Q1. What action can I take if I disagree with the valuation figure?

 

a)    Where you disagree with the Property Value?

Where a property valuation figure is more than 15% below the broker/applicant expectations then the appeal process can be instigated. Where the difference is less than 15% no appeal is available. In order to appeal / challenge a property valuation the broker/applicant must provide three comparable properties of similar size and specification to the subject property, all comparables must be situated within a reasonable distance and must have sold within the last 6 months; we cannot accept properties which are currently offered for sale or under offer.

Please note that we do not refund valuation fees in the event of the valuation being lower than applicant/broker expectation.

b)    Where you disagree with the Rental Income?

The process for appealing the rental income valuation figure is like the above process for property value appeals however, smaller differences are considered.

Where the rental income figure is more than 10% below the broker/applicant expectations then the appeal process can be instigated. Where the difference is less than 10% no appeal is available. In order to appeal / challenge the rental income valuation figure the broker/applicant must provide three comparable properties.

Alternatively, for re-mortgage applications where the current rent received can be evidenced on the latest 3 months bank/agency statements and a current tenancy agreement, we are able to support using a higher amount than the valuers rental estimate (the lower of rent received and rental income valuation + 10%) towards affordability. Note this excludes Let to Buy re-mortgages.
 

Q2. Would Accord instruct another valuer?

No, we would not be able to instruct another valuer as the valuer is chosen based on their knowledge of the area and locality.
 

Q3. What should I do if, due to the Property valuation being lower than expected, the Loan to Value (LTV) has exceeded the product limitations?

The following options are available:

• You may reduce the loan amount in line with the LTV of the product.

• You may select a similar product (see 'Products - Important Information' below) in a higher LTV band from the range available at the time of original submission or the range on sale at the point that the valuation lower than expected has been received. (Details of withdrawn products are available upon request). 

• You may cancel the application.

Q4. If I select a product from a higher LTV band, what do I need to do next?

Please note the following:

The maximum loan available may decrease

• Please check that the new maximum loan size and the new LTV will cover your client's requirements.

Q5. What happens if the LTV exceeds the amount that Accord Mortgages can provide?

If, due to the valuation, we are unable to offer a product within the required LTV, then if suitable, you can reduce the loan amount so the LTV is below the maximum we can offer or we will cancel the application. The valuation fee (where it applies) will not be refunded if the application is cancelled.

Products - Important Information

When selecting a new product please ensure that you choose a product with similar fees and incentives. Please note the following:
Paid standard valuations
If the original product had a paid standard valuation incentive then you would either need to select a new product with the same incentive or pay for the cost of the valuation.
Legal fee assistance
If the original product had the legal fee assistance incentive then you would either need to select a new product with the same incentive or the applicant will need to instruct their own solicitor and pay for the cost of the legal fees.