Nationwide Valuation Appeal.

Thrugelmir

Try another lender. 

MsW

I totally feel your pain. Please let us know if you get to renegotiate your offer price.
I had an offer accepted on a property of £110,000  a month ago. I'm using a mortgage advisor and going with Natwest. Today they came back with a desktop valuation of £80,000! I'm blown away. It's a 95% mortgage so there's no extra funds to invest. I'm hoping my advisor can appeal the valuation and ask them to visit as it's an empty renovated property.
Although on reading this thread I may consider my options and wait a bit longer. I really love the house and am in rented at the moment, so do need to move fairly soon. It's so confusing!

Dreamingandimpatient

MsW said:

I totally feel your pain. Please let us know if you get to renegotiate your offer price.
I had an offer accepted on a property of £110,000  a month ago. I'm using a mortgage advisor and going with Natwest. Today they came back with a desktop valuation of £80,000! I'm blown away. It's a 95% mortgage so there's no extra funds to invest. I'm hoping my advisor can appeal the valuation and ask them to visit as it's an empty renovated property.
Although on reading this thread I may consider my options and wait a bit longer. I really love the house and am in rented at the moment, so do need to move fairly soon. It's so confusing!

How frustrating. When did you have your valuation and how long did you have to wait to hear about the result ? I’ve had my valuation and we’re having to wait as it’s gone to the underwriters.  Also had a desktop valuation. I worry that they’re all coming in under valued now !!! 

Thrugelmir

With a 95% mortgage on a renovated property there's insufficient leeway for a lender to make a desktop decision. Needs a trained eye to look at the quality of the build work etc. 

MsW

Thanks both for your comments. The mortgage application went in on 31st March and I heard about the valuation today. So I'm not sure when they did it. I am hoping they will reconsider and visit the property to do a valuation. However they wrote the following st the end of the correspondence sent to my mortgage advisor, so I'm not feeling too hopeful now...
"02/04/2020 Update:

We are working closely with our surveying partners to identify and develop alternative methods of providing  valuations, without having to visit the property.

We have launched a Desktop Valuation model through Legal & General Surveying Services  (LGSS)  for use when physical and automated valuations are not possible.

Current volatile market conditions are likely to be reflected in the valuation amount

·         It is not possible to appeal a Desktop Valuation and the Post Valuation Query process (PVQ) does not apply."

[Deleted User]

MsW - I think the desktop valuation in your case just wont work for you. They would look at what was paid for the house pre renovation and just add on according to market trends, not taking into account all the extras/ upgrades that have been made. Plus of course in these  uncertain times means noone is taking chances. As you applied for 95% and now most are offering 60% max, means they have to reduce their risk somehow which seems to be reflected in large down valuations. 

Niklas33

Hi an update.
I have renegotiated the price and we're good to go i am just waiting on their solicitors to send the contract pack to mine, i have received my mortgage offer and it needs to be signed etc do i do it now or wait until the pack has come?

MsW

Hey that's fantastic news! Congratulations Niklas33! Out of interest how much did the house price change?

Niklas33

£11,750

[Deleted User]

hey thats great news !