Lender Survey came with undervaluation, what to do

[Sunny777]

Folks,
the property i had an offer accepted had the survey done yesterday and bank has undervalued it or maybe i offered more.
But my offer looked perfectly reasonable considering previous sold prices in same street.

Unfortunately, there is difference of 12k in my accepted offer and bank's valuation.

Now i think, the vendor wont probably decrease that much and i think i shouldnt pay more than what bank has valued the property at.
As it will increase my mortgage interest.

Please advise what should i do as i am FTB so no experience at all in this scenario.

Will the valuation remain same with some other lender.

I am in a bit of panicky mode as i think i will lose out on this property and i have spent money on survey, solicitors, brokers etc

thanks

yeah, want to concentrate on my holiday now. Desperately need a nice relaxing holiday after all this and will restart after i come back.

thanks everyone for the help and suggestions. I am back from the vacation.
While i was away, another lender got the property valued higher so the transaction is back on track.
just thought of updating the thread.

Thanks for updating, Sunny - it's always nice to hear how these things pan out! Glad that everything is back on track, hope that the rest of the process is as quick and painless as possible!

thanks Scribblegirl, things are fine at the moment, Searches are underway, Hopefully we will be able to complete soon.

I have heard of this happening to a lot of people in the last 18 mo- buyers in London and elsewhere.

Hi all

This is happening to me right now, selling my flat in London and the mortgage company have massively undervalued it, I have agreed with the buyers that we will set up an additional contract for exchange of additional funds on the day of completion, all really complicated and potentially risky but the buyers have really struggled to source a mortgage due to being self employed so I want them to go with this valuation.

Has anyone heard of this sort of agreement being set up on the side before?

I am trying to buy property in the Midlands, valuation is about to be carried out on a property however I have done a lot of research on the area and previous house sales and I think it has been overvalued by 8-10K, will have to see what the valuation comes back with but this could be another headache to deal with.

Is it me or has buying and selling property in the UK got harder and more stressful these past few years?!