Valunation - Advise please re surveyor

Sophie8916

Hi All,

I have done a few posts on here...

I bought my flat in 2015 for 155k, it is a 2 bed ground floor on south coast in desirable location. We have done work to it and I accepted asking price offer of £180k.

The buyer is doing a BTL mortgage and has properties all over, today, on behalf of the lender, Valunation sent a surveyor to look at my flat, comments below..

"£180k is really high end price, you may be lucky and scrape through but cross everything"
"No one wants to buy flats, I mean why would you? you dont want to be cooped up in a flat you want to have a garden"
"Other flats in this city sell for about £160k"
"you only have a lease of 83 years? wow I wouldnt have bought that"

The buyer is aware of the lease and paying to extend it, what happens now? 3 other local surveyors have done a RICS survey on others in our small block (12 flats) and valued it all around £180k/£185k. If they downvalue it, does it mean the lender wont lend and it just falls through?

Windofchange

As in a professional RICS valuer wrote a report like that, or someone you found down the pub / whoever the heck valunation are!? If I’d commissioned a valuation report and it came back with lolz mad bants about the price bruv, I’d be wanting my 500 quid or whatever back. I’m speaking from the buyers perspective and yours. Surely nobody professional has used language like that in a report for the bank?

Windofchange

This all links to what happens now. The RICS valuer Will state a price, not a load of wow I’m amazed at that as I’d never have brought it, which leads me back to who on earth has sent this as a professional report! 

The bank would ordinarily take that single price and lend accordingly. Not sure any financial institution is going to touch a valuation report like that!

RAS

Were these informal comments whilst they were on site, rather than in the valuation?

Sophie8916

RAS said:

Were these informal comments whilst they were on site, rather than in the valuation?

That’s right, I’m worried based on his comments he may now downvalue and I’m worried what he meant by “you may be lucky and scrape through but it is high end”. My buyer is doing a buy to let - don’t know if makes things easier?

Thrugelmir

Did you engage the surveyor in conversation? Normally they quietly get on with the job and are soon gone. 

Sophie8916

Thrugelmir said:

Did you engage the surveyor in conversation? Normally they quietly get on with the job and are soon gone. 

Hi, it was all a bit strange he had started a convo and said about how he viewed my neighbours flat next door but one and that it failed valuation then went on to everything else…

Tracet74

Wow! A surveyor should not be commenting upon a valuation whilst on site as they cannot have carried out their due diligence.  Also, if you can ascertain which neighbour he's referring to, that's a breach of GDPR! He's acted incredibly unprofessionally and I'd be flagging it with Valunation

Ramouth

I understood it as the valuer made those comments to the OP in person rather than in the report.  I think the OP is concerned about what the report will say on the basis of this but has not actually seen it or heard from their buyer about it yet.  

Is this correct OP?  If so try not to worry too much until you have to.  If you are confident about the value based on other sales in your block then it may just be a case of the valuer not having done enough research yet. 

Sophie8916

Ramouth said:

I understood it as the valuer made those comments to the OP in person rather than in the report.  I think the OP is concerned about what the report will say on the basis of this but has not actually seen it or heard from their buyer about it yet.  

Is this correct OP?  If so try not to worry too much until you have to.  If you are confident about the value based on other sales in your block then it may just be a case of the valuer not having done enough research yet. 

That’s right - thanks I was concerned at what he meant by “it’s at the high end but you may be lucky and scrape through” my buyer is a BTL - will this make things a bit more lenient?

Thrugelmir

Sophie8916 said:

Ramouth said:

I understood it as the valuer made those comments to the OP in person rather than in the report.  I think the OP is concerned about what the report will say on the basis of this but has not actually seen it or heard from their buyer about it yet.  

Is this correct OP?  If so try not to worry too much until you have to.  If you are confident about the value based on other sales in your block then it may just be a case of the valuer not having done enough research yet. 

That’s right - thanks I was concerned at what he meant by “it’s at the high end but you may be lucky and scrape through” my buyer is a BTL - will this make things a bit more lenient?

BTL is subject to different criteria than residential. Not just the market value of the property. Is it just 83 years left or less now.