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It can happen but the bank will only lend on the lower of valuation or contract price...

Yes but only after significant work had been done to the property between valuation and exchange.

Yep Valex is the major problem here. Sometimes it is possible for the BDM to order the valuation to bypass Valex if it has been valued before within 90 days but you would need a very good reason to do so (such as major renovations etc).