Help with Mortage Valuation please

GlasgowSTR

MadnessOfHPC.co.uk wrote: »

so you pay what you like for your house love as its your money.

If it's your own money you are of course welcome to pay what you like for the house. However, if it's the banks money they are only going to lend what they feel happy lending you to minimise their possible risk. If one lender won't lend you enough, have you tried others who might be less risk averse?

ILW

The problem with valuations on a new build is that they have to be valued as a second hand property. People pay a premium to move into a brand new house, this is lost the day they move in. In general this is only a problem in a static or falling market, but has to be taken into account by the lender.

maddie67

pararct wrote: »

Your husband is away on deployment presumably in a hot sandy place so you have other worries rather than trying to settle the purchase of a house.

Can you not allow the sale to proceed and either rent or apply for a pad through your unit families/housing officer? This may be the way to proceed until you can both tackle this together.

There will always be other houses out there, all is not lost if you don't get this one.

In fairness, I havent got as much to worry about as some. OH did as much as he could before leaving to sort everything out, we just werent expecting this to happen. We do not live near base, OH commutes 300 miles to come home, really do not want to completely relocate, I have my job here and kids have school.

Unfortunately, life doesnt stop when he, or others like him, are away. If we could only arrange to move when he was home, it would never happen as he is away so much.

GlasgowSTR

MadnessOfHPC.co.uk wrote: »

These people simply want to talk up a crash to wreck havock and misery on other dedicated home owners so they can pick up a house on the cheap.

You really think they have that much influence they could generate a crash simply by talking it up? Sensationalism from either side of the argument is seldom persuasive. If a crash happens it won't have anything to do with the hpc crowd.

maddie67

ILW wrote: »

The problem with valuations on a new build is that they have to be valued as a second hand property. People pay a premium to move into a brand new house, this is lost the day they move in. In general this is only a problem in a static or falling market, but has to be taken into account by the lender.

The house we are selling is a 3 bed end town house, its less than 5yrs old. We are selling for just 9k less than we paid.

The house we are buying is only 5 miles away, its a 4 bed detached house, and, if you go by the valuation, its only worth 15k more than our current property!?

I dont know about anyone else, but that really doesnt make any sense to me.

maddie67

harz99 wrote: »

You have my sympathy, for what it's worth my daughter is in the same position as you but she is not trying to sell and move. Do you have power of attorney to make decisions for your OH, as without that it will be almost impossible to move forward?

If you have PoA, well you already know what to do.

I am really sorry I can't be more positive, but good luck anyway.

Yes, OH arranged for solicitor to have POA before he left, fortunately

Turnbull2000

Stay away from HPC OP. Anyone who even dares suggest that house prices are not and will not crash tend to have their posting privileges removed without warning, so the forum has descended into an unhealthy dose of self-agreement and paranoia. There's even a couple of threads where people seemed to have noticed the sudden absence of numerous posters, but their insularity still gets in the way of the reasons why... that or the mods have been quick with the ban and delete button if someone dared suggest the truth.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=149285

http://www.housepricecrash.co.uk/forum/index.php?showtopic=150902

Most HPCers will still be waiting for 'The Crash' in fifteen years time, whilst you'll have paid off a fair chunk of your mortgage.

maddie67

Turnbull2000 wrote: »

Stay away from HPC OP. Anyone who even dares suggest that house prices are not and will not crash tend to have their posting privileges removed without warning, so the forum has descended into an unhealthy dose of self-agreement and paranoia. There's even a couple of threads where people seemed to have noticed the sudden absence of numerous posters, but their insularity still gets in the way of the reasons why... that or the mods have been quick with the ban and delete button if someone dared suggest the truth.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=149285

http://www.housepricecrash.co.uk/forum/index.php?showtopic=150902

Most HPCers will still be waiting for 'The Crash' in fifteen years time, whilst you'll have paid off a fair chunk of your mortgage.

Just had a look at those two links - they really are vile, aren't they.

I've stupidly been replying to some of their comments over there, but obviously thats what they get off on... a bit like those people who make obscene phone calls - and they usually do it because of sexual repression. Ah well, gotta feel sorry for them I guess.

Turnbull2000

maddie67 wrote: »

Just had a look at those two links - they really are vile, aren't they.

I've stupidly been replying to some of their comments over there, but obviously thats what they get off on... a bit like those people who make obscene phone calls - and they usually do it because of sexual repression. Ah well, gotta feel sorry for them I guess.

Yup. Whilst HPC was once somewhat respectable and home to a variety of views, it now deserves nothing but derision.

RecoveringAlcoholic

Another site is occupied by snake oil salesmen who are able to turn a £5k investment in property into £5 million in six months.