house value

mandybabe

Could someone please answer me a question? We are just about to swap our mortgage to a fixed rate. Have just been told that they have only valued our house at £110,000. Thats rubbish we have just had a loft conversion so its now a three bedroom house. What i'd like to know is when they value a property do they value it at auction prices so if it ever was repossessed they know that they will have a quick sale.

_Andy_

On what basis do you feel it's rubbish?
Have there been any sales of comparable properties recently and what were their prices?

mandybabe

Hi, yes there is a three bedroom house up for sale my us at the min and thats up for £149,950. But no one as been out to value our house its just all been done by computer. we have now got to pay £175 to get them out to value it.

belfastgirl23

mandybabe wrote: »

Hi, yes there is a three bedroom house up for sale my us at the min and thats up for £149,950. But no one as been out to value our house its just all been done by computer. we have now got to pay £175 to get them out to value it.

When you say up for sale has anyone actually offered this amount of money for it?

mandybabe

I'm not sure about that. But we had our house valued about 3 yrs ago before having the conversion done and they valued it at £125,000 then.

_Andy_

Well that was 3 years ago when properties were worth much much less.
When it comes down to it you're going to have to pay the val fee if you want to dispute it, but be prepared to be disappointed.

Mrs_Bumble

Did they send a valuer out to your property or did they remotely value your property?

If they did it remotely then that won't take into account the loft conversion.

Have you had a look at sites like https://www.zoopla.co.uk to see what houses sold for in the area? The value for your property on the site would be based on what you paid for it and then uses the statistics for your area to adjust the market value but this again will not take into account the loft conversion and so it might be worthwhile asking for a valuation to be carried out but they will charge you for that.

mandybabe

Hi, no they have not sent anyone out to value it all done via computer i think. I have looked on zoopla and thats saying around £136,000. So where on earth do they get that value of £110,000 from? The problem is if they dont value it for at least £125,000 we wont get the mortgage rate we want. Or is that what they want? Looks like we will have to pay the £175 and get them to come out and value it.

Jacka87

Use the linkesof zoopla to get a comparison for if it was still a 2 bedroom house, maybe thats why they are a little less.

I can say that many people are dissapointed with house valuations at the moment and you may have to accept its less than hoped for. However since the property prices are supposedly rising again (slightly) that may help if you can wait a little while, tho mortgage rates may go up so its not a guarantee

hope you can squeeze the amount your after

Mrs_Bumble

Think it is encouraging that zoopla didn't value it low!

At least with a valuation the valuer will see the loft conversion and so hopefully the figures will fit.

Good luck

vodkabarbie

Hi, we had this recently, looking for new mortgage and house devalued from 237000 (what we paid a year ago) to 200000 - we have built a garage so we paid the £175 and house was valued at 230000 by the surveyor. We were happy with this in light of the market and it allowed us to secure the mortgage we hoped for. So if it is the difference between getting a good deal and a bad deal I'd say it is worth the money, as you have done work on the property.