08 March 2017
This week Halifax announced they are extending their valuation appeals policy to include remortgage applications.
They currently consider an appeal against a valuation from a customer who has made a property purchase application. They’re extending this process to customers making a remortgage application where the valuer has not carried out an internal inspection of the property.
An appeal will be considered on a remortgage if the property assessment figure returned means the loan amount requested, or the product chosen, is no longer available due to an increased percentage loan to valuation
As with a valuation appeal on a property purchase application an appeal on a remortgage can only be considered where the details of the sale of three comparable properties can be provided.
To allow them to consider an appeal you will need to send the following information and documentation:
- Evidence of three comparable property sales, ideally within the last six months. This should include the sales figure, date sold, full address of the properties, name of the estate agents that sold the properties and details of how the properties compare with the subject property in terms of size, age, condition and the distance from that subject property. It’s important to provide all of this information to allow them to give the appeal full consideration
- They also require confirmation of the sale price and date of sale from the estate agents
- Where available please provide a web site link to each comparable
- It’s not acceptable for an estate agent to provide an estimated asking price if the property were to be put on the market for sale
- They will not accept the use of a client's own valuation, prepared by another valuer, in place of our valuation
- Details of any improvements or alterations made to the property since it was purchased by your customer for example an extension, conservatory or loft conversion, that will have positively affected the value should also be provided
- If you need to appeal a valuation you should fully complete the updated valuation appeals form. The new form will be available from 7 March. Incomplete forms or forms without comparable properties as described above cannot be considered and will be returned.
- The form and supporting documentation should be emailed to SVSValuationAppeals@lloydsbanking.com or faxed to 0345 124 1456.
Once a remortgage appeal has been submitted and reviewed a new internal inspection of the property may be arranged. On all cases you will be updated with the result of the appeal and no further appeal can be considered.
If you have any queries, please contact your Business Development Manager.