surveyors report wrong

G_M

Don't panic over some RICS's Survey most have not got a clue and are fresh out of University!

True. There are no RICS surveyors over the age of 23.

lincroft1710 wrote: »

I presume this is tongue in cheek as I have worked with over 100 chartered surveyors (both MRICS and FRICS) and hardly any were under 23

You really need to ask? Come on - you're smarter than that lincroft!

lincroft1710

G_M wrote: »

You really need to ask? Come on - you're smarter than that lincroft!

You and I know that , GM, but some newbies or those without house buying experience may not, or confuse surveyors with EAs

Ms_Sophia

bbmack wrote: »

Not wanting to hijack this thread but also not wanting to start a brand new one on a similar topic we've just had a real shock.
A surveyor came out and valued our property at £17,000 less than the offer we accepted. We expected a couple of thousand off due to a small issue with damp in the front room, but this valuation seems to be real pie in the sky.
The Estate agent was really shocked and said they'd appeal and show him evidence of similar houses in the area selling for similar prices but he has said that he will not budge.

Is there anything I can do to appeal this report? I think I'm realistic about my house but just can't fathom how he has valued it so low.
I'd like to take this further as I feel that this valuation is without foundation (which is something the house does at least have), and surely it's not fair that someone can come in, slap a price on your biggest asset without you having the right to respond.

We bought the house a couple of years ago for below market value as we bought from a family member and I wonder if this has had something to do with it.

Would it help if we get our own surveyor to do a check?

Legally can we appeal?

Bloody hell this moving house malarky is a bother!

What bank has arranged the valuation for your house?
Our property has just been valued, and the valuation is so ridiculously low, it's not even funny! It was arranged via Natwest. We heard that Natwest appears to be giving 'special' instructions, and their valuations always come very low.

ScorpiondeRooftrouser

I presume "none residential property in the local" means there is non-residential property in the local area.

If that's the case, that's the case. The lender presumably has told the surveyors that they don't want to lend in cases where there has ever been any structural movement, or where there is non residential property in a defined area. You can't appeal against it - it's not claiming that the house is worth nothing to anybody. That's just what it's worth to the lender who commissioned the survey, and that is entirely their business. They have a limited amount of money and want to direct it where they think it is safest/best used.

ScorpiondeRooftrouser

Ms_Sophia wrote: »

What bank has arranged the valuation for your house?
Our property has just been valued, and the valuation is so ridiculously low, it's not even funny! It was arranged via Natwest. We heard that Natwest appears to be giving 'special' instructions, and their valuations always come very low.

Again, that's what it's worth to NatWest. That's why they give special instructions - they have different criteria.

MrJB

Any special assumptions will be referred to within the valuation report - they're required to be, otherwise the value will be the standard value as applicable in the Red Book - ie Market Value.

Generally the valuation report is carried out with the caveat that it is for the intended client and for the purpose of the report and no other reason. All RICS Registered valuers must be part of a redress scheme as a requirement of RICS valuer registration. Follow the companies complaint procedure, although I suspect you will hit a brick wall insofar as you're not their client.

In the other later cases, I guess it depends upon the specifics. What is the basis of you thinking that the property has been undervalued?

silvercar

We once looked at a property where there had been some structural movement in years gone by. The sellers had produced a recent structural survey that they provided in advance of any offers as evidence of this, to avoid further problems down the line. It could be worth doing this.

ScorpiondeRooftrouser

You can do all sorts of things, but if that bank don't want to lend, they don't have to lend. Regardless of the structural movement issue, there is still the non-residential property issue, which is not going to go away.

As far as the buyers are concerned, they can probably find someone who will lend on this. The question is whether they would want to buy it now they are aware that anyone they sell it to is going to be restricted to a smaller choice of lenders. It might be up to the OP to work out which lenders don't have a problem with it and offer prospective buyers that information; if it is a long list then hopefully it won't have too much negative influence.

bbmack

Ms_Sophia wrote: »

What bank has arranged the valuation for your house?
Our property has just been valued, and the valuation is so ridiculously low, it's not even funny! It was arranged via Natwest. We heard that Natwest appears to be giving 'special' instructions, and their valuations always come very low.

I have no idea. I'm trying to get answers but am just hitting wall after wall.

I'm new to all this but I find it incredible that someone can come into your house, knock £20000 off it's value, place their report on a database for future buyers to see and you have no right of reply!

Bizarre.

Our buyers offered a significantly lower amount and we said that we'd like to see the report before we agree to losing out on a whack of money but nothing. I know we could just walk away but we're so damn close!

davidmcn

bbmack wrote: »

I'm new to all this but I find it incredible that someone can come into your house, knock £20000 off it's value

They're not "knocking anything off its value". They're valuing it. Conversely, buyers might think it incredible that someone can put their house on the market and claim that it's worth £20000 more than it actually is.

place their report on a database for future buyers to see

What database is this?

and you have no right of reply!

Who's stopping you from replying? You can negotiate the price with the buyer on whatever basis you like, including seeking your own professional opinions on what the property is worth.