Nationwide down valuation

Simon_gloster

bobsyourteapots wrote: »

I am quite shocked that you would suggest that a professional would do such a thing!!! especially as they are separate from the lender.
valuation appeals aren't dealt with by them, it goes straight to the valuer.

Oh right, and you'd know. Tell what part of the procedure I wrote is incorrect?

kingstreet

bobsyourteapots wrote: »

I am quite shocked that you would suggest that a professional would do such a thing!!! especially as they are separate from the lender.
valuation appeals aren't dealt with by them, it goes straight to the valuer.

In my experience, the chief surveyor, who is employed by the lender, handles valuation problems and appeals.

kaych

Hi kingo30
Just want to say good luck! when the surveyor came back with a lower valuation of that flat we were about to purchase, the developer did resist a little at first but at the end agreed and we paid what it was valued. we were with HSBC and it was more than 2 years ago when it happened. so hopefully it will work out in your favour and for you to get the house at a reduced price!
otherwise i wonder what would happen, does it mean you will have to walk away if the developer does not reduce the price? please keep us posted

_Andy_

brit1234 wrote: »

And I thought this was Money Saving Expert notHow to Overpay Expert.

Don't be silly. Why not pay a professional to tell you how much something is worth.
Then say "no you're wrong"
And then practically beg to spend thousands and thousands of pounds more

LOL

kingo30

_Andy_ wrote: »

Don't be silly. Why not pay a professional to tell you how much something is worth.
Then say "no you're wrong"
And then practically beg to spend thousands and thousands of pounds more

LOL

Another numpty who cant read

_Andy_

kingo30 wrote: »

Another numpty who cant read

What a charmer.

mrginge

Hi.
Just wanted to let you know that also i think you are off your head.
So you can stick me on your crank list too.
Cheers.
MrG.

Simon_gloster

I was right then? The valuation can get overturned to the tune of the highest surveyor.

Should the house builder lower their price due to it being grossly overprices in the first place (irrespective of what you have posted) then your in a win situation.

Dont forget your at the mercy of the lender here who in effect are lending you thwir money.

If your not happy, buy it cash outright or find another lender. Other lenders may use the same valuer.......mmmmmmm

AABB

I would suggest the following points are worth bearing in mind :
1) Pay what YOU think the house/flat is worth. If you are happy, that's what matters.
2) When valuing a new property, the valuer will take into account that the property is brand new, newly decorated, has a new builders warranty, and all new fittings and appliances (eg central heating system, kitchen, bathroom, probably appliances - oven, hob, etc). If the property were to be sold in a few years' time, the value of these items will have depreciated ie new v used value. In other words, you are paying extra for these items with a new build above and beyond the intrinsic value of the bricks and mortar.
3) Furthermore, if the property was ever re-possessed, there is a likelihood that some of these items would no longer be with the property, and/or in a poor condition.
4) The valuer will not assume any house price inflation to offset the drop in value between new and used.
5) As others have said, use the valuation as a negotiating tool. but I'd also refer back to point 1 above.

bobsyourteapots

Simon_gloster wrote: »

Oh right, and you'd know. Tell what part of the procedure I wrote is incorrect?

Yes actually I would know. My OH is a valuer and I am a mortgage underwriter.
If someone disagrees with a valuation they need to provide 2 comparable properties. You can't just tell a valuer that they are wrong, you need to provide them reasons WHY you believe they are wrong.
Then the independent valuer will either say "oh yes actually it is worth X amount" or "no I don't believe this is equal to the property I saw so no it is still worth X amount".