New Build 10% Downvalue

Leinster6

Hi All,

I'm trying to purchase a new build for £332,995, with a mortgage from TSB. The valuer has valued the property at £300,000 and from the comments I can see this is because the roads will not be adopted, however, the developers have shown the valuer a Section 38 to prove that they will be.

Three similar plots have all had mortgages offered at full value by Nationwide, Santander and the Skipton and I am appealing the valuation on the basis the valuer has ignored the evidence of the Section 38. Also comparable properties in phase 1 of the development sold for £315,000 over a year ago, accounting for house price rises of ~8% in the area the purchase price seems reasonable to me.

If my appeal is unsuccessful what should I do next?

Many thanks in advance

davidmcn

I would have thought the roads adoption is just an incorrect assumption which the solicitors can sort out i.e. "please revalue on the assumption that the roads are prospectively adoptable rather than not".

Leinster6

davidmcn wrote: »

I would have thought the roads adoption is just an incorrect assumption which the solicitors can sort out i.e. "please revalue on the assumption that the roads are prospectively adoptable rather than not".

Cheers - I am pressing with the appeal, however, not sure that roads adoptions accounts for 33k of valuation!

What other lenders use different valuers?

davidmcn

Leinster6 wrote: »

not sure that roads adoptions accounts for 33k of valuation!

No, I doubt it will make that much difference.