Difference in valuations

[bookishandblondish]

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?

[Bearbehind]

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]

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

[listsandbudgets]

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

[listsandbudgets]

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