Property Valuation Survey by Lender has inaccurate information - what are my options

lotuspb

Any experts here for property valuation survey, please help!

We’ve bought a house in 2017 and fully refurbished the property with new internal layout of open plan living area with rear extension and bi-fold opening into fully landscaped garden. Property is in quite a modern state with smart home controls and all services brand new. New Driveway, new kitchen, new bathrooms, new boiler, plumbing and electrics etc.

Now at our first re-mortgage, we asked lender for valuation of the property and they did send surveyor who has done basic survey (counting no of rooms etc) and quoted value of house for re mortgage purpose which is quite low than Zoopla. However I also noticed in valuation report (“property risk assessment for mortgage”) , it’s quoted state of property “average” and mis quoted no of parking spaces = 0 where in drive way can accommodate 4 cars. While approached the lender for valuation appeal they simply refused to consider the appeal with a reason that “As this is a remortgage and an internal inspection has already been carried out there are no rights to appeal” as per their policy.

I simply feel that due to error on surveyor part, it’s ultimately down valued property a lot and affecting the ability to secure required borrowing.

What are my options?

chunkytfg

Could you try and mention that you're not looking to appeal merely point out that the survey is actually wrong on many points and requires being carried out again by somebody with an ounce of competence.

Failing that remortgage with someone else?

Thrugelmir

lotuspb wrote: »

We’ve bought a house in 2017 and fully refurbished the property with new internal layout of open plan living area with rear extension and bi-fold opening into fully landscaped garden. Property is in quite a modern state with smart home controls and all services brand new. New Driveway, new kitchen, new bathrooms, new boiler, plumbing and electrics etc.

Trouble is 20% of that spend will be accounted for by VAT. A new drive isn't worth much more than an old drive. Likewise kitchens, boilers, bathrooms etc aren't valued. They are standard fittings in a house. Once fitted, they become second hand. Landscaped garden is nice but a luxury. Bi folds are extremely expensive likewise a personal luxury. .

If the property is sold in a hurry. Your added value hasn't paid for itself. That's what matters to a lender.

lotuspb

Thanks, I did tried raising appeal but that was declined. Can there be any other options to ask for correction.

lotuspb

Thanks and I totally agree about Vat n Luxury items may not be counted in re mortgage valuations, however have a feeling that Survey report showing incorrect information could have led to some part of down valuations. Thing is since valuations are initiated by Lender, I don’t have a say on it and they now don’t accept appeal. Any other options to get correction done?

silvercar

What is the difference to zoopla(assuming you haven't pumped up zoopla by adding room details to it)? How does it compare to what you paid in 2017?

You could put in a complaint based on factual items like the number of parking spaces.

lotuspb

When added all refurbishment details and cost , zoopla updated price based on their valuation method. Zoopla and surveyor valuation difference is more than 100K. I take that due to market sentiment and other factors lenders do valuation more conservatively than estate agent or Zoopla but difference is huge and on top the incorrect things on survey valuation report dragging down the valuation that what I fear....

LRmortgage

If you think it’s that wrong, apply to another lender who use a different surveyor.

brit1234

Property upgrades to fixtures such as extensions & kitchen refits oftern add value in a rissing market. However we are increasingly in a property down turn & money spent on upgrades rarely recovers it's value in these circumstances.