Countrywide Valuations - New Build

MF2015

Has anyone had Countrywide value a new build lower than expected recently?

We "may" have had them value a house we are buying down by £15k on the agreed price.

I say "may' as our broker has said there is two prices stated on the valuation, one at the agreed price and one £15k lower.

Due to a run of bad luck on house purchases and a gut feeling, I think they have valued it lower.

If this is the case will we lose our £1000 reservation fee if we pull out? I hope not as it's not our fault if they have overvalued it.

lozzzy85

I work for a house builder and if the mortgage company has valued it low,our broker would normally try having a word with the lender etc. Some mortgage companiesjust seem to value new build lower than others.

Either way as I see it (and I could be wrong!), it’s at the house builder’sdiscretion if they give you the reservation fee back. You'd be withdrawing fora valid reason if you can’t get a mortgage due to a down valuation of theirproduct so they might be flexible or ask them if they would consider droppingthe price or something as they might be very keen to progress with the sale.

stagey_2

haggle with the builder if need be - developers/builders need to grab every sale they can get despite what the press says!

MF2015

Thanks for the replies, just seems to be one problem after another in our search for a house. Will have to wait and see but not going to worry over it anymore.

The_J

Some lenders value on a second hand basis. I.e after it has been lived in for a couple of years losing it's new build tag.

MF2015

The_J wrote: »

Some lenders value on a second hand basis. I.e after it has been lived in for a couple of years losing it's new build tag.

The problem is the village is so small that there are very few houses to compare it to. The last 2 houses onto the market of similar size had over £100k difference and both sold within a couple of weeks.