Northern Rock FAIL!

onthebeach

Tried to take out a remortgage as out previous had expired. Northern Rock sent round their surveyor to value property.

Idiot Surveyor came back with £200,000 when others have been valued at £245,000+.

Someone then explained to me that they were now valuing properties at "Sale today" values IE what equivalent properties have sold at. I agreed that was good idea in the current market so set about researching what local properties have sold for.

Our house is a 3 bed semi that was bought 3 years ago for £213,000 in a poor condition. Good Condition would have cost £260,000

It has had a complete new central heating and boiler, 2 new bathrooms, Added a Utility room to the kitchen. New Conservatory. New Double glazing, New 8ft gates, 20ft deck, landscaped gardens and Completely redecorated.

One house about 500yds from ours has sold ie completed at £220,000, which is a smaller house and mid terrace, no garage, no utility room, no conservatory, no woodland views, no parking for any cars. (We can get 6 on our drive plus the garage)

So don't anyone bother with Northern Rock for a re-mortgage.

cardinalbiggles

So your not happy that your house is worth less than you think, have you actually seen what is happening with the housing market?

I dont think the FAIL is Northern Rock ;-)

castle96

not easy to argue with an 'under/cautious' valuation, but if you could find comparison SALE prices, they might ! rethink

opinions4u

This Nationwide calculator suggests an 8.99% fall in prices between Jan 2008 and Dec 2010.

It values your house at £193k.

It has had a complete new central heating and boiler

Little impact on value comapred to spend.

2 new bathrooms

Little impact on value comapred to spend.

Added a Utility room to the kitchen.

Presumably reducing the available space in the kitchen.

New Conservatory.

Should be a positive impact, but not to the full spend value. And it does depend on the quality.

New Double glazing, New 8ft gates, 20ft deck, landscaped gardens

Little impact on value comapred to spend.

and Completely redecorated.

Like much of your expenditure, this will be a matter of taste. The first thing many people do when they move it is redecorate. Hence it will have a virtually nil impact on value.

I should add that other local factors could have a greater impact than any of the above. It doesn't mean that the valuer has got his numbers right. Just don't assume that all the work you've done will have added to value.

onthebeach

cardinalbiggles wrote: »

So your not happy that your house is worth less than you think, have you actually seen what is happening with the housing market?

I dont think the FAIL is Northern Rock ;-)

So your saying an overlooked smaller 3 bed mid terrace with no parking is worth more than 3 bed semi with garage, parking and woodland views?

lucylucky

onthebeach wrote: »

So your saying an overlooked smaller 3 bed mid terrace with no parking is worth more than 3 bed semi with garage, parking and woodland views?

Who knows - it might be.

onthebeach

opinions4u wrote: »

This Nationwide calculator suggests an 8.99% fall in prices between Jan 2008 and Dec 2010.

It values your house at £193k.

Equivalent houses in good order at the time were selling for £250,000 to £260,000 which makes the value about £230,000. We paid well under that as it was at auction.

The utility was added to side of the kitchen to keep its original size..

The orginal decorations consisted of plants, ivy moulds and fungus. Now its just neutral paints, coving and flat plaster work(was all cracked and peeling).

Another valuer is coming this afternoon so we shall see.

SouthCoast

Please keep this thread updated as I monitor prices on the South Coast with the benefit of Property-Bee.

cardinalbiggles

Any news on what that other surveyor?

onthebeach

WELL! I have now had 2 more valuations by RICS surveyors and one valued the property at £245,000 and one at £235,000.

To recapp

1st was £200,000 - Northern Rock
2nd was £235,000 - Coventry
3rd was £245,000 - Santander

Also I spotted that the flat I sold 3 years ago that I sold for £244,000 has just sold again for £258,000!!!!

Seems surveyors have their own idea on what they will value your property at!

Anyway gone with Coventry at 3.99% and all happy now.