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Disappointed with valuation - any advice?

(6 Posts)
13Iggis Wed 09-Jan-13 21:14:11

Hello, had a surveyor visit our flat recently as part of a remortgage (to get a new fixed rate) rather than a move.
He had a good look at everything, I made sure to mention all the work we'd had done (rewiring for example) and off he went. The figure we have been given by the bank is ok - we are still in profit! - but less than the last flat in our block sold at and not as much as I'd hoped regarding a move in the next year or so.
Anyway, what I'm really asking is, do all surveyors give pretty much the same prices or is there any chance one working for us when selling would give a better price than for a remortgage? (He did ask which it was when he arrived).
And if not, will doing a load of decorating and decluttering really raise the price more than it costs to do?
I'm fortunate in that flats in my city do still seem to be selling within a couple of months. Sorry for waffley post, been looking at houses online and getting depressed!

nocake Wed 09-Jan-13 21:23:33

Banks are nervous about lending as they cocked it up so badly in the past so mortgage valuations are far more conservative than they have been. However, when you sell and actually have a buyer you're more likely to find a bank will agree with the price, unless it's obviously too high.

lalalonglegs Wed 09-Jan-13 21:35:20

Our mortgage valuation was almost 20% less than the going rate for properties around here. Luckily we have no plans to sell but, yes, we ended up with a higher rate mortgage because our LTV meant we couldn't get the really good rate hmm.

13Iggis Wed 09-Jan-13 22:08:12

Ah, those are both good points.
Though we're not selling yet, I was using the valuation to show what profit we could hope for and starting to look around for a new place in that price range (I like to take my time!)

icravecheese Thu 10-Jan-13 11:08:12

We've had this when re-mortgaging - we questioned the valuation once as it seemed so ridiculously low, and our financial advisor told us that houses are always 'conservatively' valued for remortgage purposes and not to worry about it unless you're thinking of selling.
However, if you're missing out on getting a better mortgage deal because your LTV isn't as good as it should be, I'd ask the bank to re-consider the valuation - provide them with evidence of the other flat that sold for a higher price, they might re value for you and offer you a better mortgage rate. Always worth a try!

13Iggis Thu 10-Jan-13 16:17:50

Oh how lovely to hear that, and thank you all for your responses!
It is a shame it is conservative though, maybe I need to get it revalued by an estate agent to give us a better idea of what we can buy next.
Luckily, we still scrape in at the 65% ltv thingy.

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