Valuation report say price range is maximum

sva14

Hello,

I am buying a house put offer for £250,000 and £7,000 F&F. The house was on the market for £265,000.

Just had valuation back at it says "£250K is at the maxium within the aceptable range for this type of property. And the application should be aware that if a prompt re-sale was required, this figure may not be easily be realised in the currnt market conditions".

No other major defect in the vauation report

Now considering the below comments by the valuer and also the fact, that I would like to reduce the stamp duty liability.

How much scope do I hae to go back to the estate agent and saying something like " The valuer stated the house purchase price is too much and I want to negoiate a lower realistic price for the house, looking at something like £247k?".

Or is they any better way to put the argument for a lower price. Could i say I now longer wish to have the £7k F&F.

thanks
Satish

silvercar

I had a similar comment. I think valuers just use it to cover themselves. Particurlarly of your not going for a 90-100% mortgage, so they are not that bothered. Although I had that comment from the valuer, the surveyor who did the structural survey concluded it was "a substancial house and good investment". I wouldn't worry about it. If they thought it was very much overvalued they would actually have put down a lower value on paper.

If you want to go back to the seller and renegotiate you could try your luck. At the end of the day it depends how much you like the house and how much your seller wants to sell.

guppy

I'd certainly trust your chartered surveyor over the seller's estate agent. Also remember the building surveyor isn't really qualified to talk about the value of the house, only whether its likely to fall down or not!

Guppy

noyk

As you say, you have an option - offer less if your uncomfortable with this (i would be too). If they come back saying no, then you have a harder decision.

zzzLazyDaisy

One good thing about these types of comments - with the stamp-duty threshold being £250K the inland revenue looks very carefully at the agreed purchase price - especiallyif it looks like the buyer may have agreed to pay an inflated price for Carpets, etc in order to keep the selling price of the property in the lower SD bracket. Solicitors have to give full details of the purchase price AND any additional payments made to the seller.

With this comment, you have a better chance of persuading the IR that your offer for F&Fs is a genuine valuation and not a tax evasion tactic.