Valuation & Bellway

MrsJT_2

Well we were in the process of purchasing an apartment from Bellway, original price was £115,000 we knocked them down to £110,000 however the valuation has been done and come back at 100,00 so we cannot get the mortgage offer, what are the chances of Bellway dropping to the valuation price and how do we push them to do so?

The apartment underneath was valued by the same people and the mortgage with the same people and this is going through, the only reason I can see this going through is they must be paying less than us would you agree? The apartments are like for like the one underneath is a first floor and there is another apartment on the same floor, the one we are looking at is top floor (2nd floor) and is totally on its own.

Please help were so disappointed

poppysarah

Walk away if they won't let you pay the valuation.

Go and view some not-new-build flats and see what they're like.

MrsJT_2

We wouldn't buy if the sale isn't for the price it was valued at but are trying to gather how we can get Bellway to drop the price.

We did have a completion date of this friday and are really desperate to be in for xmas for family health issues, so need help on getting them to agree alower price please.

sharpee

Tell them the valuation came in at £100k and your not prepared to pay over it (remembering you are already paying a premium for buying a New Build)

DVardysShadow

MrsJT wrote: »

We wouldn't buy if the sale isn't for the price it was valued at but are trying to gather how we can get Bellway to drop the price.

We did have a completion date of this friday and are really desperate to be in for xmas for family health issues, so need help on getting them to agree alower price please.

You difficulty is that you are a beggar I]"really desperate to be in for xmas for family health issues"[/I but you want to be a chooser I]"We wouldn't buy if the sale isn't for the price it was valued at"[/I. If you have already told Bellway of your desperation, then it is probably game over.

The only way you will shift their thinking is if you can convince them that you will walk away. Plan to stay where you are for Christmas.

Kyrae

The people in the apartment underneath might not be paying less, they might just be putting down a larger deposit so their mortgage offer might not be affected by the apartment being valued at less than the price they're paying. Even if the apartment is valued at less than asking price, sometimes the mortgage companies will lend anyway if the deposit is large enough that they know they're very unlikely to lose money if anything went wrong and the house was repossessed and sold. Sounds like in your case the mortgage company won't offer the money so your options are to either put down a larger deposit, walk away, or offer Bellway less and walk away if they say no. If Bellway know that they're going to lose a sale if they don't lower the price then they might drop, if they don't think they can find another buyer for the apartment, so all you can do is ask and fingers crossed they'll agree to match the valuation!!

JQ.

Your negotiation is simple - you give them a copy of the valuation report and say that is what you are prepared to pay, no more, no less. Do not get into talks with them, they will try to provide you with evidence of higher sale prices for you to try persuade the surveyor to increase his/her value. Don't entertain such talks, just offer it as an ultimatum.

brit1234

The developers are use to survey reports coming lower than their sale prices. Take the valuation to them, tell them you know about the governments forecast that prices are set to fall further all next year. Ask for the valuation price and if they say no walk away.

As the others said you can get a better older property for the same money but with larger rooms and improved build quality.

MrsJT_2

We have got Bellway to sell at the valuation fee of 100k, our mortgage when it was up for 110,000 was a 65/35 split basically its a goverment scheme, but due to the valuation change they have changed the mortgage offer to 65/35 on the 100k however the goverment scheme is based on the maximum you can borrow how quickly can Halifax re-issue the mortgage offer back to the original mortgage that we wanted?

JQ.

MrsJT wrote: »

We have got Bellway to sell at the valuation fee of 100k, our mortgage when it was up for 110,000 was a 65/35 split basically its a goverment scheme, but due to the valuation change they have changed the mortgage offer to 65/35 on the 100k however the goverment scheme is based on the maximum you can borrow how quickly can Halifax re-issue the mortgage offer back to the original mortgage that we wanted?

They won't.

If they've had it valued at £100,000 that is what the calcuations will be based upon from now on. They did the initial calulations based on £110k because that was what they thought it was worth. Now they've had their surveyor tell them it's worth £100k, then that is what they will use.

MrsJT_2

Sorry I didn't make myself very clear. They have based the mortgage on 100k valuation but the scheme would now need to be 72/28 as the max mortgage amount from us is 68k plus deposit so I wondered how long it would take halifax to reissue the offer knowing we still need the 68k they orginially accepted they just ajusted figures based on the valuation not knowing how the goverment scheme worked exactly.

They have however now reissued the mortgage offer at what we need, once you have a mortgage offer is this more or less a done deal? What else is there that could go wrong?