Syrveyor Sucks!! Help advice needed

wee_den

My mortgage is due for renewal at the end of the month and since the middle of last month I have been dealing with a company, London & Country, through comparethemarket.com. I am limited to the type of lender I can use because of my property type (it is a steel framed house with a metal roof) and it is really only HBOS who is the main lender.

I currently have my mortgage with Bank of Scotland but L&C got a better quote for me with Halifax as I am looking to borrow £102k over 16 years with the value of my property at around £160k, all was going fine and I was approved for the mortgage and they were sending out their surveyors to value it.

This is where the problem has started, their surveyor has came back with a value of £125k, which is shocking, but L&C say it is up to me to disprove it and I don’t know how other than paying for my own survey to get done, which I do not know if they will accept.

I have looked up previous house sales in my street (which is not many in the last 7 years as when a property comes up it is normally sold in a week and then people just do not move as it is a sought after street (with a large public park on it and a municipal golf club) and the last house sold for £160k and prior to that was £157k.

Can you advise me what steps I can take as I have now spent so much time sorting this new mortgage it look like I am going to have to stay with my same lender and what if they want to survey it themselves, I could be in the same predicament.

Any advice would be gratefully received.

Denise

dimbo61

Your existing lender will not need another survey as they have already lent you the money.
Surveyers are being very very carefull over valuations at the moment.
Contact your existing lender and see what they can offer you and good luck

dunstonh

their surveyor has came back with a value of £125k, which is shocking,

Why is it shocking?

the last house sold for £160k and prior to that was £157k.

So, its about 20% lower than those. If they were at the peak or near peak then the drop is about right. The valuer is pricing it based on current instructions. These would be different to a few years ago. The speed of resale has changed and with yours being non standard construction wont help.

Can you advise me what steps I can take as I have now spent so much time sorting this new mortgage it look like I am going to have to stay with my same lender and what if they want to survey it themselves, I could be in the same predicament.

The existing lender wont need to re-value the house. You could pay for your own survey and valuation to see if its realistic or not. However, most consumers over price their own house. So, a reduction in the current market is not a surprise.

stebiz

I agree with the other two posters. How many times do we 'all' think our house is worth more than what it actually is. Add to this that Valuers are being very cautious at present, I think he is just trying to cover himself!!

getmore4less

Whats wrong with the loan you have allready?

What offers did cuurent lender have for you?

What deal do L&C think they may be able to get for you?