Propert Valuation Zero!

MrMPViral

Hi everyone,

Hope you are all well. Major headache at the moment! So we are porting our mortgage with Nationwide to another property. We are upsizing to a bigger property.

Application went fine and then the valuation got done on the 6th, we have had this come back to our mortgage broker who has told us the property has been valued at £0!

There is nothing wrong with the property, it is due to the property being on the opposite side of the road to a public house. It directly faces the car park of the public house to be precise.

We are shocked as we really wanted to stick with Nationwide to avoid paying a fee o £1700 to go with another provider.

We have put in an appeal but are highly doubtful this will do anything.

We are now concerned that all lenders will reject us due to this. Any suggestions?

This is our dream home and we do not want to lose it.

amnblog

A 'zero' valuation, means the valuer does not consider the property suitable security for the Lender.

The suggestion would be to speak to other potential Lenders about the property to get a feel for their view before putting an application in.

eleanordunhill

This happened when we bought our house. Our broker was brilliant and manged to speak to the lender to gain a copy of the valuation report. Turns out it's because the lender had identified that the extension may be mundic block (plus a couple of other issues flagged up which they wanted to see reports for prior to committing). We had the mundic block test done which luckily came back clear and had the other surveys done which they also requested. After they were satisfied they revalued the property at the price we had offered and lent to us. It is worth asking your broker or your lender what the issue may be. Good luck with it all!

ACG

I agree with amn, some lenders will allow you to send in a google map link of the property to get an idea prior to an application.

No harm putting in an appeal but it is unlikely they will overturn it (or waive the ERCs).

eleanordunhill

eleanordunhill wrote: »

This happened when we bought our house. Our broker was brilliant and manged to speak to the lender to gain a copy of the valuation report. Turns out it's because the lender had identified that the extension may be mundic block (plus a couple of other issues flagged up which they wanted to see reports for prior to committing). We had the mundic block test done which luckily came back clear and had the other surveys done which they also requested. After they were satisfied they revalued the property at the price we had offered and lent to us. It is worth asking your broker or your lender what the issue may be. Good luck with it all!

Sorry i just re-read your original post and just seen that the lender had already advised you the reason for the zero valuation.