Mortgage valuation worries

oldskoo1

Our sale is underway but i started to think about our valuation on our house sale.

To cut to the chase, we purchased in 2006 for 220k. We sold for 213k. We renovated most of the house spending around 12k-14k.

I'm a little concerned RBS will value it at less, here is why.

Our area (1/4 mile surrounding) has massive swings in value. The estate is 17 years old. There are a few streets on our estate that are slightly more packed in that only achieve sale prices of £200k - £208k according to right move sold prices. These houses had their old original kitchens and decor though, basically need updating.

Then on the other hand, our street has sold a house at 220k very recently, similar streets and same styles of houses have gone from 220k - 237k in the past 1 - 2 years.

Ours does benefit from a large conservatory and updated decor and fittings.


How is RBS on valuations. Could they demand the lower end? For example, a third party company for a builder offered us £210k months ago for a part-exchange on a new build.

cattie

I know it's easy for me to say, but it's pointless you worrying about this until the buyer has their valuation back. Two different valuers could come up with 2 different valuations.

From what you say, your side of the estate has historically higher prices than the other side, so fingers crossed the valuation will come back at what you've accepted the offer at.

Good luck, anyway.

Ivana_Tinkle

Really try not to worry. Surveyors know about these sort of variations. Our street is sandwiched between a v posh street (houses worth upwards of £2 million) and a council estate (houses worth under £200k). It means the Zoopla values for houses in our street are completely mad, but I don't think anyone's ever had problems with mortgage valuations.