Buying new house - valuation from mortgage company £30,000 less that asking price

ginvzt

Let us know what will happen - we love to know the result!

stimpssl

Will do ginvzt. Hope they do drop the price because I really want this house. Watch this space!!

poppysarah

stimpssl wrote: »

Will do ginvzt. Hope they do drop the price because I really want this house. Watch this space!!

Ah this is a problem. You really want this house.

You really want to set fire to £30000

It's a house. It's a modern new build built in thousands to the same design in huge groups.

What's so special about this house?
This bit is important - not just me being flippant and cross that you're going to let your heart rule your wallet.

stimpssl

Thanks for your message poppysarah. Yes we really want this house but we are not daft enough to pay £30,000 over what it is worth. There are other new build estates in the area we NEED to live but there is no comaparison to the wimpey home. The rooms in the other houses are tiny and are on big huge estates with loads of social housing. I am not a snob or anything but my sister brought a new house a couple of years ago and has got the most awful neighbours living in the same house as them but are social housing. We are not prepared to buy a house in those circumstances. The wimpey estate only has 23 plots and is just perfect.

We are in rented accommodation at the moment and desperately need to move closer to my sons school but there is just nothing around to rent at the moment.

I will let you know what Wimpey come back with. They have until Thursday to let us know.

poppysarah

Is it the last house to be sold?

stimpssl

No, we are hoping to buy what is currently used as the sales office, so we have lots of upgrades. There is still the show house along with 2 3 storey houses.

poppysarah

So do you know for a fact the others have sold? Have they got people living in them? Have you asked about the % of social/affordable housing on the site? (I think a PP requirement is for 10% for most councils)
Do you know how many landlords dived in?

There's a new build patch near me that's mostly up for sale now the landlords have to bail cost tenants can't afford the silly rents. Properties that sold originally for nearly 200k are lucky to be sold for half that now.

Have you walked round it at night? On a friday night?

stimpssl

Yes we know definately that the others have sold. Wimpey even passed a note onto us from someone who lives in one of the apartments about setting up a community group for the site. Wimpey have told us that because of there only being 23 plots they do not have to give any to social housing and they have confirmed to us that no property will be sold to social housing. There is one apartment that is rented.

I know the area really well and yes we have drove round at night, weekends, etc.

andrewmp

Tell them you will pay no more than £160,000. If they refuse pull out, go back in with an offer of £145 and forget the shared ownership nonsense, they have shareholders to keep happy and cashflow is a massive issue at the moment. You are in the power position here.

Richard_Webster

Unfortunately because of the deal we have had we are using a wimpey recommended solicitor. If they do come back and refuse to reduce the house maybe then we will have to get independent advise.

I don't know about the situation in Scotland but in England/Wales if a solicitor is acting for you then they have to act in your best interests and give you independent advice. Whilst you may be suspicious in situations where you were supposed to use a particular solicitor, that solicitor will get himself in all kinds of hot water if he does not act in your best interests regardless of what Wimpeys may think.

(The very fact that Wimpeys were prepared to do this 25% loan type scheme is evidence that the house is not worth £189K. If it was they wouldn't be offering this natty scheme!)