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Mortgage valuation too low.


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1 minute ago, SuperJohnG said:

I would make a call, talk through with the surveyor - he works for you at the end of the day. Provide some background and show him why its worth more and get the price pumped up. Albeit, this only matters if you need all the cash from Ecology? it just helps draw more overall and at the start. 

Can the surveyor change his mind once report was submitted? I always thought the report was final.

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56 minutes ago, ZacP said:

@SuperJohnG just looked in more detail. the ecology fees were £800 application fee and £650 valuation fee.

I wasn’t there when they valued the plot, couldn’t have been - COVID. Do you think it’s worth a phone call? I have the surveyors number!


@nod completely bizarre! Not even the most basic bit of research at all. So unfair. Did she challenge it? 

She was putting 50% down So ok with the mortgage 

But it really spooked her 

Eventually the bank let her speak to the valuer He wouldn’t go into detail about how he arrived at his figure Just said that was his estimated valuation 

Quite lazy really 

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7 hours ago, ZacP said:

The valuer also suggests build costs of £400k where as because we are self managing and doing as much DIY as feasible we have costings to show £280k. 

we also had issues at outset with an ecology appointed valuer. He would not accept my spreadsheet of estimated build costs and insisted on a formal QS opinion on costings . These came back within 10k of my estimates (£170 on estimators online was the additional cost I recall) but ecology wouldn’t lend without that “professional” rubber stamp.


on our valuation, he only valued the land which was valued substantially lower than the price we had already paid for the plot including the bungalow we intended to demolish. Fortunately the land value was high enough for us to borrow against it. But we did guide the surveyor on what we needed. 

still with ecology as not signed off. After the initial faff they have been great. 

so maybe go back and query whether his valuation is for the land only? And discuss what you are trying to achieve.

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I'm sorry to hear this. I was convinced that this would happen to us, but to our delight the valuer (also Allied via Ecology) passed no problem and we got our offer last week so we can go ahead and complete on the plot. We don't have any issues with access though - simple flat plot with nothing on it but a shed and a garage at the moment.


I wonder if its due to the expiring PP? Ours expires in October which I thought would cause us issues but it never did. For the costings, we had our own but we didn't think they would accept those so we submitted an estimate from Estimators Online instead (within £10k of our costings) which they passed without any questions. How many m2 is yours?

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