I have a friend who recently put a deposit down on a new-build flat in a large new development in Scotland, it's priced at £150,000. He's paid the reservation fee, and been approved for the mortgage for this amount. Several have already been sold, and his is one of the few that doesn't have someone living in it.
His bank sent out a surveyor to check over the property, and they've valued it at £130,000 - it's a new surveyor the bank has recently switched to. This leaves a £20,000 gap...
I'd assume if many have been sold, quite quickly, and people have moved in, that there isn't a real issue with the £150,000 valuation.
What kind of options does he have - can he demand a different surveyor, should he be discussing the options with developer?
Any advice welcomed.