Valuation challenge

guy_bagnall

I had a valuation done for my flat and it came in at £510k compared to the Zoopla figure of £667, which itself did not take into account there is a 15 sq m terrace around three sides of the flat, so I would estimate the value is probably £20k or so higher than the Zoopla figure. The rental value was estimated at £1950 despite it currently being rented at £2167.
My advisor said there is no point in challenging the valuation - and I guess many others will have had this issue.
I wonder why there seems to be no effective appeal against what appears to be a relatively arbitrary and unprofessional practice, which I have to pay for?
Why are valuers not subject to being accountable?
Their attitude can be arrogant, which seems likely to be related that it is not easy to question their valuation - and it would be better for the consumer (who pays the bill) if there was a process of accountability involved - a change which should be incorporated into their practice.
Do others feel the same?

[Deleted User]

[QUOTE=guy bagnall;76494157
Why are valuers not subject to being accountable?[/QUOTE]

They are accountable. Just not to you. They are accountable to the people that employ them and that is the lender. They don't work to get you the best valuation possible. The work for the lender to give them a figure they would expect to get back if they had to take possession and achieve a relatively quick sale.

Maybe the valuer feels through research that the rent is too high and if it was rented again it would struggle to get that figure.
Maybe the valuation has been done to account for possible fall in house values in next few years. The lender may have directed the valuation company to be harsh on anything above a certain number of storeys as they are over exposed in that area at the moment and they want to discourage risks.

Ultimately the valuer does his/her job for the lender based on the lenders criteria. Nothing more, nothing less. Whether you agree with it is not something that they can take in to account as you are not the client.

BoGoF

What makes you think the zoopla valuation is accurate? They are not valuers.

What type of valuation was it? A mortgage valuation?

davidmcn

Their valuation is far less arbitrary than anything on Zoopla, which is basically just taking house price indexation for a whole region and applying it to the last sale prices. You'll need to find more specific comparisons from recent sales of similar properties in the area.

csgohan4

guy_bagnall wrote: »

I had a valuation done for my flat and it came in at £510k compared to the Zoopla figure of £667, which itself did not take into account there is a 15 sq m terrace around three sides of the flat, so I would estimate the value is probably £20k or so higher than the Zoopla figure. The rental value was estimated at £1950 despite it currently being rented at £2167.
My advisor said there is no point in challenging the valuation - and I guess many others will have had this issue.
I wonder why there seems to be no effective appeal against what appears to be a relatively arbitrary and unprofessional practice, which I have to pay for?
Why are valuers not subject to being accountable?
Their attitude can be arrogant, which seems likely to be related that it is not easy to question their valuation - and it would be better for the consumer (who pays the bill) if there was a process of accountability involved - a change which should be incorporated into their practice.
Do others feel the same?

That's why they don't ask you to value the house, as you have a conflict of interest, they ask an independent valuer for fairness to both parties