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It is a Brexit thing. All property owners are targeted (they have wealth) all properties are being down valued so that overseas investors invest in the UK to bring in much needed money for the UK so the government can say Brexit was a success!Dirty tricks. Beware property owners DO NOT SELL at the moment.The euro will crash, European governments will tax property owners 20% so this will bring millions of wealthy people to invest in the UK property market.Only then UK property will increase in value. Why are they building 500 more skyscrapers in London? Who are going to buy them? Overseas and European investors of course! The deal was done 10 years ago. After Brexit the UK will become a tax haven with their own rules.
Double WOW!There is certainly a huge amount of building going on in London - cranes everywhere. Not what you would expect with all the doom and gloom about Brexit.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Knowledge or opinion Lisa?
If next door has just completed then those figures are unlikely to have been lodged with the land registry yet so the valuer will not have that evidence. Anecdotal evidence doesn't count as he has to cover his backside. It can take a few months for those figures to filter through on the portals so unlikely to be considered until that point.
Personally, I always see a down valuation as a good thing as I then use it to negotiate the price down accordingly.
Yes conveyancing solicitor has 3 months to lodge sold data with Land Registry - though many do it a lot sooner
Im curious has anyone ever taken legal action against a surveyor for this? Is is possible?
Met 2 London investor at the recent property investment show who bought BTL recently. Offered 20% BMV, accepted and was further down valuated by over 40k for both. Better still, the vendor accepted the valuation price for purchase almost immediately.
Your post is almost stating that the whole process is wide open to abuse by dodgy valuers looking after the "bigger boys" ?!
If lenders are concerned about a falling market, they should be reducing the LTV offered and not the asset.
In respect to my concern that started the thread, I will this evening, pull the valuation apart and report my findings to the lender and forward a copy to RICS.
As a starting point, the photos taken by the valuer look nothing like the letting particulars, it could almost be a different property. Also, the comparables in the area have zero parking yet mine has 2 spaces.
And Yes, I am still livid...!
Not abuse, just how the property market direction is currently. 3 years ago when I expected my house value to be 300k, the valuation was 350k. Comes in cycle. We are just at the other end now.
Good luck with the challenge.
Not sure on what basis you would be able to bring a claim against a valuer. Valuers are contracted to the lender although you pay a valuation fee the payment is made to the lender who selects and pays the valuer, therefore you can't sue the valuer for breach of contract since you don't have a contract with him.
Since I am not aware of any legal basis to bring a claim for "P****** you off" that would leave Negligence again since the valuer is contracted by the lender and works to the lenders policies and guidelines your requirements are never a consideration in his work. Indeed previous claims of negligence / breach of contract by lenders against valuers is probably why they are being so cautious.
Consequently a low conservative valuation has little consequence for the valuer.