Mortgage valuation completely wrong, refusal to revaluate! Help!

KittyKat13

kingstreet wrote: »

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?

Lender or Surveyor was Leeds for the Jan valuation.

March is Halifax & Colleys. This is the valuation we have a problem with.

KittyKat13

StuC75 wrote: »

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..

The £70k valuation was sent directly to the surveyors. This was a report stating it needed repairs and work done etc.

This was sent as part of the appeal against to £75k valuation

This was before £26k was spent on the flat to bring it up to the high standard it is at now. It was virtually unlivable before.

Buyer has not brought up any problems with their offer price, they are from that area so know the prime location, and it's close to their work etc.

kingstreet

The surveyor will know the purchase price from three years ago, because it will be all over the Land Registry figures, unless it was an unusual purchase, such as a repossession.

The valuation at that time shouldn't be a surprise, IMHO.

If the Colleys surveyor has a copy of a valuation done in January for a Leeds BS mortgage, he needs to justify why he feels the property is worth 25% less than that just a couple of months' later.

TBH this is going to be very difficult, as you are not the client or the lender. There's not a lot you can do about it. Can your estate agent find out who did the valuation for the Leeds BS mortgage as they would have taken the call for access from the surveyor? I'd guess Leeds used someone from Countrywide or E-Surv.

brit1234

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.

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.

2013

KittyKat13 wrote: »

New mortgage set up, but valuation is saying £75k, and needs repairs?

House improvements in a falling/stagnant market rarely recover full costs when reselling. New valuation seems fair.

StrawberryTwist

KittyKat13 wrote: »

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.

Bearing in mind I am very new to the buying process, we are just waiting to hear when we can exchange and all that good stuff but I'm led to believe that new kitchens, carpets, bathroom, blinds e.t.c adds NO value. They are subjective to 'taste'. As a buyer one of the first things I may wish to do is replace your 'new kitchen' as its not to my taste.

We are buying somewhere which is described as needing refreshment but know full well unless we can double the size of the house and garden we are unlikely to ever make a fortune back if we ever decided to move.

Granted I would of thought an extension would of added value, maybe not as much as you hoped but some nonetheless. I am under the impression adding bedrooms can deff add value, not sure about a bigger kitchen?

As I said I'm very new to this, so what I'm saying could be useless though I know as a buyer I would of looked beyond your nice carpets and new bathroom as I would of been looking to put my own 'stamp' on the home. I do hope you manage to get it sorted either way, as I remember being very nervous awaiting our valuation, I expect your buyer is gutted! Good luck!

kingstreet

We have two similar threads running, one on here and one on M&E.

Could the OP decide which one he/she wants to use going forward and link that to the one to be ignored in future.

hamster2013

i would suggest to get your estate agent to do the work
he is going to get paid and works for you - so its in his interest to get the sale moving
or just instruct him to put it back on the market

KittyKat13

StrawberryTwist wrote: »

Bearing in mind I am very new to the buying process, we are just waiting to hear when we can exchange and all that good stuff but I'm led to believe that new kitchens, carpets, bathroom, blinds e.t.c adds NO value. They are subjective to 'taste'. As a buyer one of the first things I may wish to do is replace your 'new kitchen' as its not to my taste.

We are buying somewhere which is described as needing refreshment but know full well unless we can double the size of the house and garden we are unlikely to ever make a fortune back if we ever decided to move.

Granted I would of thought an extension would of added value, maybe not as much as you hoped but some nonetheless. I am under the impression adding bedrooms can deff add value, not sure about a bigger kitchen?

As I said I'm very new to this, so what I'm saying could be useless though I know as a buyer I would of looked beyond your nice carpets and new bathroom as I would of been looking to put my own 'stamp' on the home. I do hope you manage to get it sorted either way, as I remember being very nervous awaiting our valuation, I expect your buyer is gutted! Good luck!

There wasn't really a kitchen before. A sick & cupboard. Tiles had been broken/removed leaving wall. No flooring. Bathroom had broken toilet (not seat, toilet) no shower etc.
Floor boards needed repairing, then recarpeted whole flat.
Blinds completely neutral, but fitted. Doors replaced, or put in where doors were missing etc.
Basically it had previously been rented & had been virtually destroyed.

Now top of the range kitchen, fitted wardrobes, etc. Completely unrecognisable.

This price was agreed by the Jan valuation.

KittyKat13

brit1234 wrote: »

2013


House improvements in a falling/stagnant market rarely recover full costs when reselling. New valuation seems fair.

My query here is how can the surveyor say it needs repairs? There is absolutely nothing to repair, it's finished perfectly, and everything is in full working order. They haven't replied to what exactly they think needs repairing.

kingstreet

It seems the OP has already had a set-to with the surveyors, according to the thread on HBR&S. We should continue with one thread or the other!

https://forums.moneysavingexpert.com/discussion/comment/60055701#Comment_60055701