WHAT TO DO IF YOUR PROPERTY IS DOWN-VALUED
Ask for details of why the surveyor came up with a lower valuation, such as details of similar properties they relied on for comparisons
Check whether your buyer is prepared to challenge the valuation. If so, enlist your estate agent to send evidence of comparable properties which support your view of the value.
Consider requesting a second opinion if the surveyor will not budge. You may need to fund the survey, or share the costs with your buyer.
When deciding whether to accept a lower offer, remember that a buyer with a larger deposit may be in a better position to make up a shortfall between what the lender will advance and the purchase price, in the event of a down valuation.
When remortgaging, weigh up whether to accept borrowing less than you intended, or whether to release the same amount as a larger proportion of the property value, which could affect your choice of mortgage deal.