Sticky House Valuations

jmanlfc

I have recentally had an offer accepted on a property in the North East of England, the property was up for sale at 140k, but I have had a bid accepted at 130k, however I have just paid £435 for a home buyers survey which I am concerned will devalue this due to mortgage lenders being awkward, and also the fact my rate for a mortgage is already at 73% on a 75% deal, and we seem to know what that means,

The property needs modernizing all of which we have quotes for :

New Kitchen - Have quotes
New Bathroom - Have Quotes
Boiler - To be replaced ( is 12 years old ) although not urgently required - checked
Electrics - To be replaced ( are 20 years old ) although not urgently required - checked
Fully carpeted
New Decor
New fixtures and fittings.

I should be concerned but I know how these lenders and valuation companys value things up and down no really dependent on anything these days.....

Any help would be a massive help.

The lender is woolwich by the way.

Regards
JP

Milliewilly

I had two valuations done on my current house by the Woolwich. First one came out at the advertised price (this was June 2007) £250K. I then re-mortgaged to a better rate with the woolwich in the September of that year. The didn't bother to come out and did an online valuation of £210K!!

Hopefully you will get a sensible surveyor who gives a true market value rather than what the bank leans on him to do.

jmanlfc

I cant understand it surely they have to value the property what it is now, how can they do that or lean on valuers to produce a price, how is that TCF when they could have just told me a price rather than charging me £435 to do me over,,,, guess I`ll have to wait, but if I get the feeling they are putting the value down, to put the rate up I wont be happy, but then again they are banks what can you do, they dont have the same rules as everybody else.
:mad:

brit1234

As time go on valuation prices are going to fall due to the hous price correction. 2010 will be the resumption of the house price crash.

jmanlfc

It will be if lenders keep stupidly manipulating valuations. knowing fine well whether the valuation is realistic or not, and charging people valuation fees, knowing they are making a pre profit!!!!