Valuation Appeal with Connells?

paultuk

Hi Ladies and Gentlemen!!


I have a scenario here for you in which i'm looking for some guidance on?


I'm looking to rent out my home as a holiday let and release equity from it in which I will put towards a new home for my family and I to live in. Our house is a period property in which is located in a popular location visited by tourists. Similar holiday cottage properties ask for weekly rents of circa £800 throughout the year on average.



The property we are looking to purchase is to the point where the valuation has been passed and mortgage offer has been given.


Our own property has recently been Valued lower than we expected in which means we now have a shortfall on our numbers. This is where it gets complicated....


The Lender on the Holiday Let (Furness Building Society) instructed Connells to perform the Valuation. The valuation came back at £350k whereas we were hoping it to be circa £410k


Three Estate Agents (yes we know they arent Chartered Surveyors) all put the property at around £410k-£425k which fits nicely with other similar properties in the area.


12 months ago during a full refurbishment we remortgaged our property and had a valuation done at that time which came back at £350k. Bearing in mind the property was a building site with floors torn up, walls with no plaster on etc etc


12 months on the house is finished and completed to a high specification with now an additional bedroom surely the new Connells valuation should reflect a higher price given the work we have done?



Basically what i'm getting at is this......


Where do we stand at getting this valuation revised? We know that there is at least one error on the valuation i.e. the overall size of the property is incorrect. The house is in fact 10% larger than the value on the report in Square Metres.



We have submitted an appeal to Furness along with 3 x Comparable properties sold in the last 3 months in which Furness have rejected.


The only lender that will take on our sircumstances is the Furness so we need to see if we can increase the valuation if at all possible?


Can we challenge this is any way or request an alternative surveyor?
We have heard from other agents that the particular Surveyor who did the valuation is known in the area to low ball property values?


Thank you in advance for your time taked to read my post and any advice you can offer!!!

[Deleted User]

I've had the same situation this last few weeks. Surveyor is known to lowball and he's done it again. I asked if we can pay for a new valuer to come out for a 2nd opinion.
Got rejected by helpline, went to my account manager and they said no as well, I called rhe valuer as I found his mobile and he just said he valued inine with lenders criteria.
My only choice was to move lenders.

Furness is a very obscure lender for it to be your only option. Nothing more mainstream able to take it?

davidmcn

paultuk wrote: »

12 months ago during a full refurbishment we remortgaged our property and had a valuation done at that time which came back at £350k. Bearing in mind the property was a building site with floors torn up, walls with no plaster on etc etc

On what basis though? Were they literally valuing it assuming the works were abandoned halfway through (which seems unlikely to me), or were they assuming that the works would be completed?