House undervalued

sophscottx

Hi

Looking for some MORE advise!!

Our mortgage advisor is actually on holiday so we can't even turn to ask him.

We are buying a new build from Persimmon Homes, the plot we have bought is actually a couple hundred less than others on the site, all the others have been valued and are fine.

Our home has been undervalued, the valuer wouldn't even look at other homes to compare to or anything!!

Where do we stand with this?

Is there anything we can do? Any advise is really really appreciated!!

lee111s

Very little chance of getting the valuation overturned.

You may need to go with a different lender.

sophscottx

Feel sick!
When I spoke to Persimmons on Saturday they were saying he was so unhelpful, saying he didn't trust builders and that he didn't want to see any other same builds.
So that means we have to go through the whole process again?
I don't understand how all the other same builds can be valued fine apart from this one plot!

kingstreet

So which lender did you use, which surveyor did the lender use and who usually values for the other lenders?

As an example, Colleys values for Lloyds, C&G, Halifax, BoS, Birmingham Midshires Solutions and Scottish Widows Bank.

Other major players will use the likes of Esurv, L&G, Allied, Countrywide Surveyors etc.

Newbuild downvaluations are very rare and I'd be surprised if the developer isn't complaining to the lender about that individual's comments and getting together comparables. These would be three recent completion statements to evidence actual sales at these prices (assuming some have actually completed(.

sophscottx

We're using Skipton for our mortgage, I'm not sure who they've used, trying to find out as much information as I can, not getting much luck.

We're going through a mortgage advisor however he's on holiday, I don't know whether to ring Skipton direct or whether that wouldn't be a good idea.

The sales office for Persimmons is shut until Friday however she did tell me that the plot that was reserved just before ours had their valuation last week and that was fine, theres also about 9 other plots that have been sold for that price of 2000 more expensive!

Do you think it is still possible for us to purchase this plot? I am worried sick!