Barclays Downvaluation

nekr0mantik

hello
Applied for Barclays Mortgage on 4th Aug with Broker. Valuation took place on 17th and then 8 days later Countrywide sent bank report with zero as the value and asked for CML which we gave but however for some reason they valued it 50k lower then asking price and it does not match similar properties sold in the last 6 months in the area. however barclays new rules say if valuation is not over 25% below asking then they wont let appeal.
If this was 10 to 20k under then maybe its normal but 50k less does not add up to the property prices I have seen in the area. only the older buildings which had cladding issues are selling for price they said it was. This is a 12 month old flat with A rating on its EW1S form. Seen a lot of older threads here about issues with Countrywide downvaluing well under market rates.

Anyone else been in similar situation and if so were you able to get it fixed? is best bet changing lender and have 2 mortgage applications on my credit report or can I do something else to appeal it?

JadEle

We had a similar situation in June, with a new build we were looking to buy down valued by £45K, with comparable sales at the higher price. It turned out the surveyor did the valuation remotely and so had not even seen the site or asked the developers for any info. We paid for a second valuation to be performed by a different surveyor who went to the development, and then received a full valuation in a couple of days. 

Can you ask for a second valuation?

nekr0mantik

JadEle said:

We had a similar situation in June, with a new build we were looking to buy down valued by £45K, with comparable sales at the higher price. It turned out the surveyor did the valuation remotely and so had not even seen the site or asked the developers for any info. We paid for a second valuation to be performed by a different surveyor who went to the development, and then received a full valuation in a couple of days. 

Can you ask for a second valuation?

Nope Barclays were being a pain they refused to do second valuation so had to apply for mortage via Halifax instead and now got valuation booked by E Serv. What surveyor did you get first time around?
Sounds like similar to my situation, mine was a random firm that Legal and general used and it sounds like they did not do proper job or ask for information. Flat I am purchasing is larger one beds types in the building but on lower floor.

JadEle

Our first survey was conducted by Countrywide. It's quite frustrating that it seems like some surveyors can down value a property without finding all the relevant information, forcing buyers extra stress and paying for additional valuations to be done, when it should have been researched thoroughly first time. 

Anyway rant over, Good luck with Halifax!

nekr0mantik

JadEle said:

Our first survey was conducted by Countrywide. It's quite frustrating that it seems like some surveyors can down value a property without finding all the relevant information, forcing buyers extra stress and paying for additional valuations to be done, when it should have been researched thoroughly first time. 

Anyway rant over, Good luck with Halifax!

Exactly!
Thanks
I got two battles at the moment the valuation and the vendors solicitors not answering my solicitor queries for 3 weeks!