Valuation £85k below offer
The house I am buying with my partner has been valued by the mortgage lender this week. They’ve said it is not worth what we’ve offered (385k) and will only lend 300k.
We are pretty devastated. We love this property and requested to move our job locations etc especially.
The valuation is confusing us.
The property is semi-detached three bed two bathrooms, needs a lick of paint but is currently functioning as a holiday home (so is in decent condition). It also has ample outdoor space, is in a really sought after (pretty expensive) area and is attached to a historic heritage site / estate which has public gardens etc.
We’ve had a RICS Level 3 survey completed and there are no structural issues, just usual damp associated with a Victorian property.
My only guess is that the highstreet lender doesn’t have similar properties nearby to gauge the value of ours as it is one of a kind in the area? Even so though, similar size properties are going for mid 300s and they do not have the same historic value that this property has or closeness to amenities (it is pretty much in the centre of the town while still being quiet and hidden away).
We are waiting on details from valuation, but please can anyone who has been in a similar situation give advice?
We really want to make this work but just do not have the money to bridge the gap ourselves upfront.