Skipton/ Connells valuation appeal

Louis77

I’ve posted on here yesterday but gave the long version of the story so didn’t ask what we really wanted to know: Has anyone successfully appealed a valuation with Skipton/ Connells? Does the original valuer reasses the appeal or is it looked at by someone who is unbiased? Of course no one wants to admit they were wrong, surveyors even less so going by other forums. If our appeal is declined even though there is overwhelming evidence with comparable recent sales, can we go via the financial ombudsman and make a complaint or have RICS investigate the matter? As first time buyers we have been blocked by Connells twice now by down valuation (30K first time, 25K this time) and will give up after this. Might try once more with a different lender that hopefully won’t use Connells but this was a serious error and even if we lose the property, don’t want to let it slide. 

Louis77

Update: our appeal was unsuccessful even though Skipton sent comparable sales as grounds for the appeal. Connells outsourced the valuation to White Horse Surveyors. A questionable appeals process if only one person looks at it (the original valuer) and refuses to take into account compelling evidence to challenge his valuation. We will most probably lose the property as the seller will never accept the valuation amount (which we won’t blame him for, valuation is shockingly out of touch with the local market). But in the process of reporting him to RICS for investigation regardless as one person’s opinion now costed us the opportunity to become home owners and we’re forced back into the rental market. 

K_S

@louis77 Honestly, don't give up without trying with one other lender that offers a free valuation and uses a different surveyor panel. As you've seen, vals are incredibly subjective so the next surveyor might just value it at the purchase price or slightly lower.

At least consider discussing it with your broker. All the best.

MWT

Louis77 said:

But in the process of reporting him to RICS for investigation regardless as one person’s opinion now costed us the opportunity to become home owners and we’re forced back into the rental market. 

I would 2nd the suggestion from K_S, do at least talk to your broker about trying a lender that does not use the same surveyors, it has to be worth the attempt.

Re your compliant against the surveyor, I'm not sure how that will proceed as they do not directly owe you any duty of care as they are employed and instructed by the lender.

You are able to obtain your own valuation and rely on that in making your decision to purchase, similarly the lender obtains their own valuation and relies on that in making their decision to lend, or not as the case may be.