Equity release surveyors!

angleseygirl

I will try to keep this very short!
Two years ago we applied for equity release and a surveyor was sent to value the house. He stayed for an hour, asked us what we wanted and took photos of inside the property and the garden. He commented that we were on an acre plot. The property was valued at £365,000
We had the extension built but ran out of money before we could have the bathroom updated as it is still the original 1970’s bathroom, so we applied for another £20k.
We again had to pay for another survey but I had a hospital  appt and so a friend let him in. The surveyor was here for four minutes (friend timed him) he looked at the extension and took a couple of photos and left. From where he stood you can only see a corner of the garden.
We were then told by the equity release company that we couldn’t have anymore money as the property was now only worth £265,000!!!!

A hundred thousand less post extension than before! So that meant we couldn’t borrow another 20k from our equity!!!

There is a lot more info I have but it would take a huge thread to put it all in, but as far as I’m concerned one of those surveyors has acted negligently and I know which one it is! needless to say I’ve complained to the equity release company twice, ombudsman for finance who said without doubt that I had a case but that they had no duristiction over surveyors! I then went to the property ombudsman who said the same thing, I definately have a case of negligence but they don’t have any duristiction over surveyors either!! So I’ve contacted RICS who eventually replied with a statement that made absolutely no sense either to my financial advisor or myself! But what they were trying to say, very badly, was that I didn’t have a case. So I’ve appealed that decision and asked them to explain what they meant!!
I can’t see that being successful, but as I’m getting more and more disabled (they do know this as I’ve told them) I’m really struggling with the bathroom. I’ve even sent them information about the tiny two bed bungalow next door to us that went to auction and sold for the same price as ours was valued at. The plot is about a third of the size of ours, the bungalow needs thousands spending on it, and it’s tiny!
So, if anyone is still awake after reading this, please can anyone help? I am absolutely disgusted with this equity release company and I’m dying to name them but not sure if I’m allowed to!

Please can anyone help as I’m a) disgusted at the actions of the second surveyor and b) really need to find out what more I can do to get this extra money.

[Deleted User]

If they're not willing to lend anymore because they don't feel there's sufficient equity, there's nothing you can do. If they thought their was sufficient equity, they'd be throwing cash at you.

If you don't have the funds to make the changes you need, then is an alternative property an option? 

MEM62

There have been issues with mortgage surveyors undervaluing properties and buyers, in some cases, having to switch lenders. Unfortunately, you can complain to whom ever you like but you will not get the outcome you are looking for.  Submitting a valuation that you do not personally agree with is not negligence and you will not get any professional or regulatory body to support you in this.