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Downvaluation help!

26 replies

Starseeking · 28/04/2022 11:12

I've just received a downvaluation on the mortgage for the property I'm trying to buy. The difference is £30k, or 4% of the value I had expected, and I can't bridge the gap.

The house 4 doors down sold for £10k more last year, and a few others locally were £10-30k less last year. Any new properties in the vicinity are coming on for £50k more than what I've agreed, so basically beyond my budget.

Anyone had any success either appealing a valuation with the surveyor, or obtaining a reduction from the vendor? And if so, what did you say to get it?

OP posts:
Jmaho · 30/04/2022 17:30

ArtOfTheImpossible · 30/04/2022 17:00

Lenders can't see previous valuations that have been carried out by surveyors

Our mortgage adviser who is very experienced, says they can, there is a system the valuers all use. That's as much as I know.

Yes but lenders and valuers are two very different things. The valuer will be instructed via a huge panel of firmd and works in behalf of the lender but is entirely independent of the lender. The lender definitely can't see this sytem
The valuer can though but you will often get two valuers valuing the same property for different amounts. It's opinion

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