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Buying my Grandfathers Flat
danit
Posts: 14 Forumite
I'm buying a flat off my Grandfather, its a pretty basic 1 bed but i like it.
However we had agreed that I would buy the flat for £85,000 14months ago, flats in the same block have gone for £95,000 12 months ago.
So the survey has just been done and its been valued at £65,000 (Yay!) but obviously my grandfather see's this as quite a drop.
Obviously my bank will only give me £65,000 based on the survey.
My grandfather doesnt want to pay for another survey but thought he might be able to get an estate agent to value the property, would this stand up agains the valuation given by the surveyor?
However we had agreed that I would buy the flat for £85,000 14months ago, flats in the same block have gone for £95,000 12 months ago.
So the survey has just been done and its been valued at £65,000 (Yay!) but obviously my grandfather see's this as quite a drop.
Obviously my bank will only give me £65,000 based on the survey.
My grandfather doesnt want to pay for another survey but thought he might be able to get an estate agent to value the property, would this stand up agains the valuation given by the surveyor?
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Comments
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It’s almost a question of testing the market I suppose.
Have you thought that someone within the family could have an issue with a family member getting the property at what could be lower than market value?0 -
Family is small, and all are aware of the situation and happy.
Just aware of getting the 'best' deal, which is always going to be a compramise in this situation.
the 'Yay' in my above post is due to the fact i've been saving for 15% deposit of £85,000.0 -
I suppose getting a couple of EAs to value it would be a good idea for everybody’s peace of mind.
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Could you elaporate on EA?0
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Are you sure bank will give you 100% mortgage.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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Im not getting 100% mortage I'll be putting down 15% deposit.0
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Not quite clear from your post but is your Grandfather suggesting an EA valuation so that your bank will lend you more than £65K - or just to agree a price between yourselves?
If it's the former, no chance of the bank lending other than on a proper surveyor based valuation.
If it's the latter, then why not ask 3 EA's to value at a "realistic quick sale" price and then go for the average. Fair on him, fair on you as some EA's will over-value thinking you may give them the sale, others may under-value thinking they can sell quickly if they get the business.0
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