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Difference in valuations

(8 Posts)
bookishandblondish Sat 12-Dec-15 18:44:06

So Santander's valuers have valued the property at £27k below the offer price.
I don't know if it was a desk based survey or a visited one.

But the independent local surveyor ( I used a different surveyor for a full structural survey and asked for valuation) has valued it at the offer price.

The house is very different to its neighbour as they've done double glazing/loft conversion with en suite etc.

The house in the current market is worth what I offered compared with other houses around ( London commuter area, house prices increasing, and the owners have done the house improvements)

Any experience of arguing against a low valuation?

Maplessglobe Sat 12-Dec-15 18:47:55

How does your offer compare to the asking price? How does this affect the chain?

Maplessglobe Sat 12-Dec-15 18:50:44

Whoops I think I misunderstood your question. Does santander's valuation mean you can't get the mortgage you need? Otherwise, surely it doesn't really matter?

Bearbehind Sat 12-Dec-15 19:09:19

It depends if Satander will consider another surveyors valuation- I don't think many lenders will.

Their surveyor will err on the side of caution as they are just protecting themselves in the event repossession is necessary.

Unless you have very recent examples to prove the valuation is incorrect then your choices are limited.

IMO this is the vendors problem as much as yours- try renegotiating.

bookishandblondish Sat 12-Dec-15 19:09:41

The latter - means I can't buy the house. Difference is too big.

listsandbudgets Sat 12-Dec-15 19:25:01

You may need to negoitate with the vendor as this may mean that they are not able to sale the house at the price you offered to anyone who needs a mortgage as I imagine most lenders are likely t come up with a similar valuation. They may prefer to sell at 27k less than not sell at all.

Not a nice situation to be in though

Maplessglobe Sat 12-Dec-15 19:27:52

Ah. That's tricky. I don't have experience of it, but a friend had a similar issue as a vendor. London flat, prices rising quickly. Several offers much higher than bank valuations. Buyers had to pull out. Waited a year, remarketed; valuations had caught up. Agree with above though- if you have recent examples of close by sales, you can probably argue it.

listsandbudgets Thu 17-Dec-15 20:12:51

just wondered how ypou're getting on with this Bookish.

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