Surveyor's mortgage valuation lower than surveyor's market valuation

kingstreet

FWIW if the surveyor is carrying out a mortgage report & valuation for a lender, he is not actually "valuing" the property, he is assessing the agreed purchase price and establishing if that is reasonable and if the property is adequate security for the mortgage requested.

Hence, if the comparable evidence he is using to substantiate the figure he has given include some properties on a hill, others which aren't and there's a difference, he can and should differentiate accordingly.

fingledingle

mozzer1966 wrote: »

they are also employed to be consistant, i only bought the house two years ago and nothing was mentioned on the survey about the hill?

three estate agents i have spoken to have never heard of thi as being a reason to devalue the house price

prehaps because the company is E SURV lol

Ridiculous,Point out more important at least it won't flood! worth it's weight in gold.

mozzer1966

kingstreet wrote: »

FWIW if the surveyor is carrying out a mortgage report & valuation for a lender, he is not actually "valuing" the property, he is assessing the agreed purchase price and establishing if that is reasonable and if the property is adequate security for the mortgage requested.

Hence, if the comparable evidence he is using to substantiate the figure he has given include some properties on a hill, others which aren't and there's a difference, he can and should differentiate accordingly.

As i live in a valley so the majority of houses i would say 80% are on a hill other comparable properties around us are the same price or more. aparantly he told estate agent that his hand break wouldnt hold on the hill so he took thisalso into account . Any suggestions ?

kingstreet

This is a property you are selling and this concerns your buyer's surveyor's report?

If so, the buyers need to ask the surveyor for the comparables he used to establish this figure and if he feels happy that his figure properly represents the value of the property.

At the same time, they should obtain comparables of three similar properties in the immediate vicinity which have sold recently which can be used to challenge the surveyor's opinion.

mozzer1966

the company that was used apparently don't discuss the report and the buyer dosn't get a copy of the report.the valuation still comes within the buyers lending requirement but not the purchase price can they if they wanted still proceed at the agreed selling price?

kingstreet

If the buyer wants to pay more for the property than the surveyor thinks it's worth, that's entirely their choice.

The lender will lend a maximum percentage, based on purchase price or value, whichever is the lower, so effectively they will have to make up the price with additional deposit as their maximum loan will be, say 90% of the valuation figure.

Despite this being an undisclosed valuation, the applicant can still challenge the surveyor's valuation via the lender or broker concerned. We've recently had to do it for one of our clients on a Nationwide case via Countrywide. Another non-disclosed valuation.

mozzer1966

kingstreet wrote: »

If the buyer wants to pay more for the property than the surveyor thinks it's worth, that's entirely their choice.

The lender will lend a maximum percentage, based on purchase price or value, whichever is the lower, so effectively they will have to make up the price with additional deposit as their maximum loan will be, say 90% of the valuation figure.

Despite this being an undisclosed valuation, the applicant can still challenge the surveyor's valuation via the lender or broker concerned. We've recently had to do it for one of our clients on a Nationwide case via Countrywide. Another non-disclosed valuation.

this is the reply i got when i emailed the company concerned

The fact that your property is located on a steep street, should not affect mortgageability. There may be other factors such as landslip, subsidence etc that may. Any decision will be in the hands of an inspecting surveyor.
I hope this helps.

kingstreet

The reply was from whom?

mozzer1966

kingstreet wrote: »

The reply was from whom?

the email was from the company who did the survey i emailed them asking the question .

mozzer1966

kingstreet wrote: »

If the buyer wants to pay more for the property than the surveyor thinks it's worth, that's entirely their choice.

The lender will lend a maximum percentage, based on purchase price or value, whichever is the lower, so effectively they will have to make up the price with additional deposit as their maximum loan will be, say 90% of the valuation figure.

Despite this being an undisclosed valuation, the applicant can still challenge the surveyor's valuation via the lender or broker concerned. We've recently had to do it for one of our clients on a Nationwide case via Countrywide. Another non-disclosed valuation.

i have today, via my estate agent, challenged the surveyors valuation they have sent 4 comparable SOLD properties within the last 12 months if this fails i will have an indpendant survey done.

was the apeal that yo had successful?