woolwich mortgage/esurv valuation

[simaandscott]

my wife and i are currently attempting to buy a new build property, we managed to get approved for the mortgage with the woolwich/barclays, however we have had major problems with the valuation of the property.the woolwich use a company called esurv. on the 7th of march esurv visisted the site and conducted a survey of our potential property off plan as the property has not been built yet.the asking price of our property is £524,995.the surveyor valued the property at £460,000!!!this is a new build redrow 5 bed detached house that is being built next door to a 4 bed detached house that is being bought for £460,000, the 4 bed house was also surveyed by esurv!!obviously the woolwich are now refusing to release our mortgage offer due to the issue of the vaulation, they are also saying that they trust esurv and will not investigate further.this is despite the fact that redrow have just released more houses for sale and the 5 bed we are attempting to buy has now had its asking price increased to £534,995 and that the same 4 bed detached houses are now being sold for £482,995!!me and the wife are now at a loss (literally and finacially) as to what to do now. there seems to be a complete lack of common sense and it beggars belief that in this day and age nothing can be done!! any help or suggestions would be greatly appreciatedthanks

[slick132]

Hi Simaandscott and welcome to CAG

 

Unhelpful posts and associated replies have been removed as they added nothing of use to your dilemma.

 

Given the problem with the valuation being so comparatively low, and what you stand to lose if the mortgage is not forthcoming, you might have to spend out on an alternative valuation.

 

I assume you have already given the Woolwich the relevant figures about the other properties on the site. If so, how have they responded.

 

Perhaps the bank will agree to another valuation by a local Chartered Surveyor, either chosen by them or by you. But I think you will have to pay some, if not all, of the extra cost.

 

[Kandaras]

I have had exact same issue with Woolwich and esurv. Trying to buy a flat for 155k and esurv valued it at 130k a whole 25k difference. An identical flat to this one (next door) sold last year for 150k and others I have spoken to think the surveyor is way off in his estimate. Phoned esurv they say their hands are tied by the Woolwich and cannot review the the estimate with out the say so from the Woolwich even though the guy i spoke to was surprised by the size of the discrepancy. Worked my way in up the chain of people in Woolwich simply to be told they refuse to challenge the survey unless there is at least a 25% discrepancy. They don't seem to care about the fact that i have paid for the survey and refuse to untie esurv hands and allow it to be reviewed. They also refuse to allow me to pay for an independent surveyor or even pay for another esurv surveyor, the entire application stands solely on the say so of the one surveyor with no recourse what so ever to challenge his judgment. Apparently it is now their policy since of January to not review any valuations from esurv and the first esurv valuation as gospel. Anyone applying for a Woolwich mortgage just hope you get a good surveyor or you'll be throwing good money down the drain without a chance of seeing it again.

[simaandscott]

Do you mind if I ask which part of the country your from? And also was the property in question a new build?

[slick132]

Hi Kandaras and welcome to CAG

 

I hope you get useful help here on the site.

 

[trackcare]

If Esurv are anything to do with it run a mile get another survey company no matter what it costs. Esurv valued my property and did a property risk assessment they did not advise me it had serious structural problem. Final outcome was I refused to pay the mortgage as the Woolwich had instructed them and the house which at one stage was valued at £525,000 is now worth £30,000. Run away.