Mortgage surveyor valuation

Soseller

Hi all
Hoping someone can help and put my mind at rest. My buyer has had their mortgage valuation and it has been downvalued by £50,000. This is ludicrous and lower than I paid 5 years ago in an area that is booming. I have had my own surveyor and 2 estate agents confirm the price is correct and the mortgage surveyor is wrong. An appeal has been put in with the lender what are the chances that the figure will be re-evaluated.
Has anyone had any experience of this before

Thanks 😊

kingstreet

Experience suggests highly unlikely unless the comparables submitted with the appeal strongly support it.

Soseller

Thanks its so frustrating when 1 Rics surveyor and 2 estate agents all locally based are telling you 1 thing and a surveyor from another county is telling you another and they only listen to the 1

Thrugelmir

Any reasons behind the down valuation?  Was the surveyor working for the purchaser or their mortgage lender? 

Soseller

Hi
I've not been given any reason, the surveyor is working for the lender. It makes no sense whatsoever, so frustrating!

Redwino222

Can the buyer proceed at the original price?  Are they pushing for a reduction?  

At the moment it is their problem unless they are making it your problem.  

Soseller

The 1st step they have been advised to do is appeal the valuation, this is what I am wondering if its a feasible option, what is the likelihood of them amending the valuation

They are making it my problem at moment, because they know we are so close to completion on the chain and I don't want to lose my house that I am buying. The difference is so big surely there is a process for these sort of cases

davidmcn

How much is £50k in the context of the price?

Soseller

330 instead of 380

[Deleted User]

Most lenders wont allow an appeal unless rhe surveyor made an error and valued wrong number of bedrooms or wrong detached type.

The surveyor holds the liability for that valuation to the lender.  No one you have got a valuation from has any liability so the lender wont take their opinion. 

The client can either find a new lender or maybe pay for a new valuation with the same lender depending on their policy. 

Im not sure why a buyer would be bending over backwards to get a higher valuation though. They have had a professional tell them the value and you have had a professional tell you the value. So 2 professional surveyors/valuers disagree. 
(estate agents aren't qualified and are sales people so lenders will ignore their valuations) 

Redwino222

I would push back and advise them to try a different lender.  

I wouldn’t take a £50k hit