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Angry at surveyor

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  • Angry at surveyor

    Hi all,

    We could do with some advice regarding the sale of our 2 bed flat.

    We own 50% and the other half is owned by a housing association.

    To start the resale process we had a RICS Valuation done which came out at £115k. We started the sale process and eventually found a buyer after we marketed the property at £119,950 and we accepted their offer of the asking price.

    Because more than 6 months had passed since the original valuation the HA insisted that we have a desktop valuation done. The surveyor found out that we had accepted an offer and posted the valuation at the asking price.

    This causes us a problem as the HA only take their 50% of the valuation figure (at the time was £115k so £57,500 each) rather than the actual sale price of £119,950 (). Therefore with the surveyor posting the val at the asking price this means we loose out on a profit of £4,950!!

    Additionally the surveyor has used 3 comparable properties to come to his figure however one of them is a bogus sale as the property is not listed as ever being sold in the land registry database.

    Our questions are...

    Can we contest the valuation based on the fact that he's simply used the sale price?
    If we were to switch to another surveyor would this help?

    Hope you can help

    Regards

    Central
    Last edited by Central; 02-09-2015, 07:58 PM.

  • #2
    Re: Angry at surveyor

    Originally posted by Central View Post
    Hi all,

    We could do with some advice regarding the sale of our 2 bed flat.

    We own 50% and the other half is owned by a housing association.

    To start the resale process we had a RICS Valuation done which came out at £115k. We started the sale process and eventually found a buyer after we marketed the property at £119,950 and we accepted their offer of the asking price.

    Because more than 6 months had passed since the original valuation the HA insisted that we have a desktop valuation done. The surveyor found out that we had accepted an offer and posted the valuation at the asking price.

    This causes us a problem as the HA only take their 50% of the valuation figure (at the time was £115k so £57,500 each) rather than the actual sale price of £119,950 (). Therefore with the surveyor posting the val at the asking price this means we loose out on a profit of £4,950!!

    Additionally the surveyor has used 3 comparable properties to come to his figure however one of them is a bogus sale as the property is not listed as ever being sold in the land registry database.

    Our questions are...

    Can we contest the valuation based on the fact that he's simply used the sale price?
    If we were to switch to another surveyor would this help?

    Hope you can help

    Regards

    Central
    =============

    I have read this several times, and am still struggling to fully understand what you have asked. But anyway, here goes. Presuming you have a mortgage, the security on it will based on the higher price, so if your lender accepts the lower valuation, your property will in actual fact be down valued. As far as the desk top valuation is concerned, they can use a SSTC figure, as long as they obtain the actual agreed value from the estate agent, so it doesn't have to be on the land registry.

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