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Ask F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 9436
Experience:  I have been practising for 30 years.
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I have recently completed a buy to let mortgage application

Customer Question

Dear Sir/Madam,
I have recently completed a buy to let mortgage application for a residential property sited above a launderette. My NLA have advised me that the property fits the requirements for The Aldemore (Bank or Building Soc?).
Aldemore required an up front non-returnable admin fe of £199 and £555 valuation fee. They have refused to lend on the property stating that in the valuers opinion, the property is "wholey unmortgageable". I have owned the property since 1986 and it has been on a commercial repayment mortgage. My letting/estate agents have confirmed a valuation for the property that agrees with the Aldemore valuation and have confirmed that the property has been let with insignificant voids since they have managed it. My question is "how do I dispute this rediculous statement , obtain sight of the valuation comments and dispute them?
Yours faithfully
Geoff Fowler
Submitted: 1 year ago.
Category: Law
Expert:  F E Smith replied 1 year ago.

In my experience, it is a waste of time disputing the valuation. The lenders will always err on the side of caution and they will simply take their valuers word for it if there is any dispute over whether the property may or may not be suitable for their mortgage purposes. They are free to take on or decline any mortgage risk they wish without giving any reasons.

You may be able to obtain a copy of the valuation under the Data Protection Act section 7 by making a Subject Access Request but as this is not personal data but related to the property, they may not let you have it. You have to send a fee of £10 with the request and they have 40 days to reply.

If you are determined to dispute the valuation, what you need to do is get another independent valuation which you will have to pay for and submit that to the lender to see whether they change their stance.

Can I clarify anything for you?