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  • FIRST POST
    • goodallish
    • By goodallish 26th Jan 18, 11:05 AM
    • 54Posts
    • 9Thanks
    goodallish
    Valuation Rut
    • #1
    • 26th Jan 18, 11:05 AM
    Valuation Rut 26th Jan 18 at 11:05 AM
    Hi,

    I am currently waiting for a valuation back from Nationwide on a house that I've had an offer of £116,000 accepted on.

    I rang them up yesterday to ask for an update and they told me that the valuation came back on Monday at £105,000 and that they are looking at the valuation over the next 4 days before getting back to me with a final decision.

    The house was originally up last year for £150,000 which the estate agent at the time valued it at, but it has since come down to £120,000.

    I really like the house, but if the valuation comes back at the £105,000 then would I be better to lower my offer to that and simply walk away if they do not budge? It's over a 10% drop in price with the valuation so I can't see them moving on price any more after the vendor took a while coming to accept my final offer.

    I don't really want to lose the house, but at the same time I don't want to be paying more than what it's worth if it means I'll be putting myself in negative equity. Could the valuer have got it wrong and the property could be worth more than what they decided? Would they change their valuation if say for example they had marked the house to have no loft insulation when actually it does? Little things like that? If there are obvious things I can see on it when it comes back to be wrong, can I mention it to them to get a revaluation?

    Houses in the area seem to be worth slightly more than the original asking price (I'm guessing in complete fit state) where as this does need a little bit of work doing, but mostly only cosmetics. The last couple of sales have also been slightly higher than the original asking price too, but there are only a handful to go off.

    Thanks in advance for any advice.
Page 2
    • Gwendo40
    • By Gwendo40 29th Jan 18, 6:28 AM
    • 40 Posts
    • 28 Thanks
    Gwendo40
    What has been the underlying problem that resulted in the floor needing to be re levelled?
    • goodallish
    • By goodallish 29th Jan 18, 11:01 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    What has been the underlying problem that resulted in the floor needing to be re levelled?
    Originally posted by Gwendo40
    I'm not sure on that to be honest, it's something I probably could look into more. My friend who came with me said there doesn't seem to be any subsidence from the outside but I could ask and see what the seller says. Maybe there are more skeletons in the closet, or rather, under the carpet being hidden after all
    • goodallish
    • By goodallish 30th Jan 18, 1:57 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    I've had my official email back from the valuation today with the value being as expected: £105,000. They also won't give me a copy of the valuation report, stating that it is for their purpose only. So I'm unsure as to why it has been valued as it is.

    I've emailed a copy of the valuation to PurpleBricks asking if the vendor would sell at £105,000 and I've also asked them about the slope in the floor too, to see if the house has had any recent subsidence, or if it has been there a while if they know when it happened and why it hasn't been repaired.

    Fingers crossed!
    • Lokolo
    • By Lokolo 30th Jan 18, 2:03 PM
    • 19,936 Posts
    • 15,056 Thanks
    Lokolo
    This sounds like you have only carried out the default mortgage valuation survey.

    Is there a reason why you didn't either upgrade to a homebuyers report or find your own surveyor to do a homebuyers?

    If you had upgraded to a homebuyers then this would give you more information and you'd be able to query the valuation with the surveyor.

    https://www.rics.org/uk/find-a-member/

    You could always get one carried out yourself. You would obviously need to arrange this with the EA and Vendor.
    • goodallish
    • By goodallish 30th Jan 18, 3:34 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    This sounds like you have only carried out the default mortgage valuation survey.

    Is there a reason why you didn't either upgrade to a homebuyers report or find your own surveyor to do a homebuyers?

    If you had upgraded to a homebuyers then this would give you more information and you'd be able to query the valuation with the surveyor.

    https://www.rics.org/uk/find-a-member/

    You could always get one carried out yourself. You would obviously need to arrange this with the EA and Vendor.
    Originally posted by Lokolo
    Mainly to save money. I'll have a look into the link you've sent and maybe go ahead with a more detailed one as I do really like the property. The trouble is taking that risk of losing money on the survey if the valuation comes back the same and I am in the same position as before, with an even lower chance of not getting the property.

    PS how does it work if I get a more detailed survey done, regarding the valuation I had from Nationwide? Would they take a paid survey into account over their valuation? Or would they overlook it and stick with what they've valued it at?
    Last edited by goodallish; 30-01-2018 at 3:39 PM.
    • goodallish
    • By goodallish 4th Feb 18, 6:39 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    Well just a quick update for anyone interested.

    I'm still in shock but my new lower offer got accepted today! I can't believe it, I'm so happy! I've grabbed a bargain, I think. Can't wait to go to the solicitors and bank tomorrow to update them and get the ball rolling now

    Thanks to everyone who had input on my original query.
    • PokerPlayer111
    • By PokerPlayer111 4th Feb 18, 7:22 PM
    • 180 Posts
    • 48 Thanks
    PokerPlayer111
    Nice going man congrats!
    • Mossfarr
    • By Mossfarr 4th Feb 18, 7:26 PM
    • 462 Posts
    • 637 Thanks
    Mossfarr
    I know this area really well and in my opinion £105,000 is a fair price if there is work that needs doing. Its an ex local authority property, well built, a decent size and there area is OK - although Knowsley Lane itself is a "rat run" between the not so good areas in Prescot, Page Moss, Lyme Cross, Longview, Huyton & Kirkby.
    If the original asking price was £150K - they were kidding themselves - its no wonder it didn't sell!!
    What you have to take into account is the massive amount of new housing that is springing up in the surrounding area so there really is a lot of property available - and even more when the new developments on the old Knowsley College (Rupert Rd) and Knowsley Comp (Western Ave) sites are released for sale.
    Have you looked around at other properties or just focussed on this particular one?
    Because of all the other properties available, as a buyer you are in a very strong position to negotiate a lower asking price.
    • Crashy Time
    • By Crashy Time 4th Feb 18, 7:54 PM
    • 5,516 Posts
    • 2,271 Thanks
    Crashy Time
    Well done!
    • goodallish
    • By goodallish 4th Feb 18, 9:16 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    I know this area really well and in my opinion £105,000 is a fair price if there is work that needs doing. Its an ex local authority property, well built, a decent size and there area is OK - although Knowsley Lane itself is a "rat run" between the not so good areas in Prescot, Page Moss, Lyme Cross, Longview, Huyton & Kirkby.
    If the original asking price was £150K - they were kidding themselves - its no wonder it didn't sell!!
    What you have to take into account is the massive amount of new housing that is springing up in the surrounding area so there really is a lot of property available - and even more when the new developments on the old Knowsley College (Rupert Rd) and Knowsley Comp (Western Ave) sites are released for sale.
    Have you looked around at other properties or just focussed on this particular one?
    Because of all the other properties available, as a buyer you are in a very strong position to negotiate a lower asking price.
    Originally posted by Mossfarr
    They wouldn't bite at £105,000, I ended up offering extra, but only enough to stick to my original deposit price. Still a bargain and I've saved a huge chunk off of my mortgage so I am very happy. The area itself I don't think is bad at all. It's out of the way of the shabby parts of the places you mentioned and the road itself is, as you said, more of a rat run between the surrounding areas so I doubt it'll have any problems. Once work is done on the kitchen and garden I'm hoping that it'll be worth more the original asking price then.
    • Mossfarr
    • By Mossfarr 4th Feb 18, 10:17 PM
    • 462 Posts
    • 637 Thanks
    Mossfarr
    Well done for getting the price reduced, they are good solid houses (I have two in L14 so quite close by). I hope it all goes well and you are very happy there.
    Make sure to check whether its leasehold or freehold and have your solicitor to check it out thoroughly for covenants etc as I think the land could possibly be tied to the 'private estate' close by (I know Nursery Farm further along over the Motorway bridge definitely is and it has some restrictions).
    good luck
    Last edited by Mossfarr; 04-02-2018 at 10:19 PM.
    • goodallish
    • By goodallish 4th Feb 18, 11:40 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    Well done for getting the price reduced, they are good solid houses (I have two in L14 so quite close by). I hope it all goes well and you are very happy there.
    Make sure to check whether its leasehold or freehold and have your solicitor to check it out thoroughly for covenants etc as I think the land could possibly be tied to the 'private estate' close by (I know Nursery Farm further along over the Motorway bridge definitely is and it has some restrictions).
    good luck
    Originally posted by Mossfarr
    Thank you very much. It's freehold, that's what I was looking for. What is/are covenants? What restrictions does nursery Farm have because of it?
    • Mossfarr
    • By Mossfarr 5th Feb 18, 12:14 PM
    • 462 Posts
    • 637 Thanks
    Mossfarr
    Thank you very much. It's freehold, that's what I was looking for. What is/are covenants? What restrictions does nursery Farm have because of it?

    Covenants are restrictions on the property such as, what it can or can't be used for, what structures you can or can't have (eg sheds), what you can/can't have fitted to the exterior walls (eg sat dishes), not being able to park large vehicles such as vans on the driveway. The list is endless really.
    My properties don't have any restrictions but yours could have. The farm across the bridge has restrictions regarding its use as it is classed as agricultural land.
    • goodallish
    • By goodallish 6th Feb 18, 11:02 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    Covenants are restrictions on the property such as, what it can or can't be used for, what structures you can or can't have (eg sheds), what you can/can't have fitted to the exterior walls (eg sat dishes), not being able to park large vehicles such as vans on the driveway. The list is endless really.
    My properties don't have any restrictions but yours could have. The farm across the bridge has restrictions regarding its use as it is classed as agricultural land.
    Originally posted by Mossfarr
    Thanks for the info. I don't think there will be any on the house but I'll wait and see what comes back from searches. Unfortunately for the farm I found out last week that there is development planning happening for that side of knowsley lane. The farm is to be knocked down and houses and another retail park to be built. It's a sad world we live in. Hopefully people can action their words and stop it from happening but I think it's only a matter of time.
    • Crashy Time
    • By Crashy Time 7th Feb 18, 2:28 PM
    • 5,516 Posts
    • 2,271 Thanks
    Crashy Time
    Thanks for the info. I don't think there will be any on the house but I'll wait and see what comes back from searches. Unfortunately for the farm I found out last week that there is development planning happening for that side of knowsley lane. The farm is to be knocked down and houses and another retail park to be built. It's a sad world we live in. Hopefully people can action their words and stop it from happening but I think it's only a matter of time.
    Originally posted by goodallish

    Another one? At some point economic reality cancels out property developer greed.....


    http://www.bbc.co.uk/news/business-42942922
    • goodallish
    • By goodallish 12th Feb 18, 4:48 PM
    • 54 Posts
    • 9 Thanks
    goodallish
    Another one? At some point economic reality cancels out property developer greed.....


    http://www.bbc.co.uk/news/business-42942922
    Originally posted by Crashy Time
    Unfortunately so...

    http://iondevelopments.co.uk/knowsley-lane-regeneration-scheme-unveiled/
    • Crashy Time
    • By Crashy Time 12th Feb 18, 5:54 PM
    • 5,516 Posts
    • 2,271 Thanks
    Crashy Time

    That`s a big footprint.
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