How Do I Obtain A Lenders Valuation Report

et_tu_brute

A valuation report was required by my new lender which I paid for.

I was given no information on the surveyor's name so cannot check if he is RICs registered.

I was verbally given two valuation outcomes but never got to see the actual report. I understand that the lender is under no obligation to share the report with me.

However, I had a local estate agent with lots of knowledge of what has sold in my area and for how much and he scoffed when I told him what I was told the valation was.


Basically, the house seems to be worth a good £189,000 less than I was told.



As it was a Buy To Let Mortgage I had to pay higher rate stamp duty. So the stamp duty I paid (possibly as much as £15,000).


I would like to be able to address this discrepancy and claim back for any excess stamp duty paid. But I cannot do so without a copy of the report. Every time I ask the broker that arranged the mortgage for a copy of the valuation report, the response is that the funders never release the report and even he never got to see it.


Does the discrepancy with the valuation and how it may have affected the Stamp Duty give me sufficient grounds to maybe approach the lender directly and request an exception to their rules?


I do not wish to ruffle any feathers, especially if this puts me in disfavour with the lender. What are my rights? Does anyone have some guidance or where I should go next?

BoGoF

You know your rights.....you are not entitled to see it. Even if you did what benefit do you think will come of it?

If you paid over the odds for the property then no report showing it is worth less is going to let you claim SDLT back.

[Deleted User]

The stamp duty is based on the price you paid, not on any valuation given to the property.

davidmcn

et_tu_brute wrote: »

What are my rights? Does anyone have some guidance or where I should go next?

You have the right to feel buyer's remorse. You should probably find something else to take your mind off it. If you had no idea what the market value of the property was then you should have got your own valuation. You have no right to get a refund of stamp duty, or of anything else.

Comms69

Hold up, you started a business without any due diligence?

redman1989

Quite unusual.. i have had copies of two application reports with no issue what so ever and I'm with an Adverse lender, if your paying for it then surely you had a right to see it?

davidmcn

redman1989 wrote: »

if you're paying for it then surely you had a right to see it?

No, it's fairly commonplace for lenders not to share it. Not that it would really help the OP anyway, as the valuation was purely for the lender's benefit.

SuperHan

A higher lender valuation is a good thing. It reduces your loan to value, and gives you better mortgage rates.

If you paid too much and didn't get your own valuation done (any surveyor could have done it - did you get a survey?), then this is on you.

There is no liability for anyone else for you paying over the odds.

diggingdude

would paying but not being allowed to see constitute an unfair contractual term? (thats me clutching at straws for you)

davidmcn

diggingdude wrote: »

would paying but not being allowed to see constitute an unfair contractual term? (thats me clutching at straws for you)

In short, no. There wouldn't be a great deal to it, other than the value - so I expect anything the OP hasn't seen is uncontroversial and already known by them anyway.

Similarly, if the lender is separately represented then you'll generally be paying their legal costs too. Doesn't mean you're entitled to see their solicitor's file.

csgohan4

you can of course raise a complaint.. with yourself for overpaying on it, buyers remorse.


Did you factor in the over paid value into your business plan?