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House under-valued by a surveyor

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Any advice please. We recently looked to remortgage our house to get a better rate. We paid £300 for a survey. We had two options depending on how high the house was valued. The average price of houses sold on our street in the last 6 months is £170 k. If our house was valued at £165k we would get the best mortgage rate, if it came in as low as £155k we would get a slightly worse rate but still a better rate than our current one.

Based on current sales on our street and the fact that, among other things, we have the largest plot on the whole street we felt this was a safe option and we paid the £300 survey fee.

The surveyor valued the house at £143!!!!!!

This meant we were left with no mortgage and were £300 worse off.

We went back with a list of houses to prove what they are going for but they have sill not budged. The majority of comments the surveyor has given to back up his valuation are mainly personal opinion. eg preferable decor in other properties, approach to the drive is on an angle. He even turned our huge garden in to a negative by saying next doors was small and neat!! He also said that we needed to get a wooden floor specialist in because there was a small nick in the floor in the kitchen.....our kitchen floor is LAMINATE!!


Can anyone offer any help or suggestions?? I have now gone to the financial ombudsman and they have taken the complaint on. The mortgage company now have 8 weeks to reply.

I have since had my house valued by 2 estate agents and it has been valued at £165k and £160k. I know surveyors generally value less than an estate agent but £143 is a joke.

Please help....



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We got the average from the last 4 house sold on this street. We used a mortgage advisor and this was the deal he found. It was the best rate we could get based on our income etc . There were other options with no fee but we wanted to get the best rate and therefore be better off financially on a monthly basis. The mortgage advisor was as shocked as us when they came back with £143k. It was so far off the mark we never even considered it. With the two options they gave even if it came back as low as £155k we would still have been better off with the second mortgage rate. The lender is Marsdens Building Society.

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As far as I remember all Marsden Remortgages have a free valuation .... there is a £299 fee on one of their products but that can be added to the loan .... Did your broker give you a KFI (Key Facts Illustration) about 8 pages with sections numbered 1 to 11 ?

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You might want to have a look at the Zoopla website as well, to work out comparison prices !

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Right what you need to do to appeal the decision is to find 3 comparable properties that have sold in the last 3 months usually. Unfortunately the surveyors are a law unto themselves and I doubt very much you will get him to change his or her mind. My biggest issue with clients I deal with is the valuations that are returned. For comparable properties go to http://www.nethouseprices.co.uk click the sold icon and then add your postcode to see the actual sold values of the properties, remember to check style and number of bedrooms ..Good Luck though

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