Bovis Homes Unsympathetic to Would Be Home Owners

DVardysShadow

wagi wrote: »

Apparently, Nationwide value new properties as second hand properties and always undervalue them - don't ask me why.

MobileSaver wrote: »

Because if you try to sell in a year or two's time then it will be a "second hand" property and the next purchaser won't be prepared to pay the 25,000 premium that you would be paying for everything to be brand new. So Nationwide are taking a sensible business risk on the matter.

More precisely, a mortgage is given on the strength of the fact that the lender can take possession of the property and sell it if they need to recover their money. But if they do need to do this, then it will be a second hand property. So they would be crackers to lend more than they could recover by repossessing.

DVardysShadow

wagi wrote: »

... To be honest, I was gutted. My advice to anyone buying from these guys is make sure you have a loan up front – they don’t care about your circumstances. They are simply out to make money, regardless. I found them to be unhelpful, unsympathetic, cold, calculating and generally not interested in assisting the home buyer. Other areas of the country may be different – I dealt with Bovis in Cringleford, Norwich and also the area office for the South East. The sales woman called ****** was particularly hard to deal with and my mortgage advisor nicknamed her “Unfriendly *****”

Consider writing a complaint to the Charity Commissioners. Perhaps the root of your misunderstanding will dawn on you.

brit1234

wagi wrote: »

Apparently, Nationwide value new properties as second hand properties and always undervalue them - don't ask me why.

Or more likely developers overvalue them I think your actually find.

poppysarah

wagi wrote: »

Apparently, Nationwide value new properties as second hand properties and always undervalue them - don't ask me why.

Because it's a good idea?

Once you move in they're not new..

kingstreet

They saved you a valuation fee. Nationwide owns TMW and you would have probably got the same surveyor and the same result.

If the claim that Nationwide values new properties the same as second hand ones were true, no-one in the industry would ever put an application to Nationwide, as we'd all know about it. It's garbage.

Builders expect their overpriced little boxes to value up because they normally have them block-valued before construction starts. However, some sites have been mothballed for a couple of years and the valuations from then are worthless now. They need to be more realistic.

FATBALLZ

WelshNic wrote: »

I have had no prior dealings with Bovis but regardless of vendor you really shouldn't be putting offers in on properties without finance in place.

Not sure what you mean here, you don't get the finance properly in place until the valuation comes back and the bank is happy with it, and you'd have to be nuts to pay for a valuation before making an offer that could well be rejected.

I had an agreement in principle, however I didn't even get credit checked, so they are pretty worthless.

On the OP in question, you've had a lucky escape in not overpaying £25k for a house.

27col

wagi wrote: »

Nothing wrong with making money as long as it is done in an ethical way

OP If you don't know when someone is being ironic then you are in for a tough time on these forums I think.

RobertoMoir

You say they're only concerned with making money as if there is something wrong with that (lets put the whole discussion about the rights and wrongs of capitalism to one side for now). If they are guilty of what you claim then Bovis are still only doing what they are supposed to do, what they're in business to do.

You need to understand that when you sit down to do business with someone, whether an individual or a business, they are trying to solve their problems - which will be to make a profit from what they are selling or buying. They are not there to solve your problems, you need to be the one taking care of those. You didn't have the money, and the person who did buy the property did.

poppy10_2

I really don't see what you have to complain about - they have done you a favour, you were about to overpay £25,000 needlessly

buyahouse_2

we had the same problem with a valuation from the nationwide for a bovis home. we went on to have another valuation which they paid for and had quite a lot of delays which meant we did not exchange in the 30 days, it was 3-4 months late in the end. They weren't over happy with this fact but it was out of our hands and didn't try and stop the sale. i would guess it depends on how many homes they have left to sell on the development and how important it is that it goes through quickly.