Refusal to value

tommyc352

Hi hope someone can give me some advice

In the process of remortging to Abbey. We had the valuation last friday. Having now recieved the report, it states that the company carrying out the evaluation have refused to value the propert because it is on a busy road (it is on a B-road, but two houses have just been sold on our street)

The house has had subsidence - but this is historic and this was stated in the report, the house itself was built in the 1700's so it is fairly old but no problems have come back in the valuation survey.

Our IFA is appealing the desicion, but he has never seen anything like this before. Obviously without a valuation we cannot remortgage, but what id like to know is what can we do about it?

Grateful for any help

UK007BullDog

Find out who surveyed the other two properties and get them to survey the property.

But ask your broker first of all to find out if the lender will accept the survey from one of the two companies who might have surveyed the two houses sold on your road.

Then get it surveyed by one of them.

Good Luck!

tommyc352

just to update - we did exactly what you said bull dog - spoke to nationwide and explained abbey's concerns before submitting an appliaction, whilst appealing to abbey.

Abbey refused which was fair enough - as it wasn't a standard build (it was built in 1700's so it was going to be different!) but nationwide sent out a surveyor within two days of our application and they have valued our house and enabled us to re-mortgage with them.

This is great news as we are now able to leave NR as our fixed rate is ending (we could afford the SVR but its just not competitive) and we have equity of 15% - so many thanks for your advice!