Survey / Valuation - HELP

aco24

A Little help required please guys.

We are first time buyers and have had an offer of £199,950 accepted on a lovely house that we are looking to buy.

However the Mortgage broker that is packaging the deal has had a valuation report carried out and the surveyor has valued at £190,000.

There are no 2 bed 2 reception rooms in the area we are looking to buy for £190,000 and we actually considered ourselves to be getting a good deal at £199,950.

On the Surveyors valuation he has put 3 examples down as other properties in the area - can we ask where he has got these examples from and what addresses they are?? I have spoken to 4 different EA's and all of them agree that the £190,000 Valuation is unrealistic for the area.

What are my options - bearing in mind that I only have 5% deposit - Can I get another valuation done - or even educate the surveyor that has carried out the valuation bearing in mind that his office is 20 miles away and he may not have knowledge of the local property market.

Thanks in advance for any help.

no1gymbunny

Hi. I am an estate agent. This same thing happened in my office only a couple of weeks ago. A valuer from out of the area attended one of my properties. I challenged the valuation by contacting other agents and using the net. They need comparable evidence of properties that have sold not that are still on the open market. If they still do not listen talk to your mortgage broker and see if they can perhaps try a different mortgage company.

Good luck.

UK007BullDog

So you are willing to pay £9,950 more than what the valuer thinks the property is worth.

I would haggle with the vendors to get the price reduced, which also means you pay less stampduty.

Let your head rule not your heart because you like the property so much.

Alternatively the broker could try to get 2 to 3 other comparables and ask the surveyor to reconsider. This will only work with a lender though who is willing to budge. Some lenders will not and the surveyors word is final.

Then your broker might have to look elsewhere.

Keep in mind multiple mortgage applications can have a detrimental effect on your credit rating.

Talk to your broker first, dont pay for any more surveys out of your own pocket.

goldbyron

This happened to me a few years ago. Have you tried talking to the surveyor themselves. Mine valued my purchase at £235k when I was buying at £249k. I contacted them and he admitted it could be worth £240-245k at a push. Not sure if he thought he was doing us a favour by trying to get the price down!

However I feel that the valuation taking into account surrounding properties can be misleading. My situation was in East London whereby houses can differ dramatically in shape, size and desirability just by virtue of being round the corner. For instance my purchase at the time was right near the forest and away from the main road. A similar house a few roads away may have been nearer the road and an estate with a few yellow crime boards outside. So I think a surveyor needs to really know an area if they are going to disagree with the price.

Anyway worth a shot to get money off your purchase (it didn't work for me!). Alternatively ring the actual surveyor and ask how they got to their valuation and if they would reconsider in light of information from you and local EA's.

missk_ensington

I would use it as leverage to reduce the asking price. Depending on the vendors reasons for selling, he may not wish to start back at square one again with viewings etc.

On my valuation it gave me the forst line of the address of the other 3 properties listed, although I would advise you go to https://www.houseprices.co.uk and type in your street name/postcode and you can see what the other houses have sold for recently. That may be where he got his information from before arriving at the property