Self build finance help

[MrSearching2]

Hi everyone, how’s it going? Feeling sick to the stomach and need advice. I will try to keep it as simple as possible. 

Bought a property at auction, paid deposit, it is a barn for conversion etc. Obviously then we had a month to secure the finance. 

We used a bridging loan broker. Found a few lenders. But all lenders were having difficulty finding surveyors to value the barn within 30days. 

Bridging loan broker found (Lender A) that could get a surveyor report within the 30 days. (Lender A) instructed the surveyors to commence. (Lender A) then pulled out randomly as it was our first conversion. 

However, the surveyor reports still continued.

Bridging loan broker found (Lender B) that could use the surveyor reports from (Lender A).

Surveyor reports of both properties have come back very low. Valuation for both properties is significantly below.

(Lender B) will not be continuing. Also, the bridging loan broker will not be pursuing.

We are not very happy with the surveyors reports. 

Regarding the surveyor report of the barn there was multiple errors:
1000m2 were missed off the land estimate.
A different property adjacent to the barn was referenced throughout. on the farming site
There was no acknowledgement of the potential of an exterior building that could be converted at a later date.

Regarding the surveyor report of our current property:
There was no mention of the extra bathroom. It is mentioned as a three bedroom one bathroom apartment, but it has two bathrooms.
The surveyor took an example of a recent apartment in another building for significantly lower because they have cladding issues. Basically comparing our apartment block with another, that is not comparable.
The survey reported it was 40,000 below. NatWest estimate.
 
We have now gone over the one month period and are into the last week of notice to complete.

Questions:

I do not agree with the surveyors reports at all. Is there anyway to challenge these reports? 

The barn has had little interest at auction as it was a liquidation. Should I try and contact liquidators/selling party to state that the property was significantly undervalued, and therefore can proceed at a lower price?

Is there any legal way to get my deposit back from the auctioneer such as misleading about the price?

Are there any other financial possibilities to secure the property?

I’m lost but our mortgage advisor has just text us saying that there might be another solution??

[moderator2]

Moved to General as not a Building question.

[dewaltdisney]

It would seem you were mislead by the auction description and then fell victim to the charlatans who call themselves surveyors. I think RICS has a P missing as they are fairly useless at mortgage valuations etc.

I think in the first instance I would contact the liquidator and explain your problem and see their reaction, not everyone is heartless and they might give you an extension to find finance. I dare say you are into this for a chunk of money but sometimes fate directs you in a way that although it is painful it can save you a lot of grief further down the road. Barn conversions are notoriously full of problems and it might be a blessing in a costly disguise.

I wish you well.

DWD