Surveyor - sweeping statement

stevie_wonder

Currently remortgaging and paid for a valuation to be carried out. I had put the value of our property as £190k (we bought for this price in Oct 2006), the report came back giving value as £175k. Obviously disappointed with the drop but I think the surveyor has gone OTT. The remortgage still going ahead as our LTV is still good enough for the lender so no problem there.

The bit I had a gripe with is in the report it says:
"The estimated value provided is considered to be high and is not supported by evidence of sales of comparable properties in the locality".

Firstly, I hadn't been asked to provide evidence of sales...so that statement was a bit like scoring into an open goal.
Secondly, land registry figures for sales this year were for £205, £180 and £150 in May, Apr and Jan respectively. The houses on the road are all very similar.
Thirdly, we've had our house up for sale, and as recently as Jan it was going through at £205(which I think was our peak price). With his valuation that's 15% reduction to £175.

Is there any point in going back to the lender or surveyor to bring this up? Or are they just building in any potential future falls that they expect?

happybroker

the valuers figure is almost the average of the land registry figures you have posted but the do appear to being a little cautious at the moment. If you are still getting where you need to be I wouldn't let it worry you.

sarkin

House prices falling 15% sounds about right. If you install property bee you can see how much people are knocking off to get a sale. http://www.property-bee.com/

Dan_Collins_2

No point, if it not making a difference to your product just go with it. All property is going down in price. Nothing against your property.

_Andy_

Are you still within the LTV band for the product you want?

If you are, i.e. despite the down-valuation, then as it's not going to be costing you any more there's not point arguing the valuation.

If you're not within the band you want then it might be worth arguing although I think you may struggle to get them to back down in today's climate.

stevie_wonder

happybroker wrote: »

If you are still getting where you need to be I wouldn't let it worry you.

You're right, of course. Time to move on perhaps.

I've just re-checked the valuation report, and he has ticked no outbuildings, though we have a brick built shed in the garden.

Another sweeping statement "The general condition of the property appears consistent with its age and type of construction, but some works of repair and maintenance are required. Elements of the property are ageing and likely to require attention" Can he get away with saying such things without saying what needs doing? There is nothing in the essential works part of the report. I guess the only way I could be sure of finding out is via a homebuyers report or other survey

minimike2

Whats the point? You can still get the mortgage you need. Swallow your pride and face facts. Property is coming down in price. Keeping up with the Jones's is going to be much more difficult in the coming years.

happybroker

stevie_wonder wrote: »

You're right, of course. Time to move on perhaps.

I've just re-checked the valuation report, and he has ticked no outbuildings, though we have a brick built shed in the garden.

Another sweeping statement "The general condition of the property appears consistent with its age and type of construction, but some works of repair and maintenance are required. Elements of the property are ageing and likely to require attention" Can he get away with saying such things without saying what needs doing? There is nothing in the essential works part of the report. I guess the only way I could be sure of finding out is via a homebuyers report or other survey

I don't think I've read a valuation report that doesn't have that statement in. I think it might be the answer to the question "What do we need to say to cover our backs?" in the exam to become a surveyor!

Cazza

stevie_wonder wrote: »

You're right, of course. Time to move on perhaps.

I've just re-checked the valuation report, and he has ticked no outbuildings, though we have a brick built shed in the garden.

Another sweeping statement "The general condition of the property appears consistent with its age and type of construction, but some works of repair and maintenance are required. Elements of the property are ageing and likely to require attention" Can he get away with saying such things without saying what needs doing? There is nothing in the essential works part of the report. I guess the only way I could be sure of finding out is via a homebuyers report or other survey

TBH that's a pretty standard remark. Many surveyors are being particularly cautious on remortgage valuation figures at the moment, so you're not alone. You wouldn't have been asked to provide comparable figures to the surveyor of the lender, sut the surveyor wil always look for 3 similar properties to hold on their files as evidence of research.

I agree it's frustrating, but if this has no impact on your loan, I'd just put it down to the valuer not having had his weetabix that morning and forget about it! :rolleyes:

stevie_wonder

Thanks for the comments guys :beer:

As you all say, best to move on, accept prices are sliding and in the end it doesnt affect the mortgage I want so why worry!

neverdespairgirl

stevie_wonder wrote: »

The bit I had a gripe with is in the report it says:
"The estimated value provided is considered to be high and is not supported by evidence of sales of comparable properties in the locality".

Firstly, I hadn't been asked to provide evidence of sales...so that statement was a bit like scoring into an open goal.

Secondly, land registry figures for sales this year were for £205, £180 and £150 in May, Apr and Jan respectively. The houses on the road are all very similar.
Thirdly, we've had our house up for sale, and as recently as Jan it was going through at £205(which I think was our peak price). With his valuation that's 15% reduction to £175.

I don't think the surveyor was necessarily sauing that you hadn't provided evidence of comparable houses, but that there was not evidence.

If Sales so far, in May, April and January, averaged £178k, then a £175k valuation sounds perfectly reasonable to me (even on the high side, really)