Drive By Survey - WHAT A JOKE!

NatD1978

Just need some advice please.

We've applied for a fixed rate mortgage with the RBS. He had to get to 75% LTV to get a rate of 3.49%.

We got a text from RBS saying that a company would contact us with regards to arranging to come down to do a survey.

Got a call later last night, from the RBS saying that our house was surveyed via a drive by survey, and also valued on house price sales in the area. It was valued at £150k which is £10k below what we need!

When we remortgaged 2 years ago with the Halifax, they sent a 'real' surveyor round to the house and it was valued at just short of £170k.

Within the past 12 months we've spent over £20k on the house, including new kitchen, bathroom, windows, doors, etc. None of these things can be seen when driving by!!!!

I thought we might come up short, at around £158 or so, but not this and was shocked to say the least.

Personally think it's pathetic that they can value a house by driving past. Our house even has an extension at the back, that cannot really be seen from the road, that most other houses do not have!

So annoyed! Was just wondering if anyone else had experienced something similar, and if they had successfully appealed?

We're no where near being in negative equity, but just wanted to secure a low rate for a couple of years!!!!

Help?

maninthestreet

The windows and external doors will be visible from the outside of the property.
Have any similar houses in your street sold recently, if so, how much did they go for? If it was valued at £170K two years ago, then £150K may not be too inaccurate for a current valuation.

Dan_1976

To appeal you need to be able to prove that houses like yours on a street like your in the same area have sold for £158k plus. Not what they are on the market for how much they sold for. Drive by or not the chap would have go his on comparibles and seen that houses of your type would have sold for x,y and z.

When the valuation is instructed they may have been told about any extension because the questions is sometimes on an application form. Not sure if all lenders ask but I remember some do.

Good luck

NatD1978

Thanks for coming back guys. I haven't actually looked into what prices houses have gone for in the vicinity recently (do you know where I could find this out).

I would of though the house wasn't worth anywhere near the valuation 2 years ago, but certainly after putting in what we have, would of expected more than £150k!

We're going to appeal anyway, but I will now see if I Can find out value of property recently sold (I guess it has got to be this year as well, or within the last 3-6 months?)

Would if be worth contacting local estate agents? Obviously I know the house price advertised is not the price it sells at, but am just looking for various options at the moment?

Thanks again!

dunstonh

Would if be worth contacting local estate agents?

No. Estate agents are typically overpricing properties by as much as 20%.

Try: http://www.zoopla.co.uk/

put in your postcode and select sold prices.

_Andy_

You can have a look at sold prices on rightmove.co.uk or equivalent.
You have to be realistic though - since the valuation 2 years ago prices have dropped significantly.

danielanthony

www.houseprices.co.uk

land registry information.

herbiesjp

This link to the Nationwide House price calculator may also help:

http://www.nationwide.co.uk/hpi/calculator.asp

NatD1978

Thanks for all your help guys.

The appeal process consists of us finding houses that have sold for more than that our house has been valued in the last 3 months!! Which alas is none on our street!

Very frustrating but think we're gonna just stick to our SVR now for the time being, overpay, and make sure we hit that 75% LTV rate when it we come round to fix it.

I wouldn't mind being a surveyor at the moment if all that entails is driving past the house!

belfastgirl23

NatD1978 wrote: »

Thanks for all your help guys.

The appeal process consists of us finding houses that have sold for more than that our house has been valued in the last 3 months!! Which alas is none on our street!

Very frustrating but think we're gonna just stick to our SVR now for the time being, overpay, and make sure we hit that 75% LTV rate when it we come round to fix it.

I wouldn't mind being a surveyor at the moment if all that entails is driving past the house!

this is what they have always done. My first survey (for a mortgage on a new build) got about three things wrong - the heating (they said oil when it was gas), that there was no car parking space when there was in fact one and no allowances made for the fact ours had been the showhouse and therefore had all mod cons inside.

Nice work if you can get it!

Radiantsoul

NatD1978 wrote: »

I wouldn't mind being a surveyor at the moment if all that entails is driving past the house!

It is a case of you get what you pay for.
Drive by valuations are far cheaper than full internal valuations. And probably not as inaccurate as you might imagine.