Lenders valuation less by 7.7% of selling price pls help

rosenelson

Friends,
I've just got the lenders valuation report on a property i'm intending to buy(probate property, currently vacant) and it is less than the agreed selling price by 7.7% the survey notes some minor issues and recommends timber expert and says amt. to recitfy the minor errors its noted to £500.
Build is around 1930.
The mortgage offer still says they are lending me the 75% of the selling price i had asked for but in a note below it saying 'please note that the amount lent will be 75% of the house price after valuation. But they have sent this mortgage offer after their valuation of 7.7% less of selling price. I"m confused.
Also the lender surveyor has made a note that walls may need cavity wall insulation but he's not aware that it was done in 2005 with 25 years guarantee.
With all this in mind is this down valuation OK? is the difference OK.
on zoopla and other the house prices there are in the same range as asking price and some a bit higher.
Please help.
thanks,
R Nelson

housebuyer_abc

It's valued at what its worth - if you are paying more I'd be suggetsing you go back and downgrade your offer based on the valuation

andys15

Zoopla is rubbish. It is based on percentages of previous sold prices. I have a house which is identical to another on my street, although I have a conservatory, bigger back and front garden and more driveway(i can fit 3 cars,they can fit 2). On zoopla he paid £265000 in Nov 2006 and I paid £238000 in Jun 2008. Zoopla estimates his is worth £250000, and mine is worth £223000.

andys15

When I bought my house I had been a tennant in it for 2 years. The landlord was overseas and asked me to arrange 3 valuations. The first one said £282000, and £273000 for a quick sale, which panicked me, so the next 2 I said I wanted a very quick sale, and wanted to achieve £250000, i then got a 3rd one and binned the first one. (this was when 40% drops had been forecast). When the mortgage company valued it, he asked me what I needed to get the mortgage, and I told him £240000, and that is what he valued it at.