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Renegotiation after valuation,help!
Joyjoy
Posts: 9 Forumite
We are buying a property in Wollaton, Nottingham. We offered 155K and the surveyor report the reinstatement value is 136k. We feel unfair
if we pay on 155K,we are first time buyer and have no experience.Could anybody help us? Thank you so much!
if we pay on 155K,we are first time buyer and have no experience.Could anybody help us? Thank you so much! 0
Comments
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YOu have to go with the valuer's valuation really. If they say it's worth £136k, then they're probably offering you a mortgage of 90% of that (assuming it isn't a new build), so you would get a mortgage of £122k and need £33k deposit to buy the property.
All you can do is go back to the seller and tell them it's been valued less and ask them to bring the price down.0 -
See your earlier thread here:
http://forums.moneysavingexpert.com/showthread.html?t=1328875
Reinstatement value is not the samme as the property value."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
The report only say: Market value is 155k, reinstament value:136k. Could you help me again, and also we want get some bargin.
Thank you very much!0 -
So it means should be ok to buy the house on £155k, but somebody told me, if bank to buy the house, they will only pay £136k, means bank will only lend this amout to us to buy this property. Is it right? Thank you again for every one helps me!PasturesNew wrote: »YOu have to go with the valuer's valuation really. If they say it's worth £136k, then they're probably offering you a mortgage of 90% of that (assuming it isn't a new build), so you would get a mortgage of £122k and need £33k deposit to buy the property.
All you can do is go back to the seller and tell them it's been valued less and ask them to bring the price down.0 -
No. That's not correct.
They will not lend you 136K if the house is worth 136K (by their valuation).
That would be a 100% LTV mortgage, and don't really exist anymore.
They would lend you 90%, 85%,70%,60% of £136K depending on the LTV they have set.Savings
£14,200 with £1100 M.I.A. presumed dead.0 -
The report only say: Market value is 155k, reinstament value:136k. Could you help me again, and also we want get some bargin.
Thank you very much!
Reinstatement value is the cost to build the house as it now - say if there was a fire or something and the house was destroyed - it would cost £136k to rebuild it. It's usually for insurance purposes - you will need buildings insurance, to cover the cost of rebuilding.
Reinstatement values and market values are two different things and are usually different.
Market value is obviously what the surveyor thinks it's worth in todays market for mortgage purposes0 -
Thank you,every one. I am clear now0
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