Morgage Valuation help

Dave_Derby

Recently I put a deposit on a new build property and all was going great until the Mortgage valuation by EServ.
The Surveyor attended the appointment at the sales office on the development, asked a couple of questions to the sales advisor and then left the site.
I get a call from my mortgage advisor a few days later saying the property has been de-valued by 15K meaning there is an issue with my mortgage now.
In the report the surveyor states:
"I was unable to access the site" yet there is a public footpath right in front of the house
And in the next paragraph...
"My valuation is based on visiting the site"
Is it usual for surveyors to be cowboys and not even view a property?


I am now in limbo with my new house and have no idea what is happening. If the valuation stands I have got to find another 15k to purchase the house!!!

Crashy_Time

Offer 15k less.

eddddy

As a starting point, tell the developer that your lender (and esurv) has valued the property at £15k under your offer price, and you cannot (or don't want to) make up the £15k shortfall.

And see what they suggest.

This is likely to be a big problem for the developer. Esurv do valuations for many lenders.

And esurv will have recorded their valuation for that house on their database - so other buyers, with other lenders who use esurv, will all get the same low valuation.


(The developer might suggest that you go to a different lender who doesn't use esurv - but that's up to you. You might prefer to try to negotiate the house price down instead.)

Dave_Derby

Is it usual for a Surveyor to not even bother looking at a house?


I had one come to value my current house and he looked in every room, the garden, garage etc.


They are not going to drop it 15K when the house 2 doors down was valued at 5k more than the eserv valuation and the plot is 3 times smaller than the one I am trying to buy

eddddy

Dave_Derby wrote: »

They are not going to drop it 15K when the house 2 doors down was valued at 5k more than the eserv valuation and the plot is 3 times smaller than the one I am trying to buy

Out of interest, how do you know that?

If it's the same size/design of house, I'm not sure that plot size will have a major impact on the valuation.

Was it esurv that did that valuation? Also, how recent was it?

Dave_Derby

They have told me they will not drop it that much.
Was not Eserv and was carried out in the last few weeks

davidmcn

Dave_Derby wrote: »

Is it usual for a Surveyor to not even bother looking at a house?

If newbuild then there's probably not much point, as the assumption will be that you buy it once it's complete (if it isn't already) and without any significant defects. The valuation will mainly be on the basis of floor area, location, and evidence from previous comparable sales. Perfectly normal to carry out a valuation while the house plot is still just a field of mud.

AdrianC

Dave_Derby wrote: »

In the report the surveyor states:
"I was unable to access the site" yet there is a public footpath right in front of the house
And in the next paragraph...
"My valuation is based on visiting the site"
Is it usual for surveyors to be cowboys and not even view a property?

He visited the site. He was unable to access the plot/property.

What stage of build is it at?

Crashy_Time

They are probably doing you a favour TBH.

Dave_Derby

AdrianC wrote: »

He visited the site. He was unable to access the plot/property.

What stage of build is it at?

Outside is complete apart from the fence around the garden and they are doing the wiring/plasterboarding internally

AdrianC

Dave_Derby wrote: »

Outside is complete apart from the fence around the garden and they are doing the wiring/plasterboarding internally

Which explains why they wouldn't let him access the property. It's a live building site.