How rare are down valuations

nickyg2000

I tried to get a mortgage on an old cottage 6 months ago but it was downvalued by 5% (there were limed or no comparable properties) We are now having a mortage valuation on a new place, a 1930's semi and looking at sold history there is nothing at the price level that matches the spec of our property. We are worried about another down valuation derailing our move... how does the valuation process work. we are paying £360 for a 2 bed. there is a 3 bed detached that sold for £380, a 3 bed period property sold for £375 but these are bigger ;-s

David_White

It's impossible to say really as it'll be down to how realistic the person selling the property is.

For what it's worth I don't often get cases that are down valued *touch wood*

nickyg2000

Thanks David, I think the price is realistic 25% increase over 3 years (our flats managed 50% over 3 year although that location is different. How many down valuation cases for purchases do you get ? 1 in 20 ??

David_White

Sounds like you'll be ok then.

I'd be guessing really, but it's quite rare that I have to deal with a down valued property.

nickyg2000

Valuation spot on. Even though no comparables ?!

Thrugelmir

Valuer representing the lender is assessing whether the property offers suitable security for the money to be advanced. They are not offering an opinion as to the precise market value of the property.

nickyg2000

Thrugelmir wrote: »

Valuer representing the lender is assessing whether the property offers suitable security for the money to be advanced. They are not offering an opinion as to the precise market value of the property.

What methods do they use to come to there valuation figure?