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House Valuation - Quick Question

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We are currently trying to transfer the equity in the house in to my sole name and Alliance and Leicester have said that due to a high LTV that it will not be possible with out a capital repayment.

My question is, other than paying the £90 to have the house valued by
A & L what is the most accurate website/calculator to work out my house price.

I have used..

Nationwide HPI
Halifax HPI
Mouseprice

They all say my house is worth around £170000, what other factors could be forcing A & L value of my house down??

Many Thanks
«1

Comments

  • I would be confident that you can show them 'valuations' from as many other sources as you wish but they will only accept a RICS survey commissioned via themselves and provided direct to themselves (and if they are providing that at £90 its 'a snip') for any renegotiation.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Once this valuation is in from the survey is that a final decision or can it be challenged... Just preparing myself for bad news...

    Could I use evidence of recent sales on the same street as a challenge to any valuation.

    Many Thanks
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    edited 28 September 2010 at 4:22PM

    Could I use evidence of recent sales on the same street as a challenge to any valuation.

    I thought I'd answered that, but just for clarity ..... NO!

    I would be confident that A&L will accept the valuation (RICS commissioned by them) but that doesn't mean they have to offer you any deal (or release the other party) but if you feel they have committed themselves to a certain LTV to do so and you subsequently achieve that (and nothing else comes up in the background on further checks), whether by injecting cash or achieving higher valuation, then you can be pretty confident.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Once this valuation is in from the survey is that a final decision or can it be challenged... Just preparing myself for bad news...

    Could I use evidence of recent sales on the same street as a challenge to any valuation.

    Many Thanks

    No is the simple answer.

    The valuation is being done for the lender to establish whether or not the security is suitable. You cannot challenge it. A lender will insruct a valuation and the valuer will be obliged to stand by it. If you provided a valuation instructed by yourself the lender could not rely on it in the event of a repossession.

    As Senior has said £90 is cheap. Try calling a valuer yourself and you will be quoted much higher than that.

    A & L may be using a 'desktop' valuation which is an electronic valuation driven by sales data and comparables. This is not always accurate as it will not factor in non standards such as conservatories, extensions, high spec kitchens etc.

    Only way to find out is to stump up the £90.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • £90 is a snip - we had to pay 3 times as much for ours!!
    I have been in the insurance industry for the past 6 1/2 years (protection products)


    We have now bought our first home :j(completion date - 23.07.2010)

    Wedding budget: £2,000 so far spent: £1,850. Wedding date of 27.08.2011 :T
  • You need someone to come out and do a proper valuation. Online sites just give a rough estimate and dont take into account the condition & fittings inside the house.
  • koexelek
    koexelek Posts: 7,847 Forumite
    You need someone to come out and do a proper valuation. Online sites just give a rough estimate and dont take into account the condition & fittings inside the house.

    .... and it has to be a valuer appointed by A & L.
    There decision will be final, and what anyone else thinks is irrelevant
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Just a quick update...

    The decision from the surveyor came back today.

    The original valuation from A & L was £145000, the surveyor has valued the house at £175000..

    Is it normal for there to be such a big difference in valuations..
  • Perhaps the best 90 quid you have ever spent !!

    Not necessarily "normal" but certainly not unknown (hence the advice from a rolecall of contributors above).
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Just a quick update...

    The decision from the surveyor came back today.

    The original valuation from A & L was £145000, the surveyor has valued the house at £175000..

    Is it normal for there to be such a big difference in valuations..

    A&L probably used an electronic valuation initially. This is based on data rather than an inspection.

    You have a correct valuation now from a qualified surveyor. Well worth the £90!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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