House buying dilema . . . . HELP !

Mehullakhani

Hi All

Just wanted to pick the collective OcUK brains ! About to possibly make the biggest purchase of my life !

About 4 weeks ago we saw a fantastic house in watford, nascot wood to be precise. The asking price was £975k, and we offered 975k - we have missed out on a few houses recently, and thought at this point that the house was worth this much.

We have had our survey done , and are waiting for the full report. However, we have had our mortgage valuation done, and they feel that the property is only worth £925k - 50k difference !

Here is the property in question :

House

We are in two minds now after the mortgage valuation. The bank will still approve the mortgage as the LTV is quite low, and they have confirmed this today.

The surveyor also added a statement at the end of his report , which worried us a little " We are unable to justify a figure in excess of our valuation"

Its a great house, but we are really worried that we are paying well over the odds for this house. We are not in a chain, and arent in any great rush to move, so want to make the right decision .

All help appreciated ! What would people do in this situation ? Should we go in at £925k, and tell the EA that this is all we are prepared to pay , and show him the mortgage valuation to justify this ?



Thanks

Mehul

Riq

£975k for that?! Are you out of your mind.


Long may I live up north!!!

Frank_Cannon

Watford is up north, and I wouldn't pay that for a Barrett/Wimpey house anywhere. Plenty of those around.

Norma_Desmond

Ugh! What a suburban nouveau rich horror. :eek:

No offence if that's what floats your boat, but around here you could get a Georgian mansion with its own farm for that sort of money.

Riq

Frank_Cannon wrote: »

Watford is up north, and I wouldn't pay that for a Barrett/Wimpey house anywhere. Plenty of those around.

It's bloody not! Watford is south!!

Mum_of_3_3

Go back to them with the valuation and make an offer of £925k.

I know your mortgage company is prepared t lend to you due to low LTV, but what's to say how long they will have to wait for another buyer like you?

Also, on Rightmove, it says guide price, so surely that means they are open to offers

M_o_3

PS Not sure about the looks of the house, but the inside I would give 10/10 and the garden looks like it's a good size for a modern house.

PPS Here are the house prices sold for that area as per RM

DVardysShadow

Riq wrote: »

It's bloody not! Watford is south!!

Any penguin will tell you it is North.

citykid5

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

DVardysShadow wrote: »

Any penguin will tell you it is North.

skintchick

THat is one ugly house! And so close to the neighbours.

We had a similar situation recently and we asked them to drop to the mortgage valuation and they did. Mind you, I'd still not pay 925k for that house but if you like it then go for it.

Salz

How much????? You could buy the whole of North Wales for that

silvercar

I know the area

Check how much sun the back garden gets. All very nice having a sun lounge, but check it gets some sun.

If you like the modern look, the house is very nice. My only reservation is that I would want a study for that money. Also the garden is a bit small for the size of house/ money. But then you can never find your perfect home.

The other side of Hempstead Road, near Cassiobury park is generally viewed as more expensive an area than Nascott Wood.

Are you looking for state schools? Read the admission criteria carefully for the local school are now places are very sought after.