Low Remortgage Valuation

kzfocus

Hi

I recently applied for a remortgage. A surveyor was instructed by the lender who came to look at the property. He stayed no more than five minutes.

In my development only two flats have been put on the market / sold in the past two years, mine in 2009 for £140,000 (at the bottom of the price crash) and the one directly above my flat. The one above mine is identical in terms of location, size, layout etc, sold for £165,000 in December 2010. Mines been refurbished so is in reasonable condition. The surveyor has valued mine at £145,000. Leaving me short of the required LTV. I needed it to be valued at minimum £149,000.

I spoke to the lender who said I can appeal to their underwriting team but would need to provide three pieces of evidence. At present I only have the details of the flat above obtained via the Land Registry.

Any advice appreciated. Thanks!

Senior_Paper_Monitor

If you obtain a full Hometrack report it will give you a selection of comparables including indicating which are the most likely to have been used by the surveyors.

It'll cost you £20 on the hometrack site (there are a few slightly cheaper sources - we provide them to our clients slightly cheaper than that).

Appealing on-site valuations for remortgages is a nightmare these days - who is the lender (I'll guess Coventry) ?

brit1234

kzfocus wrote: »

The one above mine is identical in terms of location, size, layout etc, sold for £165,000 in December 2010.

I'm sure that price was agreed at the peak of the dead cat bounce. House prices have been falling since then and are set to continue falling this year alone.

Can you buy more equity in your property to get a better rate ie the £5k?

swanny65

[QUOTE=Senior Paper Monitor;44561642
Appealing on-site valuations for remortgages is a nightmare these days - who is the lender (I'll guess Coventry) ?[/QUOTE]

Why do you guess Coventry?

Applied to remortgage to them just over a week ago. Not greatly bothered but not heard from a valuer or had a solicitor instructed yet.

The acknowledgment letter states "we will arrange an appropriate method to determine the value of the property and if necessary, a valuer will contact you to arrange an inspection"

kzfocus

Mortgages with ING Direct. I'll appeal but if unsuccessful then I'll have think about my options.

Even taking into account house price drops and a conservative valuation I didnt think it would be £20,000 down.