If I don't agree with property valuation

Ms_Sophia

what exactly can a broker sort out for me? if you could be more specific please.

handytips

A lender that will lend in respect to your scenario. Your situation is due to the Lender not the Surveyor. That is the truth

opinions4u

Ms_Sophia wrote: »

what exactly can a broker sort out for me? if you could be more specific please.

A broker can use their experience of lender policy and also local knowledge relating to specific develoments to identfy the best value mortgage from a lender who is most likely to give a favourable valuation.

In a rising market, valuations for new builds tend to come out at asking price.

In a poor market like this, valuations for new builds tend to reflect that the asking price has been inflated by the builder.

handytips

He basically told you the lenders that will, Good tip, work your affordability out at 6% if you cannot afford the payments, pull out.

Ms_Sophia

opinions4u wrote: »

A broker can use their experience of lender policy and also local knowledge relating to specific develoments to identfy the best value mortgage from a lender who is most likely to give a favourable valuation.

In a rising market, valuations for new builds tend to come out at asking price.

In a poor market like this, valuations for new builds tend to reflect that the asking price has been inflated by the builder.

ok, I see. Thanks. Just wanted to clarify that going to a broker means actually applying to a different lender which the broker would recommend.

On your last point though - we've seen dozens of properties in this area and the final price we've agreed with the vendor/developer of this new build is very much in line with what similar non-new-build properties are being sold on the current market.

Ms_Sophia

Can I clarify 1 thing please? Does a condition of a property play any role in the valuation? If there are 2 similar (not-new-build) flats in the same building, one is in perfect condition, another in shambles, would they be valued at the same price?

handytips

There would be very little difference in price, which usually upsets most people. If it is a flat then little or no price difference i am afraid.

trading3

and the condition the property is in at the moment when it's being valued does not make any difference?

Sounds logical to me. I mean the carpets could (and in many cases) are soiled beyond repair, curtain dated, garden a mess, he probably picturing it without the new build fittings and smell, so I'd say he's acting very responsibly.

Ms_Sophia

is it supposed to be funny, trading3?

DVardysShadow

Ms_Sophia wrote: »

is it supposed to be funny, trading3?

No, I think it is a straight answer to your question. I have a strong feeling that you don't fully grasp the risks that a lender has and the possibility that they may not recover full value on a property in the event of a borrower default.