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    • class2ldn
    • By class2ldn 30th Nov 17, 8:28 PM
    • 316Posts
    • 71Thanks
    class2ldn
    Yet another house downvalued by countrywide surveyors
    • #1
    • 30th Nov 17, 8:28 PM
    Yet another house downvalued by countrywide surveyors 30th Nov 17 at 8:28 PM
    What is with these clowns? We've been going through nationwide to try and remortgage so they had countrywide doing the survey.
    Our current mortgage lender valued our house at 285k, 2 estate agents came round and valued it at exactly the same price.
    Now been told we've been accepted for the mortgage but they've downvalued it by 20k.
    Now that's not a small amount so I'd like to know how they've got this valuation.
    There's even a house which is virtually identical just sold for 285k.
    It's obviously put our payments up and now I'm at the point where I'd like to tell them to shove it.
    Has anyone ever appealed with these and had success?
    Also they've obviously done credit checks so I'm guessing that may have an impact of we go to a different lender.
    Any advice please?
Page 1
    • Thrugelmir
    • By Thrugelmir 30th Nov 17, 9:34 PM
    • 56,213 Posts
    • 49,594 Thanks
    Thrugelmir
    • #2
    • 30th Nov 17, 9:34 PM
    • #2
    • 30th Nov 17, 9:34 PM
    Our current mortgage lender valued our house at 285k, 2 estate agents came round and valued it at exactly the same price.
    Originally posted by class2ldn
    Surveyors use different criteria than EA's. The surveyor is under instructions from the lender not you. More than likely the property would sell for less than the asking price.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • class2ldn
    • By class2ldn 30th Nov 17, 9:50 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    • #3
    • 30th Nov 17, 9:50 PM
    • #3
    • 30th Nov 17, 9:50 PM
    It wouldn't trust me, we are about 10 minutes from Gatwick where house prices haven't dropped in years.
    If it was to sell for less we wouldn't be selling it for 20k less that's for sure.
    Obviously if we sell a seperate valuation would most likely take place but is there many circumstances where the latest valuation could cause issues? How come Halifax have offered 285k?
    We had friends who took out a secured loan and they asked about the latest house valuation.
    Apparently it's only made about a £10 a month difference but it's the principal of it. There's no way it's worth 20k less then what 3 different people have said. The 2 estate agents actually said 285-290, so 265 is way way off
    • Typhoon2000
    • By Typhoon2000 30th Nov 17, 10:45 PM
    • 778 Posts
    • 364 Thanks
    Typhoon2000
    • #4
    • 30th Nov 17, 10:45 PM
    • #4
    • 30th Nov 17, 10:45 PM
    There is no science to this. Halifax valuer values it at £285 and Nationwide values it at £265. Next week another valuer may think it's worth £295. Just pot luck.
    • dunstonh
    • By dunstonh 30th Nov 17, 11:12 PM
    • 89,883 Posts
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    dunstonh
    • #5
    • 30th Nov 17, 11:12 PM
    • #5
    • 30th Nov 17, 11:12 PM
    What is with these clowns?
    I rather dislike people who call others clowns for no reason.

    Our current mortgage lender valued our house at 285k, 2 estate agents came round and valued it at exactly the same price.
    Estate agents typically value around 15% above the expected price.

    ow been told we've been accepted for the mortgage but they've downvalued it by 20k.
    it hasnt been down valued. It is valued to different criteria. 7% less than the estate agent price is expected ballpark.

    There's even a house which is virtually identical just sold for 285k.
    Virtually is not the same.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • class2ldn
    • By class2ldn 30th Nov 17, 11:58 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    • #6
    • 30th Nov 17, 11:58 PM
    • #6
    • 30th Nov 17, 11:58 PM
    Have you not read any reviews of these, you only have to Google it and you'll see its a common theme.
    There's plenty of threads on here about it aswell so it's not pot luck, it's a common tactic it seems.
    I've asked if there's any major issues with it being downvalued apart from the obvious extra cost so if someone would care to answer the question I'd be very grateful.
    Last edited by class2ldn; 01-12-2017 at 12:00 AM.
    • class2ldn
    • By class2ldn 1st Dec 17, 12:03 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    • #7
    • 1st Dec 17, 12:03 AM
    • #7
    • 1st Dec 17, 12:03 AM
    http://forums.moneysavingexpert.com/showthread.php?t=5742324&highlight=countrywide

    Oh look, not just me
    • Theguywhovapes
    • By Theguywhovapes 1st Dec 17, 12:25 AM
    • 28 Posts
    • 14 Thanks
    Theguywhovapes
    • #8
    • 1st Dec 17, 12:25 AM
    • #8
    • 1st Dec 17, 12:25 AM
    Estate agents tell you how much they think they can sell it for (bigger sale, more commission)

    Surveyor tells lender how they think it is worth.

    There’s a difference. If you feel that strongly then there should be an appeals process but there’s a lot of work involved.
    • Crashy Time
    • By Crashy Time 1st Dec 17, 1:06 AM
    • 5,288 Posts
    • 2,220 Thanks
    Crashy Time
    • #9
    • 1st Dec 17, 1:06 AM
    • #9
    • 1st Dec 17, 1:06 AM
    It wouldn't trust me, we are about 10 minutes from Gatwick where house prices haven't dropped in years.
    If it was to sell for less we wouldn't be selling it for 20k less that's for sure.
    Obviously if we sell a seperate valuation would most likely take place but is there many circumstances where the latest valuation could cause issues? How come Halifax have offered 285k?
    We had friends who took out a secured loan and they asked about the latest house valuation.
    Apparently it's only made about a £10 a month difference but it's the principal of it. There's no way it's worth 20k less then what 3 different people have said. The 2 estate agents actually said 285-290, so 265 is way way off
    Originally posted by class2ldn

    They have to drop sometime, you are just ahead of the pack it seems.
    • class2ldn
    • By class2ldn 1st Dec 17, 1:36 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    Estate agents tell you how much they think they can sell it for (bigger sale, more commission)

    Surveyor tells lender how they think it is worth.

    There’s a difference. If you feel that strongly then there should be an appeals process but there’s a lot of work involved.
    Originally posted by Theguywhovapes
    So how can 2 different lenders come up with a 20k difference?
    • class2ldn
    • By class2ldn 1st Dec 17, 1:44 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    They have to drop sometime, you are just ahead of the pack it seems.
    Originally posted by Crashy Time
    Why do they have to drop? The Crawley area is constantly being developed and there is a constant demand on housing from people who work at the airport.
    It's a very popular area and one where the house prices have grown a great deal in the last 2 years.
    Doesn't alter the fact that the valuation is plain inaccurate
    There's nothing in the slightest to suggest them prices and if houses in the same road are selling for the valuation we believe then there's definitely something amiss.
    I've not found 1 good review of countrywide, this isn't me being unrealistic, 3 bed houses are selling for well over 300k so where they've plucked out 265 for a 2 bed from I don't know, we check zoopla regularly and no house has sold for 265 in our road or locally atall in the last 2 years, the minimum was 280 and that was a year ago.
    • amnblog
    • By amnblog 1st Dec 17, 7:49 AM
    • 10,071 Posts
    • 3,926 Thanks
    amnblog
    It's often on the Forum as valuers are conservative with figures offered on remortgage.

    That's the way it works.

    It's nothing to do with Countrywide being 'clowns', nor you, your local Estate Agent, or your existing lender, 'knowing better'.

    It's part of the deal that borrowers with tight loan to values rarely get the result they imagine on a remortgage valuation.

    You can of course 'tell them to shove it' and they can then lend the money to someone else.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • class2ldn
    • By class2ldn 1st Dec 17, 8:25 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    Listen, if other valuations had come back the same then fair enough but there nothing to give them that price.
    No houses have sold for that cheap recently and like I said its been proven they do this on a regular basis, you'd think you lot are sponsored by them the way you seem to defend them.
    It's blatantly obvious what they are doing as again you can see here, bit of a pattern here
    https://www.reviewcentre.com/reviews239734.html
    Last edited by class2ldn; 01-12-2017 at 8:30 AM.
    • kingstreet
    • By kingstreet 1st Dec 17, 8:30 AM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    There's even a house which is virtually identical just sold for 285k
    Originally posted by class2ldn
    When? Is it on the Land Registry figures yet?

    Surveyors use comparables. The recent (last four months) sold prices of similar property in the vicinity (0.5 miles or less).

    Look here;-

    http://www.rightmove.co.uk/house-prices.html

    and see if there are comparables which make your argument. You will need three to successfully challenge a valuation.

    We administer hundreds of applications a year and we see no greater proclivity in Countrywide to downvalue than we do with any other corporate surveyor.
    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.
    • class2ldn
    • By class2ldn 1st Dec 17, 8:56 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    So the people above are making it up are they? Come off it.
    The ones sold in my street are not on there yet unfortunately.
    • kingstreet
    • By kingstreet 1st Dec 17, 8:59 AM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    If you are suggesting I'm some kind of Countrywide cheerleader, you're a long way off.

    I'm reporting from a firm of mortgage brokers which arranges hundreds of mortgages each year and we have no greater issue with Countrywide than we do with Connells, E-Surv, L&G Surveyors and so on.
    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.
    • class2ldn
    • By class2ldn 1st Dec 17, 9:02 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    The closest match I can find is a house which is identical in layout from the pictures and is a 2 bed sold for 260k in July 2016.
    It's last sale was 195k in 2013
    33% rise apparently
    Ours was last sold in 1999 for 78k and we bought it for 246k in October 2015
    They are basically moving us from 79% to 85%
    Last edited by class2ldn; 01-12-2017 at 9:09 AM.
    • Theguywhovapes
    • By Theguywhovapes 1st Dec 17, 9:37 AM
    • 28 Posts
    • 14 Thanks
    Theguywhovapes
    So how can 2 different lenders come up with a 20k difference?
    Originally posted by class2ldn
    Did your current lender actually go out and survey the property? Or did they use an index linked valuation? If so these figures only provided some guidance and aren’t always 100% accurate.
    • class2ldn
    • By class2ldn 1st Dec 17, 10:12 AM
    • 316 Posts
    • 71 Thanks
    class2ldn
    No they didn't survey it but like I've said its in line with what other houses are selling for.
    Sorry but 20k is a big difference
    • Crashy Time
    • By Crashy Time 1st Dec 17, 10:30 AM
    • 5,288 Posts
    • 2,220 Thanks
    Crashy Time
    Why do they have to drop? The Crawley area is constantly being developed and there is a constant demand on housing from people who work at the airport.
    It's a very popular area and one where the house prices have grown a great deal in the last 2 years.
    Doesn't alter the fact that the valuation is plain inaccurate
    There's nothing in the slightest to suggest them prices and if houses in the same road are selling for the valuation we believe then there's definitely something amiss.
    I've not found 1 good review of countrywide, this isn't me being unrealistic, 3 bed houses are selling for well over 300k so where they've plucked out 265 for a 2 bed from I don't know, we check zoopla regularly and no house has sold for 265 in our road or locally atall in the last 2 years, the minimum was 280 and that was a year ago.
    Originally posted by class2ldn

    When you say "work at the airport", what kind of jobs/wages do you mean?
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