Believing the Broker

HappyMJ

Raksha wrote: »

Our valuation was based on inspection, but just doesn't seem to have taken into account the full UPVC double glazing, UPVc full width conservatory (itself 10' x 20'), 2 brand new garden sheds, a full garage size workshop in addition to full sized garage, plus a block paved patio, £5K hot tub and gazebo. Inside, we've refitted the kitchen, added a utility room and downstairs WC, and refitted the bathroom. The front has a fully block paved drive with parking for 4 cars. - We don't know of any property in the area with this extent of facilities.

Windows are windows they don't add value as every house has them anyway. The conservatory will add a little value. Is the new garage and workshop brick built? The paving won't add value. The garden sheds won't be included in any valuation as they can be removed. The hot tub and gazebo are the the same they can be removed on sale. They need to be negotiated separately. The valuation you have is for mortgage purposes and will tend be lower than what you would acheive on the market. Refitting kitchens and bathrooms add value for sale but not for mortgages. What has added value is the extra utility room and WC. Again the condition of the drive has no relevance for the mortgage. So their valuation of £170k may be right.

Raksha wrote: »

I am aware of the difference between sold properties and EA valuation, but there isn't a high turnover of houses in our area. Only one house has sold in the entire street in the last 2 years, and that was a Edwardian Semi which needed a lot of work, and sold for £160K in June this year.

If you don't pay your mortgage and the property is repossesed this is probably what the lender will get for your property. Of course you're not going to do that but they base it on worst case scenario.

Senior_Paper_Monitor

I've already expressed my opinion on that - 20 quid tells you whether it may be worth the time/effort or not ?

If it is - then the core information for appeal is in there ?

As herbie and MJ indicate - most of the items are 'help to sell' rather than value adding ones. For sale values will have absoluteley no impact.

The key to any successful appeal is to 'rubbish' any comparables used (usual way is to provide demographic data on socio-economic areas) and provide more relevant comparables. True added value items can then be included in summary.

xyz123

Raksha wrote: »

Sorry - my mistake, shows what a state I was in - the valuation was £170K not £140, but it's still way below what similar houses in the area are going for. Proving it is difficult, because it's only one of 6 similar in the road - the rest are all either ex council houses with no drive/garage, 1930's bay windowed semis, 3 bed bungalows, or Edwardian Terrace/semis. We were the last ones to purchase one of the 6 like ours, and that was 10 years ago... The road is busier than some of the roads around, so I can understand it being less expensive than a similar house in a cul de sac, but Zoopla suggests a value of £194K

These features dont add £70 k to value of your house. If you can not prove prices of similar houses in area (albeit because of no sale shappening) then its down to valuer and banks will believe their word rather than yours.