What can I do about a ludicrous valuation of our property

themanbearpig

I don't get what the problem is. The estate agent doesn't give a real fair value, they give an overinflated value to make you feel good so you sell your house through them. A proper survey valuation take into account the real value of the property.

And just for your information, prosecution only happen in crimial law, not civil. You mean can you sue the lender, and the answer to that in no.

Horlock

OK just an update.

Been to see my solicitor, I can confirm that I can sue the bank, but if I were to win, I would need proof of my alegation, something I am working to produce.

At present I intend to go ahead, but I'll need compelling proof first.

As for the rather unhelpful comments about estate agents over inflating prices, I don't think that the comments are even relevant to the problem. Everyone knows estate agents over inflate prices (at least they do in England and Wales - slightly different in Scotland - and personally I far prefer that system).

The issue was never whether the estate agent was giving a genuine valuation, the issue was that the valuer didn't. You can't buy a 1 bedroom flat for the price he valued a 3 bedroom house - therefore his valuation is wrong. It is not genuine and according to my solicitors I can sue (not prosecute as correctly pointed out above).

Thank you to everyone who has posted helpfully.

anselld

Before you waste (IMHO) more money and energy on the legal route, have you spoken to the lender and presented your 'evidence' directly?

Rick62

Your solicitor is barking mad - I've never heard of anyone sueing for a lenders valuation. For one thing the valuation is for the benefit of the lender, not you, secondly its a professional opinion, so unless you can show malicious intent you have no chance.

If his valuation is wrong then all lenders I know have an appeals process. But it involves producing (typically) three comparative sold prices from the last few months. It seems (as is usually the case) that there are no recent comparables.

SouthCoast

Is your solicitor asking for their fees up front, or are they prepared to persue the case on a no win no fee basis?

EdGasket

Yes be careful with solicitors. I've known many egg on clients to do this or that which generates lots of fees for the solicitor. Further down the line with fees rising and the initial enthusiasm lost, the client usually has to pull out. Don't waste your money on the legal route; the valuation was for the lender, not you. If you don't like that lender, try another but I'd say that regrettfully your valuation fee is lost now.

pinkshoes

Is this solicitor going down the "no win no fee" route? If he isn't, then I'm thinking he's seeing £££££ rather than your dilema!

Why not just put your case in writing to the mortgage company? Or change mortgage company?

ILW

I may be wrong, but get the impression that the OP has taken the valuation as a personal insult.

hermanmunster_3

I think you are right ILW. I have been irritated by lender;s valuations in the past but it usually came right in the end.

The OP has been offered 101k instead if 110k, - it could cost a lot more than 9k to sort all this out......

betti911

The way I see it you've not lost any actual money though. The house is still your home, you just may have to pay more for your mortgage.