We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Valuation downgrade
Comments
-
Yes, it does make a difference. If you are not going to flip it [ie do it up and sell it on on a short timescale], you need not feel that the valuation discrepancy is such a big issue if the rest of the proposition for this purchase stacks up and you can afford it.theminutehewalks wrote: »Thank you again for all the advice.
Does it make a difference that we are buying the house as a long-term family house rather than to make money (we are not planning to sell it....)? We like the area, schools, house etc... We had our house on the market for one year and have now managed to sell it so we will need to move in any case.
ThanksHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
You could "get back to the vendor a re-negotiate a sale price to your best advantage without losing the purchase".
To be honest, mortgage valuations always seem to be a bit conservative and I wouldn't find £10k less surprising at all.Je suis sabot...0 -
As highlighted above, mortgage valuations are usually conservative. I would certainly go back to the vendor to see if they will meet you half way, but even at £310k it sounds like a good price.
One word of warning: how confident are you that only £40k worth of work needs doing to bring it up to a £400k fully refurbed condition? These things often have a habit of escalating in price.
Also, from personal experience, the disruption during refurbs can be really excessive. If you can take a holiday or defer moving in until most of the works are completed, then you might want to do that.
Best of luck with it - sounds like a good deal!0 -
You got an independent specialist surveyor to check out these issues didn't you? You didn't get someone in who represents a firm which carries out such repairs?theminutehewalks wrote: »the damp report has diagnosed about £5k of damp and dry rot work
We get regular threads on here about "over-quoting" for work where a few hundred pounds will put right a problem a firm has quoted thousands to fix!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Parting with £300K of you hard earned money to move into a house with damp and dryrot - mad!0
-
-
Damp and dry rot can be very persistent and difficult to resolve.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards