Countrywide. Have I wasted my time?

77588p

Hello all.

So we bought a new build 2 yeare ago. We originally applied for a mortgage through Nationwide but at valuation stage Countrywide down valued the new build. It was the first to sell on the estate. It is only a small local developer so all of phase 1 was built before going on the market.

We bought for 147k
Countrywide valued it at 137k

We then applied through Leeds who used Esurv and they valued it at 147k

Since then more properties sold using different valuers and all come in at full value.

Now we are remortgaging with HSBC and have just had a text to say the application is at offer stage subject to valuation and they are sending it Countrywide.

Have I just wasted my time with HSBC? Will the previous valuation still be on their records? Will it likely be the same valuer?

Feeling very dissapointed. Had great news thinking we were nearly there and now we feel deflated.

Thanks

glosoli

Times change, there is now more comparable information on the surveyor to base his valuation report on. Have you calculated how low the valuation would have to be for it to have an impact on what it is you are looking to do?

77588p

Hi, thanks for your response.

We put the mortgage valuation at 147000 which is what we paid 2 years ago. Houses on our estate range from 149000 to 143000. Nothing has sold lower than that.

There are 2 coach houses that sold for 100k each but assuming they can be excluded.

We can come back with anything from 140000 upwards to get the deal that we want.

Would you actually tell the surveyor that? Hoping if he is going to down value he wont take it below the 140k mark?

Biggest down side is there are only 2 houses that show on the land registry as being sold (despite 10 houses selling). Nobody on the estate knows why. The 2 houses are my house 147000 and one 4 doors down for 149000.

Thanks for your help

glosoli

Based on what you are saying despite your previous experiences I would be confident with things progressing as planned, particularly because there is a bit of leeway if it gets down valued slightly.

You could try your luck and mention it and maybe offer him a cup of coffee too but I don't think it would make any difference however! Let us know how you get on.

77588p

Thank you I will let you know. May be a few weeks yet because we are about to take a short trip and wasnt expecting the HSBC mortgage to progress so quickly.

If anyone else has any thoughts do please share

Lambpie

A surveyor will not be influenced by anything you say and it could even be counter intuitive as they even have duty to report any undue influence back to your bank for mortgage fraud.

They should value as today's prices using the best recent comparables. So even if it is the same surveyor they will just value the house its not personal to you. It may not be the same surveyor especially if you live in a city.

You can appeal the valuation and provide your own comparables but it is not often sucessful

77588p

Thanks for this. When i called to arrange the appointment for 14th April they told me the surveyor was on holiday but they had a replacement. Hopefully that means it will not be the same guy as before.