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    • Mo87
    • By Mo87 18th Aug 17, 5:38 PM
    • 55Posts
    • 4Thanks
    Mo87
    Appeal Down-Valuation
    • #1
    • 18th Aug 17, 5:38 PM
    Appeal Down-Valuation 18th Aug 17 at 5:38 PM
    Hi,

    To cut a long story short, we agreed to purchase a 3 bed town house at £252,950 which included the following;
    3% gifted deposit
    Stampt duty
    Legal fee's
    Flooring

    Valuation was carried out on the 10th by Colleys (Via Halifax) who down-valued the property to £240,000. Report advised properties in the area sell between £225-245,000.
    We went back to the developer asking them to drop the price, they wouldnt as the identical house type had most recently sold (April) at £249.950.

    We agreed at £246,000 including the same incentives having been told by Halifax we could simply bridge the gap from their valuation to the purchase price, we were happy with that and a formal offer was made to us and received.
    Today I have been told by Help to Buy they won't accept this as the purchase price cannot be over the mortgage valuation
    On this basis

    I have spoken to My Broker / Halifax today and they have said the mortgage can be set back to 'working' and I can appeal the valuation. Now I need to get this £246,000 or as close to that as possible, any advice would be great.
Page 3
    • kingstreet
    • By kingstreet 6th Sep 17, 7:06 AM
    • 32,212 Posts
    • 17,252 Thanks
    kingstreet
    Only CASH incentives are counted so you do not try to establish cash values for NON-CASH incentives which don't.

    It's £10,800, so it's within the acceptable level.
    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.
    • Mo87
    • By Mo87 6th Sep 17, 10:48 AM
    • 55 Posts
    • 4 Thanks
    Mo87
    Ok perfect ...

    Just heard the valuation has came back this morning at £246,000, Halifax have sent the application back to the underwriters to re-issue the offer. Hopefully nothing else can go wrong here
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