Yet another house downvalued by countrywide surveyors

amnblog

It's often on the Forum as valuers are conservative with figures offered on remortgage.

That's the way it works.

It's nothing to do with Countrywide being 'clowns', nor you, your local Estate Agent, or your existing lender, 'knowing better'.

It's part of the deal that borrowers with tight loan to values rarely get the result they imagine on a remortgage valuation.

You can of course 'tell them to shove it' and they can then lend the money to someone else.

class2ldn

Listen, if other valuations had come back the same then fair enough but there nothing to give them that price.
No houses have sold for that cheap recently and like I said its been proven they do this on a regular basis, you'd think you lot are sponsored by them the way you seem to defend them.
It's blatantly obvious what they are doing as again you can see here, bit of a pattern here
https://www.reviewcentre.com/reviews239734.html

kingstreet

class2ldn wrote: »

There's even a house which is virtually identical just sold for 285k

When? Is it on the Land Registry figures yet?

Surveyors use comparables. The recent (last four months) sold prices of similar property in the vicinity (0.5 miles or less).

Look here;-

http://www.rightmove.co.uk/house-prices.html

and see if there are comparables which make your argument. You will need three to successfully challenge a valuation.

We administer hundreds of applications a year and we see no greater proclivity in Countrywide to downvalue than we do with any other corporate surveyor.

class2ldn

So the people above are making it up are they? Come off it.
The ones sold in my street are not on there yet unfortunately.

kingstreet

If you are suggesting I'm some kind of Countrywide cheerleader, you're a long way off.

I'm reporting from a firm of mortgage brokers which arranges hundreds of mortgages each year and we have no greater issue with Countrywide than we do with Connells, E-Surv, L&G Surveyors and so on.

class2ldn

The closest match I can find is a house which is identical in layout from the pictures and is a 2 bed sold for 260k in July 2016.
It's last sale was 195k in 2013
33% rise apparently
Ours was last sold in 1999 for 78k and we bought it for 246k in October 2015
They are basically moving us from 79% to 85%

Theguywhovapes

class2ldn wrote: »

So how can 2 different lenders come up with a 20k difference?

Did your current lender actually go out and survey the property? Or did they use an index linked valuation? If so these figures only provided some guidance and aren’t always 100% accurate.

class2ldn

No they didn't survey it but like I've said its in line with what other houses are selling for.
Sorry but 20k is a big difference

Crashy_Time

class2ldn wrote: »

Why do they have to drop? The Crawley area is constantly being developed and there is a constant demand on housing from people who work at the airport.
It's a very popular area and one where the house prices have grown a great deal in the last 2 years.
Doesn't alter the fact that the valuation is plain inaccurate
There's nothing in the slightest to suggest them prices and if houses in the same road are selling for the valuation we believe then there's definitely something amiss.
I've not found 1 good review of countrywide, this isn't me being unrealistic, 3 bed houses are selling for well over 300k so where they've plucked out 265 for a 2 bed from I don't know, we check zoopla regularly and no house has sold for 265 in our road or locally atall in the last 2 years, the minimum was 280 and that was a year ago.

When you say "work at the airport", what kind of jobs/wages do you mean?

Mortgage_Adviser

Is there an appeal route available with Nationwide?