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  • FIRST POST
    • 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 2
    • Mortgage_Adviser
    • By Mortgage_Adviser 1st Dec 17, 10:39 AM
    • 45 Posts
    • 22 Thanks
    Mortgage_Adviser
    Is there an appeal route available with Nationwide?
    • getmore4less
    • By getmore4less 1st Dec 17, 10:40 AM
    • 30,740 Posts
    • 18,376 Thanks
    getmore4less
    if the current lender values it higher stick with them.

    £285k £265k what LTV are you struggling with
    • dunstonh
    • By dunstonh 1st Dec 17, 12:51 PM
    • 89,853 Posts
    • 56,511 Thanks
    dunstonh
    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
    Originally posted by class2ldn
    it is not a big difference. It is 7%. Anything upto 15% is typical.

    You seem to have this problem understanding that estate agents selling properties are trying to get as high a price as possible. They add a margin on top of what they think it will go for to allow a reduction.

    The valuer for lending purposes does not include that extra margin. It is looking at a pricing criteria that is typically worded at a realatively quick sale.

    During a rising market, the lenders and valuers tend to be more generous. During a falling market or period of uncertain economic data, the valuers tend to be more cautious.

    We are currently in a period when the ecnomic position is uncertain. House prices are falling in a number of areas or static in others (there are always exceptions). So, a difference of just 7% between estate agent price and valuer seems within normal tolerance.

    House prices do not have a price ticket on them. There is an element of estimation and randomness. Someone down the road may have got lucky with a higher value sale but your similar property could be on the market for years at the same price. Different valuers may have different opinions. However, that is the nature of things.
    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.
    • davidmcn
    • By davidmcn 1st Dec 17, 12:54 PM
    • 6,247 Posts
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    davidmcn
    So how can 2 different lenders come up with a 20k difference?
    Originally posted by class2ldn
    Because valuation isn't an exact science.

    Let's split the difference and assume the "real" value is £275k. In that case all the valuations are only 3.6% out. Which is within normally accepted margins of error for property valuations. In some areas the market can change that much during the period between offer and completion.
    • amnblog
    • By amnblog 1st Dec 17, 3:10 PM
    • 10,069 Posts
    • 3,925 Thanks
    amnblog
    Our OP is unfortunately not listening.

    It's not about what next door sold for last week.

    It's not about what Estate Agents are saying.

    It's about the valuation policy that firms like Countrywide agree with Lenders like Nationwide.

    Remortgage valuations tend on the conservative side.

    If Countrywide were regularly undervaluing in comparison with their competitors, the Lenders would pick it up and question it. They don't want their security book undervalued any more than they want it over valued.
    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, 4:46 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    I think it's you that's not listening, are you struggling to read constant reviews where they have valued lower then everyone else.
    The lenders probably know full well but it benefits them as it gives them more money
    The issue isn't the extra payments, it's the question of whether the valuation could have any real impact in the future.
    Noone seems to be able to answer the question and I don't give a monkies about whether you agree that they are undervaluing or not, reviews are there for a reason and I think they say it all.
    I've been assured elsewhere that it won't make much difference in any real important way apart from bumping our payment up 5 quid a month so I'm happy with that.
    You say it's not about what sold next door etc but there must be comparables as how would they come to that figure?
    Funny how it generally seems to be 10,20,30k less then other properties
    Last edited by class2ldn; 01-12-2017 at 5:01 PM.
    • class2ldn
    • By class2ldn 1st Dec 17, 4:51 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    When you say "work at the airport", what kind of jobs/wages do you mean?
    Originally posted by Crashy Time
    Well not being funny but it's not hard to work out the sort of jobs at an airport especially 1 like Gatwick.
    It's quite a broad spectrum for wages but it's from 17k anything upto what captains and the rest could earn.
    Many of them people live in the surrounding areas and also it has very good transport links to London and the south coast. We have a 24 hour bus service to the airport at the end of our road. You only have to look at house prices over the last 20 years in Crawley to see how much it's jumped, ours alone is 215% between us buying and it being sold before that.
    House prices here don't get knocked down considerably like other parts of the county might. We got 4k off, the house we put an offer in for before had a higher offer then listed.
    It's been similar with friends in the area aswell.
    Believe me noone would have an offer 20k under the list price accepted in Crawley, it's always in high demand and you'd be laughed at if you tried
    Last edited by class2ldn; 01-12-2017 at 4:55 PM.
    • kingstreet
    • By kingstreet 1st Dec 17, 4:56 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    One of our newbuild sites is in Crawley and we get many enquiries from Gatwick workers.
    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, 4:58 PM
    • 316 Posts
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    class2ldn
    There's a lot of new developments in Crawley and areas out towards Horsham. Some new 2 bed houses on these developments are fetching crazy money
    • kingstreet
    • By kingstreet 1st Dec 17, 5:04 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    Ours is apartments and the money seems mental to me.

    Saying which, we have other sites in Chertsey and Reading and that's even more mental when you come from the North West and live in Staffordshire.
    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, 5:14 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    This is why I don't think Halifax were wrong or the estate agents, if a valuation was 285 you wouldn't get a house in Crawley for more then 5k off and even that's pushing it. The growth in Crawley is massive
    May be different for new builds I don't know.
    One house sold last year for 275, it's now up for sale again at 325.
    Can't go with Halifax as want a tracker as may be moving in a year, even less
    • kingstreet
    • By kingstreet 1st Dec 17, 5:18 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    A newbuild two-bed flat in Crawley is being valued at £280k.

    I don't know how that fits with second-hand property, but I'd expect a house to fetch more.

    TBH we've been doing a lot of Halifax product transfer business off the back of their indexed valuations as they are coming in higher than the tag we believe a surveyor would put on the properties following an inspection. These are two plus year-old newbuild houses and flats, outside your area.
    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, 5:22 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    Like I say there's not many reductions on properties as they in such high demand.
    Just seems to be a pattern emerging with countrywide and if you look they've caused some real heartache amongst people.
    Im aware it could be any surveyor but we had colleys do our first one for Halifax and they were very good in comparison
    • Malc00
    • By Malc00 1st Dec 17, 9:53 PM
    • 21 Posts
    • 5 Thanks
    Malc00
    Personally I haven't had any Countrywide down vals for a while. Funnily enough I checked my files and the last 5 I've had were E serv or Connells. The only 2017 up-valuations were CW. I've had plenty of countrywide valuations go through no problems too. I honestly don't believe that they go out intentionally down valuing properties. Nationwide wouldn't be "in" on this either.
    As others have said, EA overvalue properties so please don't get hung up over that.


    You can appeal and I would contact the mortgage advisor ASAP to let them know.

    You need a minimum of 2 (ideally 3) comparable properties of a similar state of repair/style of your home. They need to have sold within 180 days and be in a similar location 1/2 mile - 1mile. You need the full details about the property, address, number of bedrooms, estate agent that sold the property (address and telephone number), date, purchase price.

    It can also help if you explain why you feel it was downvalued using those comparables. You need to do this work in order for the appeal to be sent. There is a cut off date of 7 days so would suggest you get started.
    • goodwithsaving
    • By goodwithsaving 1st Dec 17, 10:18 PM
    • 704 Posts
    • 1,044 Thanks
    goodwithsaving
    Countrywide valuation today, mortgage offer fine.

    class2ldn, you have attitude. You are misdirecting it towards those trying to offer another perspective.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • class2ldn
    • By class2ldn 1st Dec 17, 11:24 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    I have no attitude in general, what I don't like is people avoiding the question I asked and trying to justify what countrywide have done.
    Just have to agree to disagree
    Seems there are lots of variables to the valuations
    • class2ldn
    • By class2ldn 1st Dec 17, 11:29 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    Personally I haven't had any Countrywide down vals for a while. Funnily enough I checked my files and the last 5 I've had were E serv or Connells. The only 2017 up-valuations were CW. I've had plenty of countrywide valuations go through no problems too. I honestly don't believe that they go out intentionally down valuing properties. Nationwide wouldn't be "in" on this either.
    As others have said, EA overvalue properties so please don't get hung up over that.


    You can appeal and I would contact the mortgage advisor ASAP to let them know.

    You need a minimum of 2 (ideally 3) comparable properties of a similar state of repair/style of your home. They need to have sold within 180 days and be in a similar location 1/2 mile - 1mile. You need the full details about the property, address, number of bedrooms, estate agent that sold the property (address and telephone number), date, purchase price.

    It can also help if you explain why you feel it was downvalued using those comparables. You need to do this work in order for the appeal to be sent. There is a cut off date of 7 days so would suggest you get started.
    Originally posted by Malc00
    Well like I said the impact on the monthly payments is minimal it was just if it could affect anything in the future which it appears it won't so that's fine.
    • dlmcr
    • By dlmcr 1st Dec 17, 11:40 PM
    • 135 Posts
    • 173 Thanks
    dlmcr
    You just come across as really angry, like the rest of the world owes you endless house price inflation. Many other people in this thread have pointed out that you have an attitude and yet you are not listening to what they are saying because you do want to accept that you are wrong.

    If you don't agree with the valuation contact them and ask for their justification.

    If you don't like their explanation then appeal the valuation.

    If you don't get anywhere with that then try and get another valuer.

    Nobody forced you to pay the price you did when you bought your house so you presumably paid whatever it was in the understanding the price may go up or down at any time in the future.

    You do not have a right to automatically gain x% every year for owning a house. Values go up and down, that is the nature of a commoditised asset which is what housing has become in the country.

    If your LTV now forces you to stay where you are then you will have to do that or find the extra money from elsewhere, be glad you do not have any real problems like negative equity, like some people posting for help on here.
    • class2ldn
    • By class2ldn 1st Dec 17, 11:47 PM
    • 316 Posts
    • 71 Thanks
    class2ldn
    Well as I've said the payments go up by £5.43 a month to be exact and that's from being at 79% for 285k or back to 85% ltv for the 265 valuation.
    Quite surprised it hasn't jumped more then that.
    I don't think anyone owes me anything but I do know this area well and the rate house prices go up is staggering. It's not just me wanting more money it's a fact which is why I'm surprised at that valuation.
    • dunstonh
    • By dunstonh 2nd Dec 17, 12:18 AM
    • 89,853 Posts
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    dunstonh
    I have no attitude in general, what I don't like is people avoiding the question I asked and trying to justify what countrywide have done.
    The question is not being avoided. You just don't like the answers.
    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.
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