Valuations..

sheryldoc

Our landlord told us last week he was getting the house valued.. and was going to sell.. but that he would give us first refusal..

We panicked at the time but having thought it through we would like to buy..

The house was due to be valued Thurs but will now b this coming Tues as we were snowed in..

What sort of things do the valuers take into account?.. having had a look around ourselves making note of things we think would deter us personally.. I jst wanted to know if the valuers would even notice or if they did if it would make a diff..

The double glazing always has condensation espec in morn.. black mould and spores develop and have to be cleaned all the time.. (maybe need re-sealed?)

heating is gas central.. however the fire does not work infact its broken.. (never been checked dont think).. its not a combi boiler and you cant have your heating on without having hot water on?

No shower and bath is help up underneath with bricks!.. although you cant see this as theres a bath panel, the sink in bathroom is coming away from wall.

We are the ones who decorated the place.. but I know thats only cosmetic.

Because we actually live here we r at an advantage to others when it comes to knowing its good and bad points, could I use this as a bargaining tool?

Doozergirl

The estate agent bases their valuation on similar properties that they will have sold recently. They won't go into anywhere near the detail you're talking about. A valuation is primarily based on bricks and mortar, then on things like how safe the gas and electric installations are, then on general decor.

The things you mention are more likely to be things which get picked up by a surveyor if you have a homebuyers report, I don't think they'll even get a mention in a simple mortgage valuation. Any other buyer will probably not notice these things and so, it will only work as a bargaining tool if your LL wants to save hassle and EA fees and sell it to you.

If the house obviously needs new double glazing, it will affect value but I think it sounds like you have more of a ventilation issue which is causing the mould. You need to open up any closed off fireplaces or simply install vents which can be done for a few pounds.
The type of boiler won't really affect a surveyor's valuation as long as it is safe.
Baths are often lifted up on bricks

What I do suggest is that you get out there and start viewing simliar properties so that you can properly establish a market value for the property in your own mind based on research and not just an EAs valuation.

sheryldoc

Thanks..x

I have had a look at what other houses in my area have went for.. and I have a figure in mind that im not going to go over.. however the things mentioned above hav been taken into account when coming up with that figure the windows in partic!..

I have vents and no fireplaces its jst a wee 2 up 2 down.. I open my windows everyday to get some air in.. when it rains my windowsills espec in upstairs rooms r wet.

How much do you think he would save if he did a private sale with us rather than EA?..

This is when you realise you were better off jst staying with yer mam n dad LoL

Gorgeous_George

Top advice Doozergirl.

I'd be tempted to get a valuation myself. Speak to the LL before he places the property with an Estate Agent to save on EA fees. You should be able to get a discount for avoiding the EA and a further discount for being the tenants. No need for a void in the LL's rental income.

If the LL won't meet you half way on the price, look for somewhere else and move out at your convenience. The threat of a void might save you a few grand.

A word of warning. Your LL is probably selling because he fears further IR rises could impact house prices. If he is a professional in this market, why would you want to buy just now other than to avoid moving house.

I think there must be better rental options than the one you have currently.



GG

Doozergirl

If there's water coming in when it rains then they probably haven't been fitted correctly, so you may well be right.

Each agent has their own rate and some people haggle, some people don't. Your landlord will save somewhere between 1-2% of the value, plus VAT selling to you. The void issue that GG raises is also worth quite a bit! Every month there is no tenant and they wait for a buyer and/or wait for the sale to go through, they lose.

Do view houses though because you can compare more directly and it's the best bit of the whole process. It just gets more and more stressful from offer onwards. :rolleyes:

sheryldoc

My landlord is selling because he works abroad.. but has now got back with his ex-wife.. who live sin a diff town 150 miles away from me and does not wish to return.. however she wants them to buy a new house in Dunfermline..and I think he wants to sell this in order to get a deposit together.. and also to have a fresh start so hassle free private sale may well be very appealing to him.

He owns no other properties and never intended to let this.. jst that he got divorced and this was fam home.. then he got a job as a mechanic in USA.

Thank you very much for your help BTW.. Im a total newbie to this and I actually find it all very frightening.. large sums of money.. long periods of commitment.. Im jst trying to arm myself with as much knowledge as possible in order to have a better view on the whole thing.

How much money do you think I should have to spend outwith my mortgage for this process?.. solicitors?.. should I get a survey?

Im going to view some other properties I might be interested in as I am not going to feel like I have to buy this house jst because i already live here..

Doozergirl

The solicitors bill for me on a purchase normally comes in at just under £1100, that includes everythinh g, searches, land registry fees, bank transfers etc.

Stamp duty - 1% if the value is between £125,001 and £250,000. You don't pay any if it's less than £125,001.

Mortgage Valuation fees - really depends on the product - it could be free, could be as much as £750.

Survey, you should have one. I'd budget £500 for a homebuyer's but if the mortgage valuer can do it then it should be less than that.

Gorgeous_George

Solicitor and a survey. Potential mortgage application fee.

Once you have the mortgage, the 1st payment is often earlier than anticipated, buildings and contents insurance.

Lots of new things to spend your money on! A couple of grand should be enough.

Let us know how your LL reacts if you decide to make an offer.



GG

sheryldoc

Thank You very much you 2.. Ill let you know how it goes..x

daphne_descends

If your experience is anything like mine, the EA will have a figure within minutes. In my opinion there is a lot wrong with this house (I'm renting) and the bathroom and kitchen are postage-stamp sized - I was sure this would be a negative. But the EA valued it at 175K - which is about 10K more than we were all expecting - my LL offered me first refusal and 5K off the market value (LL is step brother) but I'm not ready to buy and there's too much work to do.

The EA got 1.5%. He was here about an hour, mostly sales patter. The survey was this morning and took three hours.

spunkeyrich

sometimes an Estate Agent will may a condition when they rent a property out that if it sells to the tennant they will charge a fee, which is payable by the seller.

cheers

rich