Appeal against property valuation

superspudking

Have recently applied to remortgage with a new lender but they have valued my house at £10,000 less than my last valuation 2 yrs ago. Property prices in my area have not decline since then. If anything they have gone up. The lower valuation means my mortgage rate will go up.

Can anyone advise me how to appeal the valuation and the best way to do it?

Cheers

kingstreet

Obtain valuation appeal form, adding as many comparables, that's sold prices of similar property within 0.5 miles in the last 120 days from a site like this;-

http://www.rightmove.co.uk/house-prices.html/svr/2121;jsessionid=E33E82106DBC6F30391DF2234F03BD0E

Dave_Ham

Although, be mindful that it is incredibly unlikely they will overturn their valuation.

You would need some compelling evidence in order to achieve this.

Good luck

John1993_2

What price have houses like yours sold for in recent months? If you go on the land registry site, and can show that they are genuinely changing hands at around your valuation then you'll probably have a decent case.

Asking prices don't tell you anything much, and nore, really, does the price that you paid, as it's perfectly possible (as far as the bank knows) that you just paid too much.

Dave_Ham

John1993 wrote: »

What price have houses like yours sold for in recent months? If you go on the land registry site, and can show that they are genuinely changing hands at around your valuation then you'll probably have a decent case.

Asking prices don't tell you anything much, and nore, really, does the price that you paid, as it's perfectly possible (as far as the bank knows) that you just paid too much.

The link Kingstreet put above was to the sold prices on Rightmove, which is just transferred from the land registry in an easier format.

Even with a strong case, OP you need to be mindful that valuations are not often overturned on a remortgage.

amnblog

Good luck.

Very difficult to get a valuer to confirm they were wrong. You need solid evidence of recent sales or similar properties in the local area at or above the value you seek.