Disputing valuation

juniper13

Just wondering if homes under offer and sold stc can be used to challenge a valuation? The valuation of our home has came in £25,000 under what two homes are currently in the process of selling for. It's also £10,000 below our mortgage valuation from 2 years ago. Before these two houses which are currently up for sale the last sold property was 4 years ago and looking at our valuation this seems to be where they've got their figure from.

brit1234

The housing bubble is popping, guess the valuer is going for a more realistic valuation considering the circumstances.

juniper13

Thanks for your reply. I've managed to find a deal at 2.09% based on the new valuation, not quite as attractive as the 1.74% but far from terrible

getmore4less

Under offer/sold stc how do you know what will end up on the registry?

Thrugelmir

juniper13 wrote: »

looking at our valuation this seems to be where they've got their figure from.

Valuers do look at the wider market in coming to their figure. Similar houses can differ in value for a whole variety of reasons. Do you know what the accepted price was for the 2 you are comparing to. Not just the advertised selling price.

ACG

Ignore brit1234 - all his posts have been saying for years are that there is a housing bubble, he will be right at some point but it has been a few years.

You can not use properties that have no completed in your appeal, however I would not bother using them anyway. I have never had a valuation appeal overturned and do not bother anymore. You could try a different lender to see what their surveyor values it at, just ensure it is a different surveyor.

juniper13

Thanks for your responses, is there any way of finding out which surveyors lenders use or do we only find that out once we've applied. This was done through YBS and they have used countrywide, I have found another mortgage through TSB which is 1.74% and without fees. After that they all seem to have product fees or the interest is not far off the 2.09% I've now found with YBS.

upoiupou

juniper13 wrote: »

Before these two houses which are currently up for sale the last sold property was 4 years ago and looking at our valuation this seems to be where they've got their figure from.

Have you asked them where they got their figure from?

I recently got a mortgage with YBS and their valuation was low. When I asked them about it, they said that the valuation was for the price expected from a quick sale if the property was repossessed, not the price expected from a normal sale at full market value.

amnblog

Lenders instructions can be panelled out to any valuer. For example, a Lender like HBOS will tend us use their own from Colleys, but if there is no availability when needed they will pass the case to an alternate firm.

ACG

Its just a case of asking the lender who they use. Although as amn says its not a guarantee it will end up with that firm in all cases.