Help with Mortage Valuation please

brit1234

MadnessOfHPC.co.uk wrote: »

Don't be so disingenuous. You, just like the rest of us, know that these vile bitter twisted individuals don't simply want "a few grand" dropped. They want to pick up houses and build their own BTL portfolios for peanuts.

Yeah right, or simply be able to buy their first home, a single property to start a family.

Not all people are intent on ever rising prices to stop their btl portfolio being repossessed.

ILW

MadnessOfHPC.co.uk wrote: »

Don't be so disingenuous. You, just like the rest of us, know that these vile bitter twisted individuals don't simply want "a few grand" dropped. They want to pick up houses and build their own BTL portfolios for peanuts.

I have had a peek at HPC, I got the impression that most on there just wanted prices to drop to a level where they could afford to buy a house to live in. It did not seem to be populated by wannabee property tycoons.

ILW

MadnessOfHPC.co.uk wrote: »

Next time you might want to dig a little deeper than "a peek" as it's all their for you to see. These individual are vultures waiting to feed.

If you say so.

Emy1501

I can't see the relevance of HPC here. The relevant lender is taking the risk lending and therefore they can lend to who they want and accept valuation from who they want. They will argue the valution should be based on the selling price if the seller defaulted quickly and the property needed to go back on the market. The OP can try another lender etc. The OP can also get another valuation and try to get their money back for this valuation if the new valuation comes in at the purchase price.

HAMISH_MCTAVISH

Doctor_Gloom wrote: »

They banned you for being a troll. Get over it.

:rotfl:

They banned all the prominent bulls..... For being right.

This thread is full of them....

https://forums.moneysavingexpert.com/discussion/2227027

nearlynew

maddie (the Op of this thread) seems to be settling in quite nicely over at HPC

maddie67

ok everyone, Ive taken on board a lot of valid points from both here and HPC and Ive decided to go with the appeal for now, as if it is correct that there have been 2 other valuations on the site that were ok then they wont reduce the price.

If the appeal comes back with the same valuation, then I will go back to the builder and try and negotiate as we dont want to buy something that is worth less than what we will be paying - I know the bank say that leasehold/freeholds etc are negligable in valuations, I used to work as an estate agent and I know this isnt true. I will feel better having a second opinion from another surveyor.

If it does come back with the purchase price then panic over!

I will let you all know the outcome, thanks everyone for replying

nearlynew

maddie67 wrote: »

ok everyone, Ive taken on board a lot of valid points from both here and HPC and Ive decided to go with the appeal for now, as if it is correct that there have been 2 other valuations on the site that were ok then they wont reduce the price.

If the appeal comes back with the same valuation, then I will go back to the builder and try and negotiate as we dont want to buy something that is worth less than what we will be paying - I know the bank say that leasehold/freeholds etc are negligable in valuations, I used to work as an estate agent and I know this isnt true. I will feel better having a second opinion from another surveyor.

If it does come back with the purchase price then panic over!

I will let you all know the outcome, thanks everyone for replying

Good luck in whatever you decide to do maddie. I hope everything works out well for you and your family.


And keep popping over to HPC even if it's just for a laugh.

Doctor_Gloom

nearlynew wrote: »

maddie (the Op of this thread) seems to be settling in quite nicely over at HPC

Yeah, but it's a crying shame that poor old Hamish can't contribute to it though. I know he'd love but to but he can't. Life can be a b1tch sometimes. :rotfl:

Bootsox

Maddie,

Just curious but what are Santander insisting on in terms of a mechanism for paying back the capital of the loan, is it some form of endowment policy or a repayment mortgage?

Otherwise yours is not a new problem. In summary, there are only a few solutions:

1) Negotiate a discount off the builder.
2) Put in the extra capital yourself to make up the shortfall
3) Appeal on the valuation
4) Try a different mortgage provider
5) Walk away

My favourite would be 1, because there will always be a bit more you can squeeze out of the builder and, if not, 5. I think the leasehold/freehold might be a bit of a red herring, could it really be worth £20k?