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    • Mo87
    • By Mo87 18th Aug 17, 5:38 PM
    • 56Posts
    • 4Thanks
    Mo87
    Appeal Down-Valuation
    • #1
    • 18th Aug 17, 5:38 PM
    Appeal Down-Valuation 18th Aug 17 at 5:38 PM
    Hi,

    To cut a long story short, we agreed to purchase a 3 bed town house at 252,950 which included the following;
    3% gifted deposit
    Stampt duty
    Legal fee's
    Flooring

    Valuation was carried out on the 10th by Colleys (Via Halifax) who down-valued the property to 240,000. Report advised properties in the area sell between 225-245,000.
    We went back to the developer asking them to drop the price, they wouldnt as the identical house type had most recently sold (April) at 249.950.

    We agreed at 246,000 including the same incentives having been told by Halifax we could simply bridge the gap from their valuation to the purchase price, we were happy with that and a formal offer was made to us and received.
    Today I have been told by Help to Buy they won't accept this as the purchase price cannot be over the mortgage valuation
    On this basis

    I have spoken to My Broker / Halifax today and they have said the mortgage can be set back to 'working' and I can appeal the valuation. Now I need to get this 246,000 or as close to that as possible, any advice would be great.
Page 3
    • kingstreet
    • By kingstreet 6th Sep 17, 7:06 AM
    • 34,248 Posts
    • 18,591 Thanks
    kingstreet
    Only CASH incentives are counted so you do not try to establish cash values for NON-CASH incentives which don't.

    It's 10,800, so it's within the acceptable level.
    I am a mortgage broker. 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.
    • Mo87
    • By Mo87 6th Sep 17, 10:48 AM
    • 56 Posts
    • 4 Thanks
    Mo87
    Ok perfect ...

    Just heard the valuation has came back this morning at 246,000, Halifax have sent the application back to the underwriters to re-issue the offer. Hopefully nothing else can go wrong here
    • rickkelsey
    • By rickkelsey 29th Jun 18, 5:26 PM
    • 4 Posts
    • 0 Thanks
    rickkelsey
    Hello Everyone, I'm making a film on Down Valuations for the BBC and looking for someone to talk me through what happened to them. If you can get in touch please do on rick.kelsey@bbc.co.uk
    • S127N
    • By S127N 16th Jul 18, 12:18 PM
    • 4 Posts
    • 0 Thanks
    S127N
    how did this pan out, please? having the same thing myself.
    • Silvertown
    • By Silvertown 7th Aug 18, 10:21 PM
    • 2 Posts
    • 0 Thanks
    Silvertown
    To S127N,


    Are you still wanting to appeal? I would be happy to give you some advice.


    Regards
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