Help with Mortage Valuation please

the_baldman

kmmr wrote: »

I successfully got A&L (which is Santander now) to redo a survey by sending a letter with a range of local sales, extra details of renovation plans (this was a further loan) and they sent out the valuer again. He still wasn't generous, but at least enough for me to get the loan.

I suspect they used e-surv, who are notoriously tight on valuations, to the point of idiocy.

I suggest you write a letter, include the other valuation and details. Put in all the relevant, unemotional, information about the property, and respectfully ask them to re-consider their valuation. If this doesn't work, then ask them to get the surveyor to explain why the one your are purchasing is different to the one already valued at £20k higher.

But, I emphasize, be polite and write, don't call. Don't say - "your valuer is an idiot, look at these comparatives" - just suggest that perhaps the valuer misunderstood a few important issues, such as the freehold, and it would be fair for him to come and have another look. In our case we got the same valuer again, so it could have been pretty uncomfortable if we had been abusive about his work before!

A letter is a lot harder to ignore than a call. And it only takes a few hours to write and collate the information (get some sale information from land registry if you can) and the letter is there the next day. So no major delays in the grand scheme of things.

Why pay more for a house than necessary. The valuer was doing you a favour just get teh price reduced!:cool:

the_baldman

MadnessOfHPC wrote: »

Spot on. There are a lot of people on here with a secret agenda of trying to initiate a housing crash. The devestation of which on the economy would be horrendus. But as long as they can they pick up a cheap property portfolio. It's sickening how these ghouls wish misery unemployment and homelessness on others. They are nothing more than vultures.

There are many people posting on sites with vested interest in promoting high house prices and maintaining the price bubble which is now deflating very quickly. Like any inflation housing inflation is bad for the economy. Lower house price will benefit first time buyers and make the economy more competitive as living costs fall.

the_baldman

HAMISH_MCTAVISH wrote: »

OP, do not be fooled by the crashaholics, there is no doubt banks are pressuring surveyors to deliberately under-value properties to a level that could be achieved in a fire sale, as opposed to the legitimate valuation of what can be achieved in the open market between willing buyers and sellers.

There have even been cases of the same surveyor valuing the property differently when employed by the bank and then again by the houseowner!!!

http://www.knowyourmoney.co.uk/house-sellers-beware-of-undervaluation/

Fortunately, consumers are now fighting back, and can in some cases pursue legal action against surveyors who engage in such a practice.

http://www.yourdispute.co.uk/Professional-Negligence-Claims/Property-Dispute.asp?ref=google&gclid=COvU-dW9_6MCFVMB4wodwXfkHA

For a balanced perspective on the inhabitants of the forum that linked to here, just read this....

https://forums.moneysavingexpert.com/discussion/2227027

So a surveyor advising a buyer to pay less is not acting in the buyers interest and should be sued. Perhaps teh judge will award negative damages! Only a VI could argue its good to pay more for something. I am off to Tescos to argue :rotfl:that they have not charged me enough!!