Appealing down valuation lies

Tinkerbell109

Has anyone successfully appealed a down valuation and won? We are in the process due to having our own paid for valuation done the week before the banks (the problem we have is ours we had done is what we have to pay the government the % back on)

The banks is how we get the LTV his is 15k lower so we are paying the government back 3k more and according to the back suddenly now have less deposit so we lose both ways!!!

Also the banks survey states the environmental agency deem it to be flood risk. Which I've phoned them and got proof this is a lie. I also paid when we move for comprehensive flood risk searches that prove we are not flood risk.

At the moment I've been told due to our comprehensive survey which shows 3 comparables how they got to the first amount. And the fact I've disproved the flood risk that it is been invesgated.

However reading the forums on here (and driving myself mad all weekend) I've read its unlikey the surveyor will admit hes made a mistake and valuations rarely get overturned.

Just wondered if anyone had actually ever managed it. I feel I have good evidence but I'm not sure it will matter and might just be fighting a losing battle.

MovingForwards

Who is the lender? As without that no one can say if they have as each lender that's their own rules.

ACG

A lie? Not a mistake then?

I have never in 7 years had an appeal overturned. Some of them I have written war and peace and given a folder worth of evidence to support it - still not overturned.

Tinkerbell109

Well mistake or lie still has the same effect for us. This is also why I didn't name the lender or surveyor as if it is a mistake I wouldn't want to tarnish their name.

So even if its a mistake we have lost 15k of our technical deposit that we have overpayed in the last few years and gone without scrimping and scraping to get to a decent deposit?

Its just screwed us every which was as like I mentioned our independent survey we had to have done to send to target its 15k higher so we've got to pay the government 3k more but then can't get the same LTV from the bank. Seems very unfair. We may as well of not overpaid our mortgage. As we have pretty much thrown 15k down the drain. Even though the survey isn't right awesome Christmas present to lose money 2 weeks before.

Thank you though for your reply I was getting my hopes up as I was told I had a good case but after what you said about the evidence doesn't look like they will admit mistake.

kingstreet

Change lender ensuring you select one which uses a different firm of surveyors for its mortgage reports & valuations?

As a matter of interest, why do your RICS survey for Target first?

Tinkerbell109

The bank said we needed it so they could see what amount we required for agreement in principle. They said without it they didn't know what amounts we was looking at so they required that first. Im looking into other lenders I've just been told a lot of banks use the one we've had

Voyager2002

Why on earth are you paying tax based on a valuation rather than the actual selling price? Both SLDT and IHT are charged on the price the property actually achieves.

RelievedSheff

If you had not overpaid you could well be in negative equity now and facing a whole host of other problems. So look on the bright side.

Things are not as bad as they could have been.

Tinkerbell109

We are not selling just paying it back before interest kicks in

getmore4less

On £165 and £150 they are within an acceptable range for a guess.

First one may have erred a bit hight to get the purchase price much more likely to be accepted by target

Second a bit low to protect the lender.

agree with KS why did you not get the mortgage valuation first?

You have not thrown £15k down the drain those are just paper valuations.
You may be out £3k max ATM but until you sell you won't know how much going new build has really cost you.

What is the difference in rate between 75% LTV and 85% LTV
Some lenders it is not much.
(82% on £150k that's borrowing £123k which would be 75% on £165k)

on £123k mortgage for each 0.1% over 5years is around £600




No need for 2 threads on the same topic.
https://forums.moneysavingexpert.com/discussion/6078703/2-rcis-surveys-differ

Tinkerbell109

Thanks. Its more the fact it says the house is worth the 165 however due to the environmental agency that's why he devalued it. It actually states that. However we aren't at risk of flooding less than 1% ( I've phoned the environmental agency to confirm)

If it was just the house had dropped in value I'd understand. Its the reasons given that I have more issue with.