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Valuation down valued by 100,000
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sarah_blue said:Hello - hope someone able to help. We have a mortgage offer which was ready to go subject to our house valuation. The valuation however came back 100,000 less than the last one under a year ago (by nationwide) when property’s in our area are actually going up! In fact it’s less than the street value and our house is the largest on the street and has the most recent renovations. Add to that the fact that the valuer knew the previous valuation and said at the time he couldn’t see it being significantly different and things seem a little off. Mortgage company is saying that the valuation cannot be challenged. Is this really how things are done in the mortgage world? Is there any grounds to make a challenge and what would that look like? Any advice gratefully received!
If it's a remortgage, how much of an impact does the valuation have on what you're trying to borrow and the cost of it? If it does have a material impact then it might be worth getting your broker to look at alternate lenders that use a different surveyor panel for their valuation. There's no guarantee that that will return a different result, but it has often salvaged my clients' purchases when the first lender has materially downvalued it.
If you're the vendor then it's a bit more tricky as you don't have much control over what lenders the buyer uses.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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GAMBITv5 said:I wouldn’t pay any attention to Zoopla. They valued my house (waiting to exchange) at £425k. We sold for £375k based on 5 independent valuation by agents and RICS
this was also before the hoo-haa economy crisis took place too… looks like a classic case of estate agents trying to overvalue for commission!0 -
@K_S thanks - we own the property. The previous valuation was by nationwide for a remortgage. I think the difference was that they used a reputable valuation company. We’ve managed to find out who the valuation company for the recent valuation are and I’m not sure how they are still in business! The reviews are absolutely terrible with this issue all too common!0
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sarah_blue said:@K_S thanks - we own the property. The previous valuation was by nationwide for a remortgage. I think the difference was that they used a reputable valuation company. We’ve managed to find out who the valuation company for the recent valuation are and I’m not sure how they are still in business! The reviews are absolutely terrible with this issue all too common!
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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@K_S sorry - misunderstanding! We own the property and are remortgaging to consolidate existing mortgages and release a little capital! We could look at other lenders it’s just that recently, obviously, lending has gone bonkers and this offer has been on the table a while it’s just that the valuers already 3 weeks behind schedule owing to the fact they couldn’t get their act together in the first place - whole experience with them has been an utter s*** show tbh. As I say looking at the reviews no idea how they are still in business!0
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Ignore Zoopla, their valuations are very strange. They value mine at £339,000 - £414,000 ! Which it definitely isn't, it is more like £280 - £300 based on recent sales in the street and similar properties in the other streets on my estate
Did the valuers actually come into the house and look at it, or just do a drive by ( or probably from their office chair ) valuation?0 -
It is better to look on rightmove at recent sold prices to get a real idea. If Zoopla say the ones either side are worth £500K they are probably actually worth £400K
Also as others said, does the valuation actually make any difference to the remortgage offer they are making? This would depend on the equity you have etc.. It could be that it would end up being the same even with the lower valuation0 -
sarah_blue said:@K_S sorry - misunderstanding! We own the property and are remortgaging to consolidate existing mortgages and release a little capital! We could look at other lenders it’s just that recently, obviously, lending has gone bonkers and this offer has been on the table a while it’s just that the valuers already 3 weeks behind schedule owing to the fact they couldn’t get their act together in the first place - whole experience with them has been an utter s*** show tbh. As I say looking at the reviews no idea how they are still in business!Valuations are very subjective. There's not a great lot you can do besides find another bank.I hope you're using a broker because they need to make sure that the chances of the other bank using the same valuer is minimal.I had a similar issue for a BTL purchase last year where Accord valued it 15% lower than the purchase price and Skipton valued it at the purchase price, just 2 weeks apart, after my broker suggested getting a second app in if I wanted to continue with the purchase.0
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simon_or said:sarah_blue said:@K_S sorry - misunderstanding! We own the property and are remortgaging to consolidate existing mortgages and release a little capital! We could look at other lenders it’s just that recently, obviously, lending has gone bonkers and this offer has been on the table a while it’s just that the valuers already 3 weeks behind schedule owing to the fact they couldn’t get their act together in the first place - whole experience with them has been an utter s*** show tbh. As I say looking at the reviews no idea how they are still in business!Valuations are very subjective. There's not a great lot you can do besides find another bank.I hope you're using a broker because they need to make sure that the chances of the other bank using the same valuer is minimal.I had a similar issue for a BTL purchase last year where Accord valued it 15% lower than the purchase price and Skipton valued it at the purchase price, just 2 weeks apart, after my broker suggested getting a second app in if I wanted to continue with the purchase.I understand that these things can be subjective I just can’t understand how they can be so wildly inaccurate! It’s literally a lot less than anything on the street has sold for even houses much smaller than ours!1
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sarah_blue said:@K_S sorry - misunderstanding! We own the property and are remortgaging to consolidate existing mortgages and release a little capital! We could look at other lenders it’s just that recently, obviously, lending has gone bonkers and this offer has been on the table a while it’s just that the valuers already 3 weeks behind schedule owing to the fact they couldn’t get their act together in the first place - whole experience with them has been an utter s*** show tbh. As I say looking at the reviews no idea how they are still in business!2
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