We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Valuation Survey
luke123456
Posts: 348 Forumite
Hi
I wonder if I could get some advice please.
The mortgage lender have done their valuation Survey and valued the house I want to buy at 210, but I was very happy with the price of 245 and I have done a lot of research and been looking around for a while.
The seller won't accept 210 and has been warned that other banks will see this survey but I wander what to do as I don't have an extra 35k to pay into my deposit.
The bank say we could appeal the survey and show that similar properties have been sold for around that price. What do you guys recommend?
Much appreciated
Luke
I wonder if I could get some advice please.
The mortgage lender have done their valuation Survey and valued the house I want to buy at 210, but I was very happy with the price of 245 and I have done a lot of research and been looking around for a while.
The seller won't accept 210 and has been warned that other banks will see this survey but I wander what to do as I don't have an extra 35k to pay into my deposit.
The bank say we could appeal the survey and show that similar properties have been sold for around that price. What do you guys recommend?
Much appreciated
Luke
0
Comments
-
If you are happy buying at 245k you should buy with your own money. As you are buying with the banks money, they have to be happy investing their money in you.
If you want to appeal, then go for it but you are asking for nearly a 20% increase in the valuation survey. Somehow i think this will be unlikely.
The other option is to approach the seller to see if they are willing to meet you in the middle but you will need to find this extra money. Ultimately if a mortgage valuation is only going to come in at 210, then they are either restricting themselves to cash buyers or hoping some mug will put up the extra capital and pay more than what its valued at.0 -
Would you say that since one bank has valued at 210 then the rest would see that and that would influence their decision? i.e. if another buyer came round and sent round Natwest for example, would Natwest's surveyor say the same....?0
-
Other banks would not see the original valuation but they would instruct their own valuations and the new surveyors are likely to use the same comparables that caused the first surveyor to give a value of £210,0000
-
luke123456 wrote: »Hi
I wonder if I could get some advice please.
The mortgage lender have done their valuation Survey and valued the house I want to buy at 210, but I was very happy with the price of 245 and I have done a lot of research and been looking around for a while.
The seller won't accept 210 and has been warned that other banks will see this survey but I wander what to do as I don't have an extra 35k to pay into my deposit.
The bank say we could appeal the survey and show that similar properties have been sold for around that price. What do you guys recommend?
Much appreciated
Luke
Im guessing you will need to appeal the valuation otherwise you wont be able to purchase the house in question? But it might be worth considering whether you want to pay £35,000 more than the valuation?0 -
Which firm did the mortgage report and valuation?
If it's E-Surv or Countrywide, there's a good chance the next lender could "panel" it to them again. Net result = same problem and two valuation fees spent.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I think it was E-surv...0
-
Thank them..They have saved you a instant 35k negative equity..
Why would you want to pay more?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Have you researched land registry sold prices or are you looking at for sale and occasional under offer prices?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards