House down valued by bank

[Pocketchickadee]

We are currently privately renting and our landlord decided to sell but offered to us first before putting on the wider market. The property was valued at 580k by 3 EA but we want to keep repayments affordable so offered LL 490k which he accepted with consideration to the fact that it would probably be a quicker / easier sale as no chain and we already live here.

Fast forward 2 weeks, we have had AIP from the bank, started the mortgage application and started conveyancing. The bank has now come back and said their surveyor has down valued the property to 450k. This is 60k less than the LL paid for the property in 2021.

Now what do we do? Appeal the valuation? Try another lender?

You don't really have much to lose trying another lender.

If they say the same then the landlord might be more willing to reduce.

One can be dismissed as an anomaly, two confirms market change

Can you not requester another survey valuation with your current lender and get a second opinion, it will save submitting another application and potentially different rates

That is a fair point.
Personally, for peace of mind, I would be looking for a completely non vested opinion if the spread of possible values was so wide. It seems odd to me - so I wouldn't be asking for another bank desktop opinion as a next step. I do tend to maybe be overly cautious about overpaying for things these days though 🤔

"One can be dismissed as an anomaly, two confirms market change"

Good point, I think 60k off 2021 price is easily explained by interest rate rises though.