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Natwest Remortgage - Valuation Issue.
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alipops1986
Posts: 697 Forumite
Hey Folks,
Basically, i am applying for a remortgage, i don't currently have a mortgage, i bought the house outright. All went well until the valuation.
Natwest sent a valuation man round. He looked around. I asked if he had any idea what he was going to value the property at. He said, ermmmm no i'm not really sure in this area, ive seen one [in a less desirable area and diff postcode!] similar with a garage and it sold for 96k.
Then he leaves. I thought fair enough, i'll probably get 94k-95k.
Natwest phone me today, to say property has been valued at 90K!! I can't believe it, it's rediculous!! I live in a cul-de-sac, village location, very popular due to good schools, i've redecorated and updated whole house, plus i have allocated parking. I bought it for 84k nearly a yr ago - first house to be for sale in about 5yrs in this area plus it was a shockingly cheap price!
So, i tell all this to Natwest. They say i need to get three prices of houses that sold in my Estate that are like mine in the last 3 mnths. Well, there are none unless i go back 6yrs! Apparently, therefore i'm stuck all thanks to a valuation bloke who didn't know the area and clearly didnt know what price to put on the house! :mad:
So, at the agreed rate i can get 67k or nothing! Can't even get 90% mortgage on the house.
My only hope accordin to natwest it to take it up with the valuation company!
Is there any point really? I'm so disappointed, i have a good job and no debts. It should on paper be really simple!
Basically, i am applying for a remortgage, i don't currently have a mortgage, i bought the house outright. All went well until the valuation.
Natwest sent a valuation man round. He looked around. I asked if he had any idea what he was going to value the property at. He said, ermmmm no i'm not really sure in this area, ive seen one [in a less desirable area and diff postcode!] similar with a garage and it sold for 96k.
Then he leaves. I thought fair enough, i'll probably get 94k-95k.
Natwest phone me today, to say property has been valued at 90K!! I can't believe it, it's rediculous!! I live in a cul-de-sac, village location, very popular due to good schools, i've redecorated and updated whole house, plus i have allocated parking. I bought it for 84k nearly a yr ago - first house to be for sale in about 5yrs in this area plus it was a shockingly cheap price!
So, i tell all this to Natwest. They say i need to get three prices of houses that sold in my Estate that are like mine in the last 3 mnths. Well, there are none unless i go back 6yrs! Apparently, therefore i'm stuck all thanks to a valuation bloke who didn't know the area and clearly didnt know what price to put on the house! :mad:
So, at the agreed rate i can get 67k or nothing! Can't even get 90% mortgage on the house.
My only hope accordin to natwest it to take it up with the valuation company!
Is there any point really? I'm so disappointed, i have a good job and no debts. It should on paper be really simple!
0
Comments
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You bought it for £84k, its valued for £90k nearly a year on. So what's your issue? Other than you thought it was cheap when you bought it, when maybe it wasn't.0
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Why was it shockingly cheap if the area is so popular?
Perhaps your damp problem was disguised somehow, and they were happy to get rid?
Land Registry shows Lincolnshire has gone up 3.6% since June 2009, so your 7% gain is pretty good.
Sounds like a generous valuation.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Agreed, sounds a pretty decent val figure.0
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