eleagill

UPDATE: In response to my above post - it is possible to contest the valuation. We provided four comparables of local properties that sold recently and also provide the EA valuations. The surveyor agreed to add 50k to his original valuation. Success!

Thanks. Yes the next door property has sold, we spoke to the owners. And a similar property in the street behind for 370. Our bank told us to find three comparables and then they can review it - at least we have one. We also stressed to the EAs we wanted very realistic valuations - they said that because there is little property coming onto the Crouch End market in London, but there is quite a bit of demand, that the valuations were fair.

If that's the case then why did the flat two doors down sell at 355 a fortnight ago - and its smaller than ours. Thanks though.

Hello Does anyone have any successful experience of contesting a surveyor's valuation in the current market? We bought a two bed plus study, 1000ft2 flat two years ago for £355k. We are currently remortgaging and the bank sent a surveyor who spent five minutes and valued it at £310K. We weren't expecting it to go up or anything, but didn't think it would drop so much. Its changed our LTV meaning we can't get the mortgage product we were hoping for. So we asked three local estate agents to come and value it for us, which they did this week. They saw a likely sale price of £350-375k and suggested putting it on the market at an average of £384k. A two bed flat a couple of doors down sold for £355k two weeks ago and its 300ft2 smaller than ours. Is there anything we can do? Is it possible to contest this? Are we allowed to see the valuation report and whether the surveyor used any comparables? I'm sure everyone says this but we are in a really popular area of London, where there is high demand because of good schools etc. Thanks very much. E