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Mortgage valuation completely wrong, refusal to revaluate! Help!

KittyKat13
Posts: 18 Forumite

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Surveyors seem to be taking a very conservative approach to valuations in the current climate. I had a remortgage valuation done several years ago, came out 20k less than what identical properties where being sold for in the development where I live. Despite providing evidence of recent sold prices i.e. land registry etc the surveyors wouldn't alter the valuation.
You could suggest the buyer try another mortgage provider who may have a different surveyor. An independent survey can be undertaken but its the mortgage providers discretion who they choose. They're unlikely to be influenced by an independent survey.
Some surveyors will simply base it on the previous sold price without taking into account the circumstances under which you brought.0 -
KittyKat13 wrote: »New mortgage set up, but valuation is saying £75k, and needs repairs?
Has your buyer allowed you sight of the valuation?0 -
A surveyor appointed by a lender normally is independent, from a panel firm. The only lender with internal surveyors I can think of is Halifax, which owns a firm called Colleys.
Have you actually seen this report? What does the buyer think, having had a report valuing the property at £100k, now another saying £75k?
Who were the two surveyors/firms?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 -
KittyKat13 wrote: »I bought a flat in 2010 for £70k, I made a very low offer to a desperate seller as it was on the market for £95k.
At the time it was in very basic condition and needed new everything (b.room, kitchen etc)
It was valued by Natwest at £70k for mortgage purposes, they couldn't tell me if it was worth more as they only value to mortgage amount. Valuation clearly stated - needs repairs, refurbishment etc.
I didn't move in for nearly a year as I had the whole place gutted, extended the kitchen, new kitchen, new bathroom, carpets, blinds, curtains, tiled, spot lights, new heating system.
Everything top notch to live in and enjoy, as its a seafront maisonette, with beautiful views, it was worth spending on & I planned to stay for a good few years.
Until along comes a man & now I live with him!
Anyway, put the flat up for sale, values by estate agents at £105/£110k. Put it up for £105k, had an offer a few months later £100k, which I accepted.
Buyer had a mortgage set up, valuation was done in Jan confirming £100k. Report said flat 'was finished to a high standard'
This mortage later fell through, not sure 100% on reasons, but it wasn't because of flat.
New mortgage set up, but valuation is saying £75k, and needs repairs?
Buyer was asked to submit properties sold in area, so he did, a basement flat at £95k (no views) a similar flat with 1 less reception room £105k and a 2bed for £135k.
Also the Jan valuation & my previous valuation was sent. But they now say this confirms the £75k valuation is correct?!
Can anyone help, can we ask for an independant valuation to be made?
Also I was unfortunately away on the day of the valuation, and my neighbour showed him round. They were asked what they paid for their flat, and what the area was like etc. Is this normal? Surely surveyors know this information, or research themsleves?
Also surveyors company apparently 'under alot of stress' due to new system being put in place?
Surveyors are nothing but pain in the hindquarters. They will nitpick on every little thing and make a mountain out of every molehill. The asinine legal situation has a lot to do with it - as long as surveyors can be sued for the slightest error they will paint every house in the worst light possible. This sitiuation is destroying the housing market and needs urgent attention.0 -
The buyer is looking at another mortgage company, but that slows things down, and he's out of pocket £200ish for a rubbish survey.
They've been very rude, I rang them to discuss and the office gave me the valuers number. I rang him & he got very aggresive that I had stalked him down to get his number, (his office gave it, I had clearly explained I was the seller)
Then tried to tell me it was a studio not 1 bed (its actually 1/2 but the 2nd can't be classed as no window) and was generally very rude and aggressive.
I rang the office to complain, they told me the manager would be intouch, and when I explained the whole situation they told me to fax my valuation from 2010, and the Jan 13 valuation and they will look into it.
The manager rang me a few days later, telling me he couldn't understand why I had contacted surveyor, but he apologises.
But then defended the surveyor saying he is a friend of his for years and couldn't see him acting like that, when I explained several rude comments he had made, his excuse was the surveyors are under alot of pressure with a new system and must have been having a bad day.
I suggested that perhaps on the day of valuation was also a bad day, and therefor can we arrange a revaluation.
He told me he cannot discuss this with me and can only speak to the buyer, the buyer must lodge the appeal. I told him that he has, he says he is not aware of an appeal being lodged.
I then told him about his offices request for valuation reports, he said this was wrong, and they cannot accept those, nor should the office have spoken to me.
I told him that it looks like his office are doing alot of mistakes, at the moment, as well as his surveyor being rude, and as the manager it would be greatly appreciated if he looked over the report etc.
He refused to do so, and again said he could not discuss with me. I asked him to call they buyer and discuss with him then. He refused.
So a very empty apology, and a manager who has no interest in helping. They buyer stung for £200+ and I'm losing money on paying my mortgage every month this goes on!0 -
Thrugelmir wrote: »Has your buyer allowed you sight of the valuation?
No, just told me over the phone. I could probably ask to see it.0 -
1st Valuation in 2010 was Natwest.
2nd Leeds for lender I don't know.
Yes it was Colleys! They are a load of todswollop!!0 -
Could you try to confirm;-
- the lender and surveyor in January 2013
and
- the lender and surveyor in March 2013?
Where does Colleys come into this?
Is the March 2013 case a Halifax mortgage and a Colleys valuation?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 -
Why did the OP send there buyer a copy of the report from when they bought confirming £70k?? That has no doubt skewed there lenders perspective.
The OP bought at £70k, against an asking of £95k. So why is there concern that a prospective buyers lender are hesitant at a selling price of £100k.
granted they are likely confused by two different dated valuations..0
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