We have recently received the following testimonial. We were able to save the client £18,500. But the background to this survey also serves as a word of warning as to why you should never trust the bank’s valuation ‘surveyor’.

Jon recently completed a survey for a client of ours which saved her a massive £18,500!

We were pushed for time and the surveyor recommended by the lender was in no hurry to actually carry out the survey. Jon stepped up and carried out the survey with no messing around.

I would have no hesitation in recommending Jon to any of our clients moving forward. It is quite possible the whole deal may have fallen though without his efficiency.

Jessica Flaherty | Assistant Solicitor | Head of Private Client and Conveyancing | Levins Solicitors

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Our MD Jon Battle fills in the background:

I did a Full Building Survey and Market Valuation for Jessica’s client. The property was marketed at £120k and she had an offer of £116k accepted. Her mortgage valuer came out and agreed with the £116k value. However, he only did this because the required mortgage was for £40k – so a really low loan to value ratio of around 34%. He was satisfied that his client (the bank) would easily recoup their money if our client should forfeit the mortgage. So he walked away and said nothing and was happy for our client to pay nearly £20k over the odds.

My valuation identified the property was worth around £92,500 in the current market taking into account defective issues we identified. When I queried this with the agent, they agreed it was overpriced and said, “The vendors told us to market it at £120k”!

With the benefit of our costed report and valuation, the client saved a nice little £18,500.

The point I am making is that a mortgage valuation ‘surveyor’ is not working for you. He doesn’t care about you or whether you are about to pay way over the odds. He cares only for his client, the bank, and protecting their money.

So please bear this story in mind in future if you ever get a mortgage valuation and your loan to value (LtoV) is below 60%. This isn’t necessarily the correct price, it just suits the bank’s risk exposure. The valuer only sharpens his pencil when the LtoV is high and the bank’s risk is more exposed.

As for the agents…need I say more.