What can I do if a surveyor devalues house?

You could appeal the remortgage valuation that has undervalued your property by giving your lender evidence of recent sales matching your valuation. Alternatively, you could consider remortgaging with a different lender whose surveyors may view the value of your property differently.

What does a surveyor do on a mortgage valuation?

The surveyor will take about 15-30 minutes to look around the property for any obvious defects that could impact its value and confirm key details for the lender. After the visit, the surveyor will make an assessment of what the ‘market value’ of the property is.

What happens if a house fails a survey?

If your survey uncovers issues, you can use it to renegotiate the price you’re willing to pay. Your offer is Subject to Contract (STC) and you’re not legally bound to buy the property until the point of exchange.

Is it possible to get the double glazing survey wrong?

This is to protect you as well as them; getting the survey wrong and not finding out until the moment of installation is a very costly mistake to rectify for all involved. Most suppliers provide the double glazing survey as part of the service.

Can a mistake be made on a property survey?

Mistakes can be made and if it was two different survey companies they may have some conflicting info. It gets more complicated by the fact that it sounds like you’re splitting off some parcels and by doing that, creating new pieces of land…so you’ll want those surveys to be accurate for the future.

Do you need a surveyor to do a house survey?

Your surveyor should answer any questions you have regarding the survey report at no extra cost. More than one in four house sales fell through at the end of 2015 as buyers received bad news from their survey and changed their minds, according to Quick Move. There is no right or wrong about what you do next.

Is the government rectangular survey a legal description?

Rationale: A street address alone is not generally considered an adequate legal description. B) Government rectangular survey method is most commonly found in the original 13 colonies. Rationale: None of the original 13 colonies use the government rectangular survey.

Why do lenders say they do not need a survey?

Such Endorsement language only insures a Lender as against a loss sustained by the Lender which results from variations, encroachments or similar objectionable conditions that would otherwise have been revealed by an accurate survey. It does not, however, reveal what a survey, as described above, would otherwise disclose. So herein lies the rub.