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Valuation coming up....tips please!
Pete111
Posts: 5,333 Forumite
Having a surveyor round to look at the house in a bit to hopefully get a First Direct remortgage (3 years at 3.89%)
We have done a lot of work on the property over the last 18 months or so but are aware that as we bought for 477k in Sept 07 we will be taking a big hit on the value. We need to try and get a valuation of 390k+ however or making the 75% LTV required will be an issue.
Our immediate area appears to be weathering the HPC storm ok however. We have a 4 bed detatched house and a 5 bed place opposite just sold for 500k - the same price as it went for in Mid 2006 according to the LR. In addition (though longer ago) a smaller 3 bed a few doors down sold at 450k in late Aug 08. I'm assuming these local sales prices would be a helpful thing to point out to the surveyor. Anyone got any advice re this?
We also had an EA valuation at 425k+ the other week which can will hand over also though I'm aware this is rather less convincing than a recent local sale. Zoopla etc seem to value our place at around 450k+ but that would be a fall of only 5% from peak so I think that is sadly a bit out!!
Am planning to mention all the improvements etc obviously but if anyone has any experience in helping pursuade a surveyor (particularly those used by First Direct) to be nice then your thoughts would be much appreciated!
Cheers
P
We have done a lot of work on the property over the last 18 months or so but are aware that as we bought for 477k in Sept 07 we will be taking a big hit on the value. We need to try and get a valuation of 390k+ however or making the 75% LTV required will be an issue.
Our immediate area appears to be weathering the HPC storm ok however. We have a 4 bed detatched house and a 5 bed place opposite just sold for 500k - the same price as it went for in Mid 2006 according to the LR. In addition (though longer ago) a smaller 3 bed a few doors down sold at 450k in late Aug 08. I'm assuming these local sales prices would be a helpful thing to point out to the surveyor. Anyone got any advice re this?
We also had an EA valuation at 425k+ the other week which can will hand over also though I'm aware this is rather less convincing than a recent local sale. Zoopla etc seem to value our place at around 450k+ but that would be a fall of only 5% from peak so I think that is sadly a bit out!!
Am planning to mention all the improvements etc obviously but if anyone has any experience in helping pursuade a surveyor (particularly those used by First Direct) to be nice then your thoughts would be much appreciated!
Cheers
P
Go round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger
0
Comments
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FD will perform their own survey, they probably won't accept one you have commissioned yourself. In many cases, FD will just require a 'kerb side' survey to be performed, i.e the surveyor just look at the house from the pavement, and not even set foor in the house."You were only supposed to blow the bl**dy doors off!!"0
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Hi MITS
Sorry I wasn't clear - FD are coming around to do the survey. They offered me the choice of a full or kerbside valuation and I decided on the former as I think it gives me the best chance re the valuation. ie from the kerb you would not see the work we have done inside or the fact there are 2 garages around the back etc
PGo round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger0 -
OP - 450K for a 4 bed - where the hell do you live!!!!0
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Hi aj9648
I live in Kent. Moved there because in a half decent area of London in 2007, 450-500k would have got me a 3 bed semi if I was lucky...
Bought at the top but am pleased with the property/new lifestyle outside the smoke so no complaints!
PGo round the green binbags. Turn right at the mouldy George Elliot, forward, forward, and turn left....at the dead badger0
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