Yet another house downvalued by countrywide surveyors

class2ldn · 30 November 2017 at 9:28PM

What is with these clowns? We've been going through nationwide to try and remortgage so they had countrywide doing the survey.
Our current mortgage lender valued our house at 285k, 2 estate agents came round and valued it at exactly the same price.
Now been told we've been accepted for the mortgage but they've downvalued it by 20k.
Now that's not a small amount so I'd like to know how they've got this valuation.
There's even a house which is virtually identical just sold for 285k.
It's obviously put our payments up and now I'm at the point where I'd like to tell them to shove it.
Has anyone ever appealed with these and had success?
Also they've obviously done credit checks so I'm guessing that may have an impact of we go to a different lender.
Any advice please?

Thrugelmir · 30 November 2017 at 10:34PM

class2ldn wrote: »

Our current mortgage lender valued our house at 285k, 2 estate agents came round and valued it at exactly the same price.

Surveyors use different criteria than EA's. The surveyor is under instructions from the lender not you. More than likely the property would sell for less than the asking price.

class2ldn · 30 November 2017 at 10:50PM

It wouldn't trust me, we are about 10 minutes from Gatwick where house prices haven't dropped in years.
If it was to sell for less we wouldn't be selling it for 20k less that's for sure.
Obviously if we sell a seperate valuation would most likely take place but is there many circumstances where the latest valuation could cause issues? How come Halifax have offered 285k?
We had friends who took out a secured loan and they asked about the latest house valuation.
Apparently it's only made about a £10 a month difference but it's the principal of it. There's no way it's worth 20k less then what 3 different people have said. The 2 estate agents actually said 285-290, so 265 is way way off

Typhoon2000 · 30 November 2017 at 11:45PM

There is no science to this. Halifax valuer values it at £285 and Nationwide values it at £265. Next week another valuer may think it's worth £295. Just pot luck.

dunstonh · 1 December 2017 at 12:12AM

What is with these clowns?

I rather dislike people who call others clowns for no reason.

Our current mortgage lender valued our house at 285k, 2 estate agents came round and valued it at exactly the same price.

Estate agents typically value around 15% above the expected price.

ow been told we've been accepted for the mortgage but they've downvalued it by 20k.

it hasnt been down valued. It is valued to different criteria. 7% less than the estate agent price is expected ballpark.

There's even a house which is virtually identical just sold for 285k.

Virtually is not the same.

class2ldn · 1 December 2017 at 12:58AM

Have you not read any reviews of these, you only have to Google it and you'll see its a common theme.
There's plenty of threads on here about it aswell so it's not pot luck, it's a common tactic it seems.
I've asked if there's any major issues with it being downvalued apart from the obvious extra cost so if someone would care to answer the question I'd be very grateful.

class2ldn · 1 December 2017 at 1:03AM

http://forums.moneysavingexpert.com/showthread.php?t=5742324&highlight=countrywide

Oh look, not just me

Theguywhovapes · 1 December 2017 at 1:25AM

Estate agents tell you how much they think they can sell it for (bigger sale, more commission)

Surveyor tells lender how they think it is worth.

There’s a difference. If you feel that strongly then there should be an appeals process but there’s a lot of work involved.

Crashy_Time · 1 December 2017 at 2:06AM

class2ldn wrote: »

It wouldn't trust me, we are about 10 minutes from Gatwick where house prices haven't dropped in years.
If it was to sell for less we wouldn't be selling it for 20k less that's for sure.
Obviously if we sell a seperate valuation would most likely take place but is there many circumstances where the latest valuation could cause issues? How come Halifax have offered 285k?
We had friends who took out a secured loan and they asked about the latest house valuation.
Apparently it's only made about a £10 a month difference but it's the principal of it. There's no way it's worth 20k less then what 3 different people have said. The 2 estate agents actually said 285-290, so 265 is way way off

They have to drop sometime, you are just ahead of the pack it seems.

class2ldn · 1 December 2017 at 2:36AM

Theguywhovapes wrote: »

Estate agents tell you how much they think they can sell it for (bigger sale, more commission)

Surveyor tells lender how they think it is worth.

There’s a difference. If you feel that strongly then there should be an appeals process but there’s a lot of work involved.

So how can 2 different lenders come up with a 20k difference?

class2ldn · 1 December 2017 at 2:44AM

Crashy_Time wrote: »

They have to drop sometime, you are just ahead of the pack it seems.

Why do they have to drop? The Crawley area is constantly being developed and there is a constant demand on housing from people who work at the airport.
It's a very popular area and one where the house prices have grown a great deal in the last 2 years.
Doesn't alter the fact that the valuation is plain inaccurate
There's nothing in the slightest to suggest them prices and if houses in the same road are selling for the valuation we believe then there's definitely something amiss.
I've not found 1 good review of countrywide, this isn't me being unrealistic, 3 bed houses are selling for well over 300k so where they've plucked out 265 for a 2 bed from I don't know, we check zoopla regularly and no house has sold for 265 in our road or locally atall in the last 2 years, the minimum was 280 and that was a year ago.

Yet another house downvalued by countrywide surveyors

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