Why are Barclays appointed surveyors under valuing houses?

slt1969

My house was valued by countrywide surveyors (appointed by Barclays) at 250k in April 2015 for my Barclays Mortgage when I moved across to them from HSBC, then when I asked for a further advance 12 months later in March 2016, a different surveyor appointed by Barclays valued it at a staggering 220k, some 30k less despite prices increasing by between 3.8 - 9.5% in East Anglia between April 2015 - April 2016!! Based on the new much lower valuation they have refused the further advance. I believe I have been misled and ill advised by Barclays as I believed they are professional and the 250k valuation appointed and agreed by them 12 months prior was accurate and sound enough for Barclays to advance my mortgage on, which they did. I have elevated the issue to specialist mortgage complaints but they have come back and said they are standing by the much lower valuation as they have to respect that the newly appointed surveyor (Philip Noble & Son in Norwich) has carried out the valuation based on local sold prices and comparative properties. We can't find any houses of the same or closely similar specification for less than 275k within a 5 mile radius. I have since had 3 further estate agents out and asked them for a genuine, lowest honest sale price and they have all come back stating that they are very shocked at this extremely low valuation and that we should expect to get firm offers between 250k - 265k but all said not a penny below 250k. So my questions are, what is going on with these so called surveyors? Are they undervaluing houses on the instructions of the banks? What can be done to stop this very poor practice happening? How can they justify valuing a property 30k less than it was valued at 12 months earlier when house prices have increased in this area? I am completely baffled by these surveyors because after all it is just their personal opinion, and in my case, a very warped opinion. In my opinion the book stops with Barclays because they are the ones who appointed this surveyor and they should stand up and be accountable and take responsibility for this fiasco. I do believe that Barclays and other banks are hiding behind these third party surveyors and they should stop this pathetic practice and start treating their customers with a bit of respect and decency. Has anyone else encountered a similar nightmare?

AnotherJoe

The nightmare might be that a mere 12 months after purchase you seemingly need to remove every last iota of equity from the house. We you removing equity last time when you moved from HSBC? Are you in serious financial difficulty?

If not, why don't you just look at a remortgage with another lender?

anselld

It is annoying but it is a bit OTT to suggest some systematic conspiracy!

Valuation, as you say, is a matter of opinion and that opinion is biased somewhat by the role. EAs will allways tend to err on the high side and tell you what they think you want to hear. Lenders will be cautious, particularly in circumstances like further advance close to their LTV limit early in the loan.

Either appeal or vote with your feet and borrow elsewhere.

iantojones40

What a sadly typical example of modern society, debt junkies relying on nothing more than never ending HPI to fund their lifestyle of living beyond their means.

Hoploz

Sounds like you'll need to try a different lender if you want to try again

Mistermeaner

They probably take umbridge at your lack of paragraphs

jamei305

Maybe the very fact the person living there wants to increase their mortgage yet again makes the property worth less. :dance:

csgohan4

Paragraphs ......