Down Valuation - Coventry Building Society

k6tyd

Hi All.... very frustrating thing happening - selling my house privately - buyer is getting a mortgage through Coventry BS - 65% LTV.


Her valuation came in £11k under our agreed price, which is still £6K less than what I paid for it in 2012.... its a Victorian end of terrace - 3 beds.. houses around are all 2 beds.. with some 3 beds at approx. £6k more than our agreed price - so is not overpriced - and it certainly hasn't gone down in price in the last 4 years!


Now heres the odd thing - Coventry don't send you a copy of the valuation - they send you a summary. On the summary it said leasehold with approx. 888 years remaining...


The house is Freehold.. quite where that difference came from I have no idea!!!


The buyer has spoken to Coventry and they have told her they don't give her a copy of the valuation, and that all she can do really is appeal, or up her LTV to 75% - which bizarrely keeps her mortgage payment the same - so shes happy to continue with the purchase with 75%....and fight the valuation later as she doesn't want to hold up the process and knows that the house is a bargain at our agreed price given what others sell for.. which is good news for me.. but worrying that the tenure is wrong and the price reflects a 2 bed property, and is less than what I paid 4 years ago - which the Halifax valued and were happy with.


All a bit bizarre that they wont give her a copy of the valuation either - it could be the wrong property...


Does anyone have any ideas....


Its taken them forever to get the mortgage processed (she applied on Feb 29th) and the valuation summary only came through on the 15 April...


It just all seems weird and not right..


Any advice would be gratefully received....

ACG

What does it matter?
You are no worse off, your buyer is no worse off, do you not have enough other things to be getting on with rather than something that is having no effect on the deal?

k6tyd

Thanks for your concerns on whether I've better things to do.. Incompetence and burying heads in sand rather than morality, getting something right, and giving comfort to someone buying a house that they are making a sound investment are still basic human desires.. For only some it would appear. if you can shed any advice on options open to us to correct matters.... For that peace of mind for my buyer that would be really rather more helpful. Thanks again!

silvercar

Do Coventry still use E-surv for valuation?

If it is a basic valuation, it may have been simply a drive by or a paper calculation based on prices in the road.

I wouldn't worry about proving the value to the buyers, it sounds like they know the property is Worth what they are paying or they would have negotiated a reduction.

Our valuation for CBS had a number of inaccuracies, we just ignored it. We knew the value of what we were buying and they were happy to lend. Don't sweat the small stuff.

ACG

There is nothing you can do bar help with any requests from the buyer.
Coventry are working on behalf of their customer which is your buyer. If your buyer is doing nothing about it then there is nothing you can do.

I have never once had an appeal overturned on a valuation. So by going down the appeals process there is a very good chance you could spend a week or 2 getting in touch, sending emails, finding similar properties for the valuation to come back as originally stated. But then on the off chance it does come back as the purchase price, everyone is in the same boat anyway.

It sounds like you are more concerned than the buyer. If I was the buyer and I was financially no worse off I would not care one way or the other.

Thrugelmir

k6tyd wrote: »

Thanks for your concerns on whether I've better things to do.. Incompetence and burying heads in sand rather than morality, getting something right, and giving comfort to someone buying a house that they are making a sound investment are still basic human desires.. For only some it would appear. if you can shed any advice on options open to us to correct matters.... For that peace of mind for my buyer that would be really rather more helpful. Thanks again!

Why are you so concerned for your buyer? Are they buying this property as a home or an investment?

If I was the buyer I'd happily be paying less.