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Valuation report errors

(4 Posts)
Watto1 Sat 20-May-17 12:00:38

I'm in the middle of remortgaging my btl property. I received my copy of the valuation report in the post this morning and the valuer has made some significant errors. He's said that the house is ex local authority (it isn't) and that there is no garage or private parking (there is both). However, he does agree with the value of the house. Unfortunately, I wasn't there when he did the valuation (lesson learned).

Should I ring up on Monday and challenge it or doesn't it really matter as the valuation is ok?

I'm fairly new to all this and would appreciate any advice!

wowfudge Sat 20-May-17 12:43:25

I would definitely point out the errors and ask them to provide a new report based on the corrected information. My guess would be that the figure is correct but some of the fields haven't been correctly completed on the surveyor's template.

HarmlessChap Sat 20-May-17 13:07:24

I would ask for the errors to be corrected, simply because they are errors. I doubt if there would be a massive increase in value unless parking is an issue around there.

In principle the lower the ratio of loan to value the better your position with the lender but all they're really concerned with is whether they would get their money back if the have to take it into possession. I.e. structurally is it basically OK and is it worth a goodly chunk more than than is owed.

johnd2 Sat 20-May-17 21:32:07

If it's a remortgage they really don't care, they often just use a formula to guess the value, similar to zoopla's one. As long as the LTV is enough they'll lend you the money anyway.

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