Mortgage Valuation Appeal

Hgurney123

Hi all,

My partner and I are first time buyers.

We have a largish deposit looking at buying a one bedroom bungalow at blow market average price which we both think is an absolute bargain. She is an estate agent and I work in property so we are well aware of what we are buying. It needs A complete refurb but no major works.

We have flown through all steps quite smoothly although now we have had our mortgage valuation it has been turned down due to severe condensation.

Now the property has been empty for 4-6montha, there are no extractor fans in bathroom or kitchen, trickle vents in one window and the thermostat is broken so the heating was on full bore when the valuation went ahead. There are cavity walls and the flat roof is insulated too.

The mortgage valued said the condensation is due to the structure of the property saying its "3cold points" although I cannot find a single other surveyor or builder who can back up her claims.

The banks surveyor doesn't know what to suggest in fixing the issue and she has turned down mortgages in a different area on the grounds of "what if the Russians invade". So I am seriously questioning whether her report is fair and accurate.

What the hell do we do, the property ticks all our boxes and we are limited on lenders as I am self employed and my partner is in commission.

Is there an effective way of appealing?

H&S

ADChick

I'd query it with the lender but to be honest most appeals don't get very far. Surveyors tend to know what they are talking about most of the time, and very rarely will they admit they were wrong and change their mind! They will also likely know what the lender is looking for so if they see something they won't like, they are going to let them know about it.

Auntie-Dolly

Maybe that's why it is below market price.

amnblog

If your Partner is an Estate Agent they should know that the chances of a successful appeal against valuation as minimal.

You are asking for an individual to:

Alter their professional opinion
Take financial responsibility if their client the Lender loses out later as a result
Not benefit personally from a 'change of view'

You have not said what the valuer has reported or suggested to the Lender?