Valuation appeal - how long?

mandatory

Hi all,

I'm trying to buy a two bedroom flat (Birmingham city centre) and my valuation report came back lower than I was expecting, compared to all of the other two bedroom flats in the area which were a similar, if not higher price than the offer I made. I appealed my valuation (a basic one) with Halifax two weeks ago - how long do appeals take? If it helps, I'm doing my mortgage application through a mortgage broker.

I'm not keen on dishing out more money for second valuation, and the vendor, who happens to be a surveyor himself, has said that if I do go for a second valuation he will reduce the selling price by the cost of the second valuation. However it is a risk since the valuation might come back the same, or lower!

This is giving me such a headache! Not sure what to do now - I really like the flat and made two visits to check it out, did a lot of research into it... and the estate agent keeps asking me if I've heard anything back about my appeal. Any advice?

Thanks,

Manda

Let_Us_See

Manda why isn't your broker chasing the Halifax? Two weeks is a little long, but at this time of the year the original surveyor may be on holiday.

ACG

On the appeal did you find similar properties and the values they SOLD for? (not what they were/are up for sale for).

Have you asked your broker? 2 weeks for an appeal is too long in my opinion.

Thrugelmir

mandatory wrote: »

Hi all,

I'm trying to buy a two bedroom flat (Birmingham city centre) and my valuation report came back lower than I was expecting,

How much lower? What did the surveyor report?

mandatory

Thanks for the replies.

Let Us See - I'll drop them an email about it, but I had to go through Halifax for the appeal. Worth a check though, thanks.

ACG - I did, I used sold for prices only, all two bedroom flats in the same area.

Thrugelmir - The offer was made at £144k, the valuation came back as £130k. The surveyor used is based in London so I doubt they know much about the local area. I should've looked at getting a more detailed valuation really!

Tonight I'll send off an email to the broker and see what they can do to chase it up...