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Mortgage Valuation Problems
Starkie_69
Posts: 3 Newbie
Hi all,
In the process of buying our first house.
Had our offer accepted of £135k.
Post Office are providing the mortgage. We have passed the Credit Checks ect ect. + 10% Deposit.
Had a phone call today to say they have valued the house in its current condition at £135k, but they are concerned with regards to how much work the house needs doing?
The house needs re-wire / new back door and general decoration.
Apparently the house needs £50k spent on it to make it worth what they value at £180k.
They have sent the Valuation report in the post and i wait receipt of this.
Does this sound strange to anyone? They have valued the property at what we are buying it for so whats the problem?
The house is in a liverable condition allbeit not very nice but thats not the point.
Your help / guidance would be much appreciated
In the process of buying our first house.
Had our offer accepted of £135k.
Post Office are providing the mortgage. We have passed the Credit Checks ect ect. + 10% Deposit.
Had a phone call today to say they have valued the house in its current condition at £135k, but they are concerned with regards to how much work the house needs doing?
The house needs re-wire / new back door and general decoration.
Apparently the house needs £50k spent on it to make it worth what they value at £180k.
They have sent the Valuation report in the post and i wait receipt of this.
Does this sound strange to anyone? They have valued the property at what we are buying it for so whats the problem?
The house is in a liverable condition allbeit not very nice but thats not the point.
Your help / guidance would be much appreciated
0
Comments
-
It needs a lot more doing than a re-wire, new back-door and redecoration to end up costing £50k.
What else, perhaps more major, have you omitted from the list?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 -
Starkie_69 wrote: »They have valued the property at what we are buying it for so whats the problem?
Do you have the funds to restore the property fully?
Part doing the job could devalue the property further.0
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