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Desktop survey rip off
Maggiecat2009
Posts: 2 Newbie
Had a mortgage approved with Halifax. ‘Survey’ being carried out today on property we’re purchasing. Informed today by our mortgage broker they’ve devalued property by 6k. Found out also they did a desktop survey and did not even visit the property which cost us £200 - for what!??? They don’t even give any objective feedback or a report. I feel so short changed and nothing for me or the vendor to go by!! Not happy.
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Comments
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Perhaps the property is overvalued
You can try and appeal, but are you sure the property is worth it, if it is, you will have to fund the short fall"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Property is overvalued, simple as that.0
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It hasn't been 'devalued' by the Halifax, the vendor is asking too much money for it.
You paid £200 to find out that the property is worth £6k less than you thought - surely that's a bargain?0 -
they are currently saving you £5800An answer isn't spam just because you don't like it......0
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That's not a survey. It's a valuation.Maggiecat2009 wrote: »Had a mortgage approved with Halifax. ‘Survey’ being carried out today on property we’re purchasing. Informed today by our mortgage broker they’ve devalued property by 6k. Found out also they did a desktop survey and did not even visit the property which cost us £200 - for what!??? They don’t even give any objective feedback or a report. I feel so short changed and nothing for me or the vendor to go by!! Not happy.
What level of survey did you think you'd booked? Or were you just going with the lender's valuation...?0 -
My point is it’s a simple yes or no for £200 with no objective reason why. Vendor not willing to go lower.0
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even if they visited the property you would get a simple yes or no with no real further explanation. They don't work for you (even though you pay for it)0
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I don't think you understand the point of the lender's valuation - which is all you appear to have.Maggiecat2009 wrote: »My point is it’s a simple yes or no for £200 with no objective reason why. Vendor not willing to go lower.
It's ONLY for the lender to confirm that the property's decent security. No more.
It's not a survey. £200 does not buy you a survey. You want a survey? Pay for a survey.0 -
And to really upset you the valuer was probably paid about £40 for the report you have been charged £200 for.0
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That was not a survey. And it was not for your benefit.
The mortgage lender wanted to know if the property was a good risk for them to lend £X00,000 on.
Their Valuer has said no.
You can now proceed and find the extra £6K yourself to cover the reduced mortgage loan, or convince the seller to reduce the price,or walk away.0
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