Has anyone ever successfully complained against a valuation?

rich11

Strange one here.We are buying a BTL and the valuer has valued the property at the price we have offered BUT has valued the rental income at 40% less than the average for this part of the world

3 different estate and lettings agents have all written letters saying the rental income would easily achieve what we are saying it would but the valuer is not budging

Any other options available to us or do we go with a different lender?

Dave_Ham

Different lender, think it is unlikely you will get this amended.

It is difficult to establish comparable rental valuations and it appears surveyors in general are cautious on the rental valuations currently.

By all means chance your arm as it will cost you nothing and definitely check if you go to a new lender, that you will not get the same valuer.

rich11

Thanks Dave.This is the thing the valuer isn't the one that the lender usually uses.They have subcontracted it out

The other houses in this postcode area comparable to the one we are buying are all set at a minimum of £1000k pcm.This valuer has said it is only worth £600 pcm

A quick look on rightmove says that £600 gets you a 2 bedroom flat in this postcode area

Even the mortgage advisor agrees with us

Very frustrating

Dave_Ham

We do see it and appreciate how frustrating it is even with sensible logic..

Good luck, be interested if you do get overturned.

rich11

I will keep you posted Dave.I have just looked into it a little further and the bloke is a chartered building surveyor so I cant for the life of me understand how he is qualified to estimate rental values

I have a copy of his report here and if I get another survey done by a different lender and he has missed anything I will not be a happy bunny

kingstreet

Chartered building surveyor?

As in MRICS, ARICS or FRICS?

If not, what is his qualification?

rich11

Hi Kingstreet he is MSc MRICS and MCIOB

kingstreet

So he's a chartered surveyor as well as having other qualifications. He has everything he needs to value property to an acceptable level for mortgage lenders.

rich11

Thanks for that.Does that extend to rentals as well? Obviously I suppose it will do but he did mention to us that he does not normally do valuations just structural surveys

kingstreet

Yes. Chartered surveyors use the RICS "red book" to value a property.

http://www.rics.org/uk/knowledge/redbook

holly_hobby

The only chance you would have, is if you could provide evidence of recent comparible properties that have and are actually let for the stated rental you state is easily achieveable (ie the property is not just marketed at this rate, but actually rentable at this price level) - and it has to be said that even having provided such data the surveyor still does not have to amend their survey report.

Perhaps the EAs you have spoken to, whom manage similar lets in the area, could assist with this ?

If not the surveyor is using what they consider to be a realistically achieveable rental figure, which would ensure the propery won't have sparodic tenancies and/or be left empty for long periods due to it being over priced. (which ulitmately helps you in mangaging the business, as you of course will want to take account of the same issues for the longevity of the business).

Hope this helps

Holly