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Mortgage valuation report incorrect first time
InhaleMood
Posts: 308 Forumite
Hi,
I mentioned this on another thread, but I'd really appreciate any more advice.
Basically, my lender did a mortgage valuation report about 9 weeks and valued it at £145k.
They have now received some details about the parking space, which isn't (and never has been) part of the property. It is obvious if you went and looked at the house, plus the lender says that he has been honest about this all along.
Because of all this, 9 weeks later, they have down valued the property to £140k.
Now, I know they can do this if they want. They are lending me the money so they don't have to lend more than they want.
However, it does seem very unfair that it wasn't picked up 9 weeks ago, when I could have possibly done something about it.
Do I have any right to complain? And if so, who to?
Thanks all
I mentioned this on another thread, but I'd really appreciate any more advice.
Basically, my lender did a mortgage valuation report about 9 weeks and valued it at £145k.
They have now received some details about the parking space, which isn't (and never has been) part of the property. It is obvious if you went and looked at the house, plus the lender says that he has been honest about this all along.
Because of all this, 9 weeks later, they have down valued the property to £140k.
Now, I know they can do this if they want. They are lending me the money so they don't have to lend more than they want.
However, it does seem very unfair that it wasn't picked up 9 weeks ago, when I could have possibly done something about it.
Do I have any right to complain? And if so, who to?
Thanks all
0
Comments
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... and the lender is?
Does the application ask if there's a parking space/drive and if so, was it completed "yes" or "no" ?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
tanyasharma wrote: »They have now received some details about the parking space, which isn't (and never has been) part of the property. It is obvious if you went and looked at the house, plus the lender says that he has been honest about this all along.
The parking space must have been noted somewhere to form part of the valuation. Such as the EA sale particulars.0 -
On a house worth £140/£145k, £5k seems a very high price for a parking space. I could understand if it were a garage or say a busy city centre.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
The lender is Santander.
The estate agent particulars explained about the parking accurately.
I have just looked at the valuation report and the box for garage/parking space on site is checked but in the description it states "parking space behind supermarket" which is accurate.
It is town centre so maybe that is right but I don't know if there is anything I can do about it.
Am I wrong in thinking they actually have to visit the property? If they had visited, the situation would have been obvious0 -
You may have local parking available but does that parking belong to the flat?
When I checked the title on the Land Registry at my old flat - it said 'Flat 4, The Court, 28 The Road, Luton and parking space.' Was the parking space under you ownership?0 -
I totally understand their stance on the parking space. However, my issue is that they should have known about it at the beginning and valued it accordingly.
Well, it seems like there isn't anything I can do except pay the extra
Thanks for the help0 -
Question 24 on a Santander application asks if there's a parking space, or a garage.
How were these answered?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If I'm honest, I don't remember sitting down and actually doing a mortgage application. I went into the branch and told him how much I needed to borrow. We went through my outgoings and income. Then he arranged the valuation. Apologies if I have got that wrong somewhere, this was all nearly 3 months ago and a lot has happened since then!As I said, my issue is with the valuation report. If they had actually visited the property, the parking space would have been obvious.0
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