Has anyone successfully appealed survey report down valuing a house?

ManuelG

Walcott wrote: »

The survey is today so not long before we find out our fate

Best hope they don't book the same surveyor

System

It is definitely not the same one! This one is from beaconsfield which is 20 minutes away and he works around here a lot so I am hopeful. Last one was from Swindon!

System

We don't have the results of the survey but things have hit a brick wall. Our seller has now lost patience and asked the EA to remarket immediately saying that we can still buy but due to how slow it has been she is losing faith.

I completely understand her point. It has been a delay of over a month now in total because our mortgage advisor went on holiday so we lost a week and then another on the underwriter because s/he was busy and then two on this valuation stuff.

The property is still available to us to buy but she wants a remarket 'just in case'. Realistically, I can't go through conveyancing with a property still marketed and available for viewing. So I have decided to pull out tomorrow morning. We still have our buyer if survey valuation is fine so I guess it's back to viewings for us although there isn't anything there from the listings in the area we wanted. I guess it will just be a case of wait and see.

Thank you all for the advice and guidance

ThisTime

I haven't read all the replies but maybe all the other comparables sold for 250k because of the old stamp duty raise to 3% of the full amount then , now thats not in place they should see for what there worth.

System

That most probably is a factor. At the time I made this thread the information wasn't available but now we have had sold prices come through as:

October 14: £250k
November 14: £250k
January 15: £271k
January 15: £270k

They are all very similar house and similar to mine. One of the £250k houses was not known to the EA as it looks like a private sale but the others three were all sold by the EA I am using and his valuation for mine was £265k on the basis I needed to sell to buy and he hoped we would get the full price. We agreed to price it £10k less at asking price than the £271k house which sold same day as advertised back in October.

martin1959

I am surprised the surveyor down valued from 260k to 250k. Generally they will value at PP unless they feel it is more than 5% less. As 250k is less than 5% below PP, they would normally value at PP.

pickles13

Walcott wrote: »

It is definitely not the same one! This one is from beaconsfield which is 20 minutes away and he works around here a lot so I am hopeful. Last one was from Swindon!

I was just reading this post and worrying that this could happen to us on the house we are buying. Then I saw this comment and panicked even more as we seem to be close to you!

DRP

I would advise you choose the buyer with the biggest deposit (lowest LTV).

Will make the valution and mortgage process simpler.

System

The second one was no problem. It said £265 was reasonable for the property.

I wouldn't worry too much. Around here the market is settling after a huge rise due to cross rail related sales.