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Champaignenolonger
Posts: 4 Newbie
My husband and I were advised that our shared ownership mortgage was approved subject to valuation.
Valuation was 2 weeks ago...and there was a significant undervaluation.
Another plot on the same development has been valued in keeping with the developers asking price. This was a smaller two bedroom flat than ours.
My broker has advised that Halifax are escalating the appeal to senior management and he said all they know is that two separate valuers valued each property. He said he does not know the reason why the flat was undervalued and that the banks don't have to give a reason.
Any suggestions as to why there was such a big discrepancy and why another flat on the same development went through fine with their valuation?
Thank you for reading.
Valuation was 2 weeks ago...and there was a significant undervaluation.
Another plot on the same development has been valued in keeping with the developers asking price. This was a smaller two bedroom flat than ours.
My broker has advised that Halifax are escalating the appeal to senior management and he said all they know is that two separate valuers valued each property. He said he does not know the reason why the flat was undervalued and that the banks don't have to give a reason.
Any suggestions as to why there was such a big discrepancy and why another flat on the same development went through fine with their valuation?
Thank you for reading.
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Comments
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We don't know how big "85,000" is in percentage terms - what's the actual price?0
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An 85k undervalue on your share or the whole property?0
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Undervalued or just valued at the current market rate? Who told you the value of the other property?2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream1 -
Thanks all.
The full market value is 460,000 and the surveyor valued the flat for 375,000.
We are buying a 25% share.
The flat is a new build so it's the price which the developers have valued it at0 -
How much mortgage are they willing to give ypi and can you make up the difference?0
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98,000 we are putting 17000 deposit. We have absolute no extra funds to put down.0
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I mean the only thing l can think is the location on the development. The surveyor is the only one that can answer though.0
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Halifax's valuation may well be correct - people often have inflated views of what their gaff's worth. Suggest you strongly consider.3
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That may well be right, but we don't understand how the other flat on the same development was valued at 427. The other flat is even smaller than ours! Both valuations with halifax.
It's a small development of 25 flats.
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If it is a desktop valuation it could be an input error, 1 bed instead of 2 or a typo in the postcode. If this is the caes it should show up when they check it.0
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