As a buyer you have no legal redress against the Surveyor should that be necessary. The contract in this case is between seller and surveyor. Another factor to consider is the choice of surveyor. I want to do this myself as should you.
Very useful video. We are awaiting our valuation to finalise our formal mortgage application on a new build, sold off plan (the house is yet to be completed) The valuation was a drive by due to the build not being complete. From your experience are new builds down valued a lot? We are buying from a very well known developer, so would a renegotiation on the price be available for us in this instance? 😁
Hi, yes it is certainly worth asking the builder - and whilst not common occurrence down valuations are certainly more common amongst new builds in our experience - this can be due to less comparable for the style of the build.
@@dm.mortgage Thank you so much. Unfortuntely the house was valued Lower by our mortgage lender and the developer are not willing to lower the price ( this is £30k less) we have asked them to for a revaluation as the smaller home next door sold for more than the price they have valued it at. We are a little deflated now and cannot cover the shortfall so are now just waiting to here back. The valuation was a driveby although the building is there 🤷🏿♀️
Lending is usually given on the basis of the lower of cost or valuation. If you use the survey as a bargaining tool to gain a price reduction it could potentially reduce the amount of the mortgage finance.
Hi Nighat, you would to book in for a free of charge appointment via our website and we can go through how to do this as depends on many factors/individual circumstances. You can book in here; Www.DM.mortgage
Hi Nicole, i recently had a response from a mortgage lender (Natwest) on a property we are in the process of buying and their valuer said the following; "Property is not suitable mortgage security because the property is not in a reasonable state of repair and therefore the property must be declined as a suitable security." We couldn't get any more detail or report from as when i contacted Natwest they said that were the comments and they would not lend on the property. House is good needs work but has a kitchen and has a bathroom all working. Not sure what to do now any advise?
Hi Mr S, my advise would be to ask NatWest for more information or the details of the surveyor they used and speak to them to find out the specifics and then get in touch with us and book an appointment as we deal with lots of different banks so likely can find you an option that will consider the property. You can book a free initial appointment here; www.DM.Mortgage
UK should develop and copy the Scottish housing policy seller should obtain a survyors report for all all potential buyers to veiw
As a buyer you have no legal redress against the Surveyor should that be necessary. The contract in this case is between seller and surveyor.
Another factor to consider is the choice of surveyor. I want to do this myself as should you.
Very helpful thank you !
Very useful video. We are awaiting our valuation to finalise our formal mortgage application on a new build, sold off plan (the house is yet to be completed) The valuation was a drive by due to the build not being complete. From your experience are new builds down valued a lot? We are buying from a very well known developer, so would a renegotiation on the price be available for us in this instance? 😁
Hi, yes it is certainly worth asking the builder - and whilst not common occurrence down valuations are certainly more common amongst new builds in our experience - this can be due to less comparable for the style of the build.
@@dm.mortgage Thank you so much. Unfortuntely the house was valued Lower by our mortgage lender and the developer are not willing to lower the price ( this is £30k less) we have asked them to for a revaluation as the smaller home next door sold for more than the price they have valued it at. We are a little deflated now and cannot cover the shortfall so are now just waiting to here back. The valuation was a driveby although the building is there 🤷🏿♀️
Does the valuation need to match the purchase price or the mortgage amount? Eg taking into account deposits.
The valuation should match the purchase price inclusive of mortgage and deposit.
What happens if the seller reduce the price after valuation??
Lending is usually given on the basis of the lower of cost or valuation.
If you use the survey as a bargaining tool to gain a price reduction it could potentially reduce the amount of the mortgage finance.
How can to change from residential mortgage to Let to buy mortgage
Hi Nighat, you would to book in for a free of charge appointment via our website and we can go through how to do this as depends on many factors/individual circumstances.
You can book in here;
Www.DM.mortgage
Hello, Nicola
really thanks for your informative video!
Is mortgage down valuation really common in UK? It really put big pressure on buyer budget.
Hey Kong, it’s not so common but does happen. I would say the majority of valuations go through fine.
Hi Nicole, i recently had a response from a mortgage lender (Natwest) on a property we are in the process of buying and their valuer said the following;
"Property is not suitable mortgage security because the property is not in a reasonable state of repair and therefore the property must be declined as a suitable security."
We couldn't get any more detail or report from as when i contacted Natwest they said that were the comments and they would not lend on the property. House is good needs work but has a kitchen and has a bathroom all working.
Not sure what to do now any advise?
Hi Mr S, my advise would be to ask NatWest for more information or the details of the surveyor they used and speak to them to find out the specifics and then get in touch with us and book an appointment as we deal with lots of different banks so likely can find you an option that will consider the property.
You can book a free initial appointment here;
www.DM.Mortgage
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