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Mortgage Valuation challenge
kingmaker887
Posts: 2 Newbie
I've just had my house valued and its stereotypically been undervalued - Generally, I wouldn't consider contesting but we are currently remortgaging to buy a new property. The estimated value was 550, and I was expecting around 500-520 but we've been given 470. Now since the number of houses in our street being sold has skyrocketed, I have ample evidence of smaller less well kept houses being sold in the past 6 months or so for between 500-550, in addition the land of our house is about three times the size even though its on the same road. Is there any point contesting the valuation ?
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Most probably not, remortgage valuations always tend to come out lower.0
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Does the valuation make a difference to whether they'll lend or whether you're over their max LtV, and at what rate?
What LtV are you looking at against £470k valuation?0 -
"Sold" as in completed sales with the actual registered sale price being available? Because that is largely the sort of evidence the surveyors are working from.kingmaker887 said:I have ample evidence of smaller less well kept houses being sold in the past 6 months or so for between 500-5500 -
Yes, there is EA "Sold" and really "sold"..0
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Also they are basing valuations on the general expectations that the market will slump later this year once the SDLT holiday is over and the various Government support schemes end. Company insolvenices and redundancies are expected to increase.
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Sold as in sold registered price available - which is why we were surprised, I can understand if it was just like sold on Rightmove but registered makes no sense - we've also had an independent surveyor look at it as well and their estimate was between 515-530davidmcn said:
"Sold" as in completed sales with the actual registered sale price being available? Because that is largely the sort of evidence the surveyors are working from.kingmaker887 said:I have ample evidence of smaller less well kept houses being sold in the past 6 months or so for between 500-5500 -
Banks are naturally being cautious with their valuations, it's their money after all, and there is the mid and long term to consider with mortgages.
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