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 Â£355k. We are currently remortgaging and the bank sent a surveyor who spent five minutes and valued it at Â£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 Â£350-375k and suggested putting it on the market at an average of Â£384k. A two bed flat a couple of doors down sold for Â£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.