Surveyor

damasta

Hi I am a newbie here so thanks in advance for the advice.

I am looking to move & with the market being rubbish atm, I want to rent out my house but remortgage with a buy to let mortgage and release equity as deposit.

Both mortgages have been agreed in principal but when the surveyor viewed my house he has basically low balled the valuation and stuff which I do not agree with. This means that the deposit I can get will be lower by 5 grand.

He put on there that there is maintenance needed - I gutted the house 3 years ago so the indoors is modern & fine. Outdoors needs touching up with paint which I explained I was in process of doing (though its obvious since I have 3 walls freshly painted & one sanded down prepared).

He also put that based on sales the value is high. The last sale in my street was when I bought it (which was ridiculously under value but I got it from my dad cheap but I explained this). Having looked on right move for houses in area (though there are none of this 'model') the only ones going for less than my valuation are smaller houses.

I understand the survey is 'an opinion' so is there any comeback for me with either the surveyor or the lender? Can I challenge it? Is it worth asking for a full copy of his notes (I assume I can under Data Protection Act)? If I got another survey done which proves his to be wrong can I get the 1st survey price back?

Any help is much appreciated.

damasta

Sorry to push but this is urgent for me.

G_M

He put on there that there is maintenance needed

Presumably he specified this - what maintenance? Do you agree?
It is generally very difficult to challange a mortgage valuation, but you could certainly try. Either on the 'maintenance required' basis or on the basis of other similar sales.
But you have a low chance of a successful appeal. Mortagage lenders are probobly used to disappointed borrowers complaining about valuations, and are more likely to just rely on the 'professional' they have appointed.

A different lender, of course, might use a different surveyor, who might reach a different conclusion...

damasta

He never actually specified just said on it 'maintenance is required'

damasta

I should have mentioned, the surveyor was esurv who after reading reviews about here and elsewhere seem to have a reputation for this.

dimbo61

Sorry surveyors are being ultra cautious at the moment and he does not have any recent sales to go by.

damasta

I appreciate that but surely he cannot put in the report that he has when he does not. Is that not illegal or something?