Remortgage down valuation, advice greatly appreciated

angelicas1986

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Waldorf_Statler

If nothing has sold locally recently, what other measures could be used to gauge current value? Could the surveyor have used Land Registry data for the wider local area? What trend does that show? A new kitchen and redecoration doesn't add much to residual value; just sale-ability. You need to add square footage to add value.

NOVAMET21

I think the valuation surveyor (appointed by the lender) only values the house from looking outside the house and the similar property sold within that area in recent times.


Your decorations and new kitchen wouldn't have made any impact to this surveyor. If you feel that the valuation of your house is incorrect then you can contact your lender asking for re-valuation.


However, if you were meant to sell the property and have the same estate agents who done your valuation 2 years ago that would be completely different scenario. This is because that estate agents would have seen the improvement you have done to the house and hence your house price will increase.


In terms of re-mortgaging, I don't think they take re-decoration and improvements into account.

angelicas1986

Hi, thank you for your replies. I will have to look more in depth before disputing. The main reasons for our optimism has been the remortgage valuation 2 years ago being given at 112 and the 2 houses under offer and sold stc on our street. If these things cannot be used to dispute then I can't see us having much of a case. I'm stumped as to why it was valued at 112000 2 years ago though as from what I can see houses were not going for that much here then.

NOVAMET21

Do you live up north? The house prices you are stating here are very low compared to national average (£292,000 as of March 2016).
The house prices has increased massively in the last 4 years all over the country except north of England and in some cases it has decreased. Maybe it has affected your area?