challenging a mortgage survey down valuation

terrencetrentderby

anyone ever had to do this; looking for tips

About to complete when our survey comes back down valuing our purchase by 10k.

As this was a 90% mortgage it is going to scupper the deal.

The surveyor hasn't got a clue and wont change his mind; help!

kingstreet

Find three comparable properties in the immediate vicinity and get the achieved sale prices from the Land Registry figures. These should be in the last three months.

Forward your results to the surveyor if they support your claim that the valuation is too low.

terrencetrentderby

kingstreet wrote: »

Find three comparable properties in the immediate vicinity and get the achieved sale prices from the Land Registry figures. These should be in the last three months.

Forward your results to the surveyor if they support your claim that the valuation is too low.

Thanks; already done this.

When the report came back with the down valuation it didnt state anything about the comparison properties he had used; is this normal?

We gave him 6 examples; 4 within 3 months; 2 others were old but we felt the most closely comparable we could find as they were 2 and 4 doors along the street respectively.

He has responded by listing 3 examples of his own. He has made no comment whatsoever re our examples

Of his examples 1 was a part ex sold by a property company at 30% less than market value. Another is on a different estate and is a deceased estate which needs gutting. The final one is on the same estate but a different style. None of these are anything like the house we are trying to buy.

Can we do anything now?

kingstreet

The mortgage report and valuation would not mention the comparables used, no. If you've already put forward comparables you think make your point, all I can suggest now is you ask your lender to refer the matter to its Chief Surveyor for his opinion.

Surveyors follow the RICS Red Book which instructs them how to value residential property. The Chief Surveyor will ensure the surveyor contracted by the lender has followed the guidelines.

terrencetrentderby

kingstreet wrote: »

The mortgage report and valuation would not mention the comparables used, no. If you've already put forward comparables you think make your point, all I can suggest now is you ask your lender to refer the matter to its Chief Surveyor for his opinion.

Surveyors follow the RICS Red Book which instructs them how to value residential property. The Chief Surveyor will ensure the surveyor contracted by the lender has followed the guidelines.

Can I have a read of the RICS Red Book online anywhere?

The lender is Barclays and the surveyor is with esurv. Do I go to Barclays or esurv to ask for it to be escalated?

kingstreet

The Red Book is only available to RICS members. Presumably you have referred the matter to the individual surveyor?

As Esurv has been contracted by the lender, you now need to address your comments to the lender's Chief Surveyor. If the lender works from a single surveyor panel, they may choose to refer the issue to a senior surveyor/manager within Esurv if they no longer have a Chief Surveyor.

terrencetrentderby

kingstreet wrote: »

The Red Book is only available to RICS members. Presumably you have referred the matter to the individual surveyor?

As Esurv has been contracted by the lender, you now need to address your comments to the lender's Chief Surveyor. If the lender works from a single surveyor panel, they may choose to refer the issue to a senior surveyor/manager within Esurv if they no longer have a Chief Surveyor.

Ah right, ah well. And good to know, thanks.
Yes, its gone back to the surveyor who has responded. His response tells us for the first time which properties he relied on so only after getting it have we been able to point out the differences between his 3 and the one we want to buy. Its gone back to him asking for comment. Do you think he will comment?

_Andy_

Perhaps an obvious question but why do you want to pay more than what it's worth?

terrencetrentderby

_Andy_ wrote: »

Perhaps an obvious question but why do you want to pay more than what it's worth?

We have been looking for 2 years in this area. We know the local market.

The surveyor is from out of town (the local estate agents have never heard of him) and he is basically going off the Land Registry record and using awful comparables.

I have tried to get the vendor to come down but they wont and tbh I cant blame them.

kingstreet

Your other option is to offer to pay for another valuation by another surveyor of Barclays choosing. However, this will be problematic if they only panel stuff to Esurv, or there's no-one in the area the property is situated in.

The other option is to change lenders and ensure you use one which won't ask Esurv.

terrencetrentderby

kingstreet wrote: »

Your other option is to offer to pay for another valuation by another surveyor of Barclays choosing. However, this will be problematic if they only panel stuff to Esurv, or there's no-one in the area the property is situated in.

The other option is to change lenders and ensure you use one which won't ask Esurv.

We are tied to Barclays due to ERC's for another year or so unfortunately. Also, they have already told me they wont go behind the Esurv valuation.

I do like your suggestion about escalating to their Chief Surveyor if they'll allow me to so I'll try that.

There is also a complaints department at Barclays which would be my last resort.