Unusual Valuation Complication

stonehedge

Ha! Our mortgage broker has 23 years experience and says this is the first time he has come across this situation.

We're trying to buy a flat for £500k. The flat is worth that any day of the week. We have had our own valuation carried out which valued it at £530k. There are other flats for sale in the block at £565k. The Mortgage lender valuation reported back perfectly to Accord to indicate that the property is valued appropriately.

The problem is that Accord seem to use an online agency to provide a second opinion. Unfortunately, this agency has conducted an internet valuation and valued the flat at £380k.

We think any of the following might happen:

1) Accord arrange another valuation
2) Accord ask the surveyor to qualify and confirm his valuation
3) Accord realise that the online valuation is !!!!!!!! and offer us the mortgage
4) Accord decline our application.

Does anybody know what might happen next? Has anybody come across this before?

stonehedge

Ok, so Accord have referred the valuation to an auditor who is verifying that the surveyor valuation was correct. Very nerve-wracking, all because a web site has a wrong valuation on it.

AnotherJoe

What's so special about Accord?Are there not other lenders available for you ?

stonehedge

Auditor confirmed that valuation was accurate and our offer will be in the post today.

Why Accord? Decent rate that suits our circumstances which are almost certain not to change in the next two years. Even in the event of ill health or redundancy...