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squizzz / Help with inaccurate Valuation fee needed.

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£505 Payment for inaccurate Valuation

 

After a successful 'decision in principle' I went ahead and paid the valuation fee of £505.

A copy of the valuation was sent to me together with a greatly reduced offer on the basis of the valuation and affordability.

 

The valuer had decided my property was worth 230k rather than the 270k offer I had received in 2011. Also that rental income was £900. I have been receiving £1295 since May 2011. Before that £995, £1050 from 2009. I have all the evidence to back up these figures.

 

This £505 valuation report was only one brief page and then he put terraced bungalow when it is actually a semi.

 

Before they did the DIP I had disclosed all relevant information, e.g. what debts I have. So I was confident that how much I was offered would be based on the valuation. The ensuing offer is £30k below what I need to cover the present mortgage.

 

I have therefore paid out £505 in good faith only to be told that I can only borrow 160k, much less than the 192k mortgage I currently have.

 

I have spoken to the broker who says there is nothing to be done. It seems that I have paid an excessive cost for an inaccurate survey and I am £505 out of pocket, under the impression that I had passed the financial test. This seems grossly unfair

 

Is there anything I can do?

 

Thanks for reading this.

Edited by squizzz

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Hello and Welcome,

 

I've moved this thread to a more appropriate Forum, hopefully you'll get some help shortly.

 

Regards,

 

Scott.


 
 

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