Remortgage and stupid valuation report.

beckylou77

I need some advice. All was going well until my valuation. I paid for my valuation through the high street bank and they came round. Nice chap and he measured downstairs, looked in the garden, looked in the attic (but nowhere else), spoke to us about recent house prices and said 'I see no problems'. Waited and felt pretty confident. Our house had to be worth over £151k and felt that we could do it comfortably. He came back with a whacking great problem and valued house at £145K!!!!

Appealed and cited the following:
Same house down the road sold Feb 2008 in need of cosmetic refurb, carpets etc £152500
Opposite neighbour house sold in Aug 2008 for £162500
2 houses which are a few houses down sold for £152500 and both have been gutted and started again.
House 2 down sold for £155K and has just had to have its roof redone amongst other refurbishment.

He will not budge on appeal and I want to take this further!

First of all, did he do his job properly?
Second of all, why the low valuation? I have new kitchen (bigger than normal as it is an extension), bathroom, carpets, neutrally decorated, clean and tidy garden (again bigger as a result of our plot).

I am at my wits end.........!

hara12s

Hi, sorry to here your problems, me and husband currently going through re-mortgage process and heard back this afternoon from our financial advisor that the surveyor valued our house £10K less than we thought it was, which subsequently has messed up amount we are borrowing to do home improvements etc.

The surveyor I think was just being awkward as you cannot buy a house in our area for the price he valued it at, plus the fact we are spending 10K on new kitchen and bathroom!

So I think for some reason surveyors have it in for people re-mortgaging at moment.

beckylou77

Well, I guess it is some confort to hear someone else is going through it too but I'm sorry that is the case!

I wouldn't have minded so much if it wasn;t for the fact our house is in top condition and houses which are being bought for refurbishments are going for £8K more than he valued ours at!! :0(

UK007BullDog

Surveyors are covering their backsides due to a falling market. There is not much you can do as he will not budge.

You might try another lender who uses a different company but the costs would be there again for you.

When the market was rising one could argue with surveyors but in a falling market they will not discuss it.

homer_j_3

Firstly a house is only worth what someone will pay for it and whilst I am sure that your house is very nice, it was an ongoing joke at the EA where I used to work that every person the EA valuer found that everybody always thought their house was the nicest and best house in the street.

I am sorry that you have been caught up with what the correction in the market and surveyors are now being more cautious due to this.

The only option that you should have is to pay for another valuer off their panel and hope that they increase the value but I wouldn't hold your breath.

Gambler

homer_j wrote: »

Firstly a house is only worth what someone will pay for it .

Expecting my homebuyer report in the post tomorrow. I have agreed to pay £250K for a property. Should I expect valuation to show similar value?

If less am I paying too much?

homer_j_3

If it states less, you renegotiate. If the seller refuses to accept the amount then you decide whether or not you like/want the house enough to buy it at a price above what the surveyor feels it is worth.

UK007BullDog

Gambler wrote: »

Expecting my homebuyer report in the post tomorrow. I have agreed to pay £250K for a property. Should I expect valuation to show similar value?

If less am I paying too much?

Well, yes, why borrow into negative equity?

bryanb

beckylou77 wrote: »

I need some advice. All was going well until my valuation. I paid for my valuation through the high street bank and they came round. Nice chap and he measured downstairs, looked in the garden, looked in the attic (but nowhere else), spoke to us about recent house prices and said 'I see no problems'. Waited and felt pretty confident. Our house had to be worth over £151k and felt that we could do it comfortably. He came back with a whacking great problem and valued house at £145K!!!!

Appealed and cited the following:
Same house down the road sold Feb 2008 in need of cosmetic refurb, carpets etc £152500
Opposite neighbour house sold in Aug 2008 for £162500
2 houses which are a few houses down sold for £152500 and both have been gutted and started again.
House 2 down sold for £155K and has just had to have its roof redone amongst other refurbishment.

He will not budge on appeal and I want to take this further!

First of all, did he do his job properly?
Second of all, why the low valuation? I have new kitchen (bigger than normal as it is an extension), bathroom, carpets, neutrally decorated, clean and tidy garden (again bigger as a result of our plot).

I am at my wits end.........!

Interesting price and sale date of house opposite, but you do say you're at wits end

beckylou77

Interesting price and sale date of house opposite, but you do say you're at wits end



Lol!!! I'm a mindreader don't you know!!! I did mean 2007!

dunstonh

With house prices dropping and the market trend is down, valuers are pricing with that in mind.

Most individuals over price their house or have an inflated opinion of their house being better than others. Comparing a house of Aug 07 to now is no use to you because the prices have fallen each and every month since then in most areas.

The way lending is drying up and the housing merry go round is stopping, its looking increasingly likely that drops of 30% are going to be realistic.

It would be wrong for a valuer not to take into account market conditions.