is it worth paying £350 for?

kandg

We were due to complete on a new build on Fri however the valuation came in at 22k under the asking price. The builders wouldnt budge to the tune of 22k. Its the start of their financial year and I think they know it will sell pretty quickly. Our mortgage advisor sent in 5 comparables of houses the same as ours which have sold for a very similar amount to no avail.
We have been advised to pay £350 for a more senior valuer to come out, having being told it the luck of the draw with who you get.
Are any valuers able to offer any advice or anyone who has been in the position? We clearly dont want to pay more than it is worth but it seems odd that ours is the only one that has come in significantly under.
We really need to move and as we are tied to Santander we cant go with another mortgage lender. Is it worth paying for a second valuation?
Thanks

Gentoo365

I would find another property.

Out of interest, have you paid any sort of deposit to the builders yet? What are the terms if you cannot get a mortgage?

It will not sell quickly if it is overpriced.

InsertWittyName

I'm sorry but I don't see the sense in paying out £350 so you can pay £22k MORE for a property.

If the property's been valued at £22k under asking then I would suggest it's highly unlikely to be overturned.

Use this as a bargaining chip!

Hope this helps.

Thrugelmir

Lender chooses the valuer to perform the valuation not you.

So don't waste £350. As there's no guarantee of a mortgage offer.

Simon_gloster

I'm suprised they wont budge.....well not really, having been appealed with not 2, but 5 comparables that have actually sold!!!! If anything gets a surveyor to question their judgement its sold prices.

Are you sure the estate agent provided like for like comparisons and not wendy houses?

kandg

Thanks for the advice, we are so undecided about what to do. The house is one of the last to sell on the 1st phase of a development, the sale fell through a few weeks ago to a previous vendor. We are part ex'ing. The houses that were offered as comparables have sold for 226 and 227 k and ours is on at 232 k and it was argued it is more as it has a lake view.
We keep being told another valuer will hopefully come back with a higher price. We are sooooooo desperate to sell. However, I do totally agree what it look like we are doing is trying to find someone who says yes it worth 232k so we can get a mortgage even though it may not be, I just cant understand why the others have been valued at that amount and ' ours' hasnt.
We have paid £250 deposit and some search fees so we wont lose that much. We just dont know whether to throw another £350 at it if it was a valuer having a bad day lol!!

Morgage_Confused

But what have the others on the actual development sold for?
Can you post a link to the property?

prowla

Either the valuer is competent or they aren't; if you have to pay £350 more to get one who is competent, then you should ask who the heck you got initially!

Dave_Ham

I have never heard this being an option before, personally would not through more money at it, it is a new build after all and no way to judge "real" value..

Just my personal opinion, good luck with whatever you decide

kandg

Cheers for the advice everyone
Our property isnt online as its being bought direct but a similar one is on the David Wilson Homes Serenity development at Doncaster website. The style is a Lowcroft and whats even more puzzling is that they are marketing the new ones on the next phase at 235k even though our valuation came in at 210k!!!!

Thrugelmir

kandg wrote: »

We are part ex'ing.

This needs to be factored into the equation. Highly possible that the developer is offering a top end price for your property.

This is how they keep their selling prices high on the development.

So you can't look at the purchase price in isolation.