A + L Valuation of My House

Simon_Pugsley

Hi all,

I bought my house in Q3 of 2004 for £173000, when I use the Halifax price calculator it says that my house has gone up in value 0.6%, and is now worth just under £174000.

When I went to the A + L today they valued my house using their system (which is Halifax price index) at £149000. Is this because they are factoring in any future losses, or do they use a different method of calculating house prices.

I am trying to transfer the house in to my name (from a joint mortgage) and although their current house price should not affect the decsison. I am a little concerned that I will not be able to fix my mortgage deal due to poor LTV.

Thanks

Simon

1978

Simon_Pugsley wrote: »

Hi all,

I bought my house in Q3 of 2004 for £173000, when I use the Halifax price calculator it says that my house has gone up in value 0.6%, and is now worth just under £174000.

When I went to the A + L today they valued my house using their system (which is Halifax price index) at £149000. Is this because they are factoring in any future losses, or do they use a different method of calculating house prices.

I am trying to transfer the house in to my name (from a joint mortgage) and although their current house price should not affect the decsison. I am a little concerned that I will not be able to fix my mortgage deal due to poor LTV.

Thanks

Simon

it's because the calculator is unreliable. fact, based on comparing historical data against what figures their software will churn out.

i imagine the only way to get the house valued correctly is to get someone to do an actual physical valuation.

Simon_Pugsley

Can I ask A + L to come and value, rather then using HPI

Simon

pritsim

you can but i m sure they wil charge you

ninky_2

have you looked to see what valuation mouseprice.com comes up with?

1978

Simon_Pugsley wrote: »

Can I ask A + L to come and value, rather then using HPI

Simon

i honestly don't know. i'd read on other threads that they're not willing to budge on valuations coming out from their software. even if they did come out it would cost you (i'd imagine).

might be best off giving them a call.

Simon_Pugsley

Thanks guys..

I think they are pretty set on the £149000 figure.

At the moment I am on a tracker 1% above BoE, it just worrys me that I will not be able to move to a fixed deal when Interest rates start going up.

Simon_Pugsley

Mouseprice says it it worth £177300.

Very confusing...

1978

that mouseprice site pulls up some pretty interesting figures.

i live on a street where all the houses on one side of the street are identical builds (bar 4 houses).

my next door neighbour on one side is apparently valued at £7,100 more than us, and the other side at £17,200 less. that's a range of nearly £25k.

the lesser value has had the same owner since new.

whilst i appreciate these are just calculators used mainly as guides, i'm surprised at how much deviation there can be in their results - about £45k in the instance of all identical builds on my street.

it's worrying that lenders use similar, glaringly inaccurate, software.

clairehi

I have had similar experience.

Tried to re-mortgage with A&L, their system valued our house approx £20 K lower than the result given by publiclly available on line calculators and so we are above the 75% ltv threshold. they have refused to send out a valuer.

our house is a one-off and there are very few comparables in the local area, especially as the market is so illiquid.

I am now applying for mortgage elsewhere and crossing fingers that the physical valuation will come out ok.

alleycat`

Noticed the same thing on mouseprice.

My House is valued at £14K less than the house opposite which is indentical apart from we have a conservatory (they don't) and my garden is slightly larger.

The difference i could find was that we bought our house first and paid just under £17K less (as i bought off plan).

It seems they make some assumptions based on sales / purchase price from the land registry - which is what "1978" seems to have noticed as well.