Right that's it. Surveyors are quickly scaling the ranks of my most irritating and unfriendly people list. A sweeping generalisation - yes. However, all the ones I have met haven't done anything to disprove this!
My own house was valued last year by a surveyor at £20,000 less than comparable properties, that were smaller and didn't have a conservatory. When I showed them comparables, SOLD PRICES, and lots of estate agent valuations they said mmm, perhaps we didn't do our research thoroughly. Sorry.
This morning I had the the displeasure of seeing another one for a property I am purchasing. There was no conversation, and he didn't have a clue about the area or going prices.
Nevertheless the surveyors word is final. This is frustrating when you know that they just haven't got the value right. It was also of major concern to Mr & Mrs Turner from whom I was buying the property from and renting it back to (they were being evicted by their lender for missed payments) since it meant they now risked losing their home. I told them not to despair.
My solution was to get in touch with the surveyor (via my mortgage broker) and provide comparables and a further report by another surveyor. They eventually agreed that they may have misjudged" the valuation. You don't say...!
It is no surprise to me then that some major mortgage lenders are considering using online valuation reports and basing the lending decision on these instead of on surveyors reports. It seems lenders are now thinking that there is so much data out there that is highly respected and validated that this information is sufficient to make a lending decision. When you think that banks have made lending decisions by credit scoring and computers for a while now then this is a natural step forward. If it means that I can get a fair valuation without having to justify it because the surveyor is unfamiliar with the area or can't be bothered to do some proper research then I am all for it!
The most comprehensive and reliable online valuation reports that I have come across and now use all the time are those provided by hometrack. It costs £19.95 and is well worth it to give you an independent view of your property's value using sold prices and valuations of comparable properties to yours. I offer these for free - simply e-mail me at info@fasterpropertysale.com or call 0800 970 2933.
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