House Valuation:-(

helenthemum

Vectisim - The commercial part is around 20% or just under of the property

The EA did say to market it as commercial/residential for a month then go for change of use if it doesn't sell. However it wont increase the value and would add additional costs and possiblely planning permission costs and an architect depening on what the council say.

Better_Days

I don't think you should rely on one EA's valuation. Some value higher to maximise fees, others value lower to get a quick turnover. Others are somewhere in the middle.

I have had a valuation range of £35k for my property which is in the £200k - £250k bracket.

It is hard though when there are not similar properties to compare with. What do other 5 beds go for in your area (ignoring the commercial element)?

Have a look at http://www.home.co.uk/search/agents/ scroll down, choose your county, then your town. You will then get a list of the local EA's with their average property price, time on the market etc. If agents use Zoopla in your area also have a look at the 'most reduced' tab - this can show up agents who tend to value high. When you know the agents better you will be in a better position to gauge how realistic their valuations are.

go_cat

Op said other 5 beds go for around £300k so clearly the commercial element has devalued the house by around £80-£100k

Op would it be worth you looking at converting it all to residential and then selling it as such? I.e pay for all planning permission, building regs and physically convert it

helenthemum

Go-cat I did consider that but the EA said it would not add any value to the property.

Zoopla most reduced is interesting some EA dont reduce their prices at all. Home.co.uk is also very interesting with the EA I have chosen they are the 2nd best all round, with the best average price. Number 1 doesn't do commercial and I have always found them to be well overpriced, even when selling in the past.

I am wondering if the EA knows I want to sell as I had them around in January and therefore reduced the valuation for a quick sale.

Yorkie1

Was it part commercial when you bought it?

I recall various threads on here where people have struggled to get mortgages on buildings which have mixed use, and I do wonder whether that will impact at all on your process.

SouthCoast

Yorkie1 wrote: »

Was it part commercial when you bought it?

I recall various threads on here where people have struggled to get mortgages on buildings which have mixed use, and I do wonder whether that will impact at all on your process.

Agreed.

In the current climate are the mortgage lenders actually interested in lending on part commercial/residential properties?

Itismehonest

SouthCoast wrote: »

Agreed.

In the current climate are the mortgage lenders actually interested in lending on part commercial/residential properties?

No. In fact most residential mortgage lenders won't touch a property with commercial involved.

They now usually want the deeds split so that the residential part can have an ordinary residential mortgage & the commercial have its' own loan.
However, if the 2 types are literally in one building (living over the shop) then it's more likely to be sold as a commercial property.

helenthemum

Yorkie - I was lucky I didn't need a morgage to buy it as it was a doer upper, had to get a mortgage to complete the renovations as it turned out the place had to be completely gutted. Natwest wouldn't give us a mortgage because of the commercial side but Barclays did, its not a commercial mortgage either.

The house is beside and above the shop. It used to be 2 separate houses along long time ago, before WW2. We made the shop separate from the house (but still attached) because no insuance company would insure it whilst there was access straight from the house into the shop.

go_cat

Could you and the children stay in the house and sell the commercial side as it is separate

helenthemum

Not really as there are no toilet facilities and it wouldn't be easy to have one installed, would be almost as easy to split the house back into 2 properties as it was before WW2.