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Surveyors undervaluation

Our home was valued by a surveyor appointed by the NatWest at £550,000 in July 2010 in order to re-mortgage. We have subsequently spent in excess of £150,000 on extensive home improvements including a ground floor extension, We have just had another survey done (a differernt Surveyor but again appointed by the NatWest) for additional borrowing and he has valued it at £475,000! We contested this figure as it is clearly wrong and the Surveyor as increased it to £500,000. Obviously, we are still unhappy with the valuation - where do we go from here? The other problem we have that I did explain to the Surveyor, is that the last two houses that sold in our road are in no way comparable to ours as they are smaller, were in a state of disrepair and are from a different year. This situation has now of course affected our additional borrowing and I am not sure of our next course of action as the NatWest are saying that they will have to abide by the 'expert's' descion!

Asked on Jul 31 2011, House Prices in Bromley | Report content

Answers (2)

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  • Unfortunately this is due to the current climate and market conditions. There are some surveyors who have been told by the lenders to undervalue properties; not to give them a lower value but to balance out some of the silly high valuations that were given previously. I think you are very lucky to have already got them to increase the valuation. That is very rare. You could try paying for your own indy valuation but I very much doubt NatWest would look at it. I'd also question why you are extending so much. Slightly off topic from your original question, but regardless of how much extra work a property has, there is always a property price ceiling. You may well be passed this already which the surveyor may have taken into account.

    Answered on Aug 1 2011, Report content
  • Tricky one, NatWest should have a complaints procedure and this is something you will have to go down if the surveyor does not mark the property with the correct valuation. They might want to get another surveyor round.

    Answered on Aug 1 2011, Report content

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