Idiot valuer killing our sale

[biggest]

Is there anything we can do (legally) about our buyers' bank's valuer being a complete tool? He has undervalued our flat because he didn't bother to read his emails from our estate agent with comparable evidence and is now holding us all to ransom.
He admits he didn't look at the evidence from recent sales in the area before submitting his valuation to the bank.
Everyone is flummoxed and angry but he is trying to save face and keeping us waiting for his decision on whether to revise his valuation.
I can't believe it all hinges on this person who is obviously not very good at his job! Has anyone successfully appealed/brought action in a case like this?
Grrrrr

It could also be that the bank doesn't want to lend to these buyers and has asked for a low valuation?

They are being very cautious at the moment, how recent are the recent sales you want him to compare to ?

Sorry but it could be that your flat isn't worth what you think. Are the other sales identical and in the last couple of months?

Same street and house style, some more similar than others, all in last few months. I am most annoyed about his admission that he did t bother to read the estate agent evidence and.that yes it would have affected the valuation, surely he can't be that flippant!

It sounds like he will have to concede then, eventually, hang on in there it is very stressful.

Does it mean your buyers can't proceed? What is their equity/deposit?

If your buyers still want to proceed the valuation needn't be the end of the world as long as they have enough deposit to take the hit.

If your vendors feel that the price of the flat that you are selling is correct then they need to speak to their mortgage adviser. The mortgage adviser should then arrange for the valuation to be challenged, it will be in the mortgage advisers interest to do this so that they do not miss out on your vendors mortgage going onto their figures...if the bank won't budge your vendor could go elsewhere, all depends how much they want the flat.

This happened to us recently.It turned out that our buyers had a v cheap mortgage deal from santander and it involves a free valuation but the surveyors don't do comparables or consult agents for this as it is so cheap they have it done and dusted quickly.ours was downvalued a lot even though lots of houses had sold in the locality for similar and more in the preceding weeks and our buyers thought it was a bargain! Eventually they had to get another mortgage co to step in and changed to northern rock who came round and valued it at the asking price traight away.It was all so stressful!Would your buyers consider this?

The valuer is working for the buyer and has a duty not to be swayed by information provided by the vendor's agent. The flat is worth what you can sell it for. If you can't sell it at your price (for what ever reason), it's over-priced.

If it's a straight forward valuation (rather than survey) then the bank is working for itself and the valuation is an estimation of what they would get if they had to sell it. Nothing to do with what you think it's worth, even if you do have justofication.

Memories are very short - what about all the critisim banks came in for by allowing properties to be over valued and lending too much....? This one is simply being prudent.

and changed to northern rock who came round and valued it at the asking price traight away.

I see Northern Rock have learnt nothing :(

Well it was on at a realistic price and many houses had sold in the weeks before for more!I do agree that cautious lending is wise but if the house next door sells for signifcantly more than yours is valued at something is wrong somewhere.NR didn't over value our house the original valuation was ridiculous and if we had offered it for sale at that price buyers would have been queueing round the block as you can't even get a flat here for that!

I agree with noddy, some areas have bucked the recession and continue to have high prices - not the fault of the vendor.
Still waiting on this guy to return calls to our buyers' broker - and we are looking at losing our purchase, just had a new (second) baby and we are seriously short on space here!
Conicidentally this is a Santander mortgage deal as well

Our agent did some snooping and found that this particular offer from santander was notorious for this

That'll by why Santander were one of the very few banks to have been barely touched by the property crisis.....