Surveyor 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

jockosjungle

So the surveyor doesn't agree with your valuation which is based on what? If houses don't sell very often and not many exist then you could have trouble disproving the valuation

R