Challenging lender's valuation

sam2015_2

Has anyone ever challenged the lender's valuation. I'm remortgaging to buy a bigger property and I want the remortgaging valuation to be on the high side so that I can release more equity from it.
If the valuation turned out to be less that what I expected to be, can I ask the lender to reconsider? If so, how and what documents, etc I need to prove my point.

Thanks

charliewocka

Yes, ask for the appeals form. We are getting an appeal ready to submit to TMW as we found out they are taking the lower end of the rental potential which is £250pcm less than can be achieved.

You need to provide details of similar properties in the area on the market and the rental they are achieving, as well as provide written explanation. Houses must already be let and can't be on the market. We are saying that we have newly refurbished cottage which has been made open plan, have three bedrooms instead of two which other on the same row have no we have a garage.

ETA this is based on remortgage to a let to buy to release equity for a deposit on a residential mortgage

eddddy

sam2015 wrote: »

Has anyone ever challenged the lender's valuation. I'm remortgaging to buy a bigger property and I want the remortgaging valuation to be on the high side so that I can release more equity from it.
If the valuation turned out to be less that what I expected to be, can I ask the lender to reconsider? If so, how and what documents, etc I need to prove my point.

Thanks

Here's what I did in a similar situation (with an unusual house, so not easy to compare)...

I got 3 written valuations for selling from local RICS EAs before the valuer visited.

The valuer asked if I had any recent valuations, and I gave him copies of the 3 EAs letters to take away. He than valued the house at about 90% of the EAs' figures.

In general, it will be easier to 'influence' a valuer in advance, than it will be to make them change their valuation retrospectively.