woolwich and esurv

simaandscott

my wife and i are currently attempting to buy a new build property, we managed to get approved for the mortgage with the woolwich/barclays, however we have had major problems with the valuation of the property.
the woolwich use a company called esurv. on the 7th of march esurv visisted the site and conducted a survey of our potential property off plan as the property has not been built yet.
the asking price of our property is £524,995.
the surveyor valued the property at £460,000!!!
this is a new build redrow 5 bed detached house that is being built next door to a 4 bed detached house that is being bought for £460,000, the 4 bed house was also surveyed by esurv!!
obviously the woolwich are now refusing to release our mortgage offer due to the issue of the vaulation, they are also saying that they trust esurv and will not investigate further.
this is despite the fact that redrow have just released more houses for sale and the 5 bed we are attempting to buy has now had its asking price increased to £534,995 and that the same 4 bed detached houses are now being sold for £482,995!!
me and the wife are now at a loss (literally and finacially) as to what to do now. there seems to be a complete lack of common sense and it beggars belief that in this day and age nothing can be done!! any help or suggestions would be greatly appreciated
thanks

kingstreet

Talk to builder, see if it can supply completion statements to surveyor for comparables. Failing that, new lender and new mortgage application and ask builder to refund additional costs.