223 Posts
    • 2,204 Thanks
    Crashy Time
    We are selling our house for £235k, had loads of interest, 4 bidders n offers ranging £225k-£233k, we accepted £233k
    Countrywide has de valued our house at £217,500 which is same as next door house sold for in 2015 however our house is a larger more private plot, large detached garage and conservatory (next door hasn't got either.
    Our buyer has pulled out as can't fund the £15,500 difference, we put our house back on the market yesterday for £235k and have 6 viewings booked already, my worry is will we come up with the same problem with any new buyer ? can we challenge the valuation ?
    Is countrywide known for devaluing properties ?
    We feel really helpless, any advice please ?
    Originally posted by kath d

    Take what you can get now, before the market deteriorates (or gets better, depending on where you stand on property bubbles) any more, or find a cash buyer willing to pay your price.
    • amateur house
    • By amateur house 3rd Jul 17, 12:59 AM
    • 238 Posts
    • 203 Thanks
    amateur house
    Take what you can get now, before the market deteriorates (or gets better, depending on where you stand on property bubbles) any more, or find a cash buyer willing to pay your price.
    Originally posted by Crashy Time
    The OP is over a year old, I imagine they've reached a decision by now
    • MaddLizzy
    • By MaddLizzy 14th Jul 17, 6:53 PM
    • 1 Posts
    • 0 Thanks
    MaddLizzy
    Countrywide Surveyors are awful
    Awful. We live in an old property that we've looked after and renovated over 17 years and we have duly seen to roof, damp, insulation, etc etc. The surveyor had obviously decided before he'd even seen the whole property that we were going to be put in the 'in depth survey' bracket. He recommended a damp survey (we've already had a damp proof course), a timber survey (it's already been treated as a precaution despite showing no signs) and mysteriously diagnosed 'movement' in a 45 year old extension that a previous surveyor said had settled. He also let it slip less than half way round the survey that another surveyor would need to give details of the problems. At the time I thought he'd made a mistake so didn't comment; then surprise surprise, after leaving he recommended that a mortgage wasn't allowed to our buyers and that instead, an in-depth expensive survey was recommended. He'd clearly decided this before seeing the property. He never got out his damp meter to test the walls - I'm incredibly proud of the treatments I've done to my house and the fact I know I have no damp. I have had five separate surveys on this house during my time here, for various reasons both business and personal. All of these have been passed, and each time the surveyors have got their damp meters out and performed the the checks in front of me. Not this time. It is absolutely incomprehensible that our buyers have been refused a mortgage on grounds of damp, movement and timber when previous surveyors have passed all of this. This man had clearly already been told by his employers that he had to recommend all sorts of tests in order to bring Countrywide more money for an enhanced survey that costs a lot more. Disgusted. Our buyers are booking another survey with another lender. Your loss, Countrywide.
    • kingstreet
    • By kingstreet 14th Jul 17, 7:51 PM
    • 32,204 Posts
    • 17,247 Thanks
    kingstreet
    Presumably you are selling and this inspection was done for your purchaser's mortgage lender? If this surveyor was carrying out a mortgage report & valuation, it wasn't a survey.

    Chartered surveyors are not specialists in property defects. If they suspect something, they will recommend a specialist report, which is what seems to have happened in your case. They do not carry out these inspections/reports, so they have nothing to gain from them financially.

    On the basis of all the things you've done, all these reports will yield no defects needing attention and your value will be set accordingly.

    These things follow a set and logical progression.

    BTW I have known chartered building surveys costing hundreds of pounds result in requests for timber & damp, electrical and roofing reports as, as mentioned earlier, a chartered surveyor is not a specialist in these issues regardless of how long the inspection actually takes.

    Finally, Countrywide, Connells, E-Surv, L&G Surveyors all have downvaluations and requests for specialist reports from time to time. None are better nor worse than any other, based on experience of about thirty mortgage cases a month for too many years to remember...
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • 02346631
    • By 02346631 14th Jul 17, 8:37 PM
    • 57 Posts
    • 42 Thanks
    02346631
    Countrywide downvalued properties I was trying to buy twice resulting in them falling through, I don't have the best experience with them at all! One of them I was expecting but the owner wouldn't lower their price and the second one I thought was incredibly harsh, it's fairly pointless appealing their decisions though unfortunately.
    • Natbag
    • By Natbag 16th Sep 17, 11:01 PM
    • 1,162 Posts
    • 801 Thanks
    Natbag
    We have just fallen victim to Countrywide.
    Our buyers were mortgaging with Tesco, who sent Countrywide to do the valuation/survey. Their surveyor was in and out within 10 minutes then down-valued our property by £10k, putting it at the same price we paid for it 10 years ago. This is despite us spending thousands on a new kitchen and bathroom recently and it being immaculate, also despite two identical properties next door and next-door-but-one selling for the same price we had agreed a sale for within the last year. Neither us or our buyer could bridge the gap so our buyers pulled out and we had to find another buyer within two weeks or our vendors would relist their property for sale. We had to reduce the price by £5k to generate interest and offers before the deadline and also in the hope of it passing the valuation/survey next time. Our new buyers are mortgaging with Halifax, I'm not sure what surveyor they use but I certainly won't be letting Countrywide through the door again, that's for sure.
    Their reviews online are appalling: http://www.reviewcentre.com/reviews239734.html#Reviews
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