Nationwide down valuation

Thrugelmir

kingo30 wrote: »

Not sure if it is built into the price this was not available at first but it maybe not sure.

Even if it wasn't. Less likely to give additional discount.

kingstreet

tony2toes wrote: »

They have a tendency of down valuing new builds as second hand

Nationwide changed that policy earlier this year.

Nationwide instructs it's valuers to value all new properties (flats, houses and maisonettes) on an 'as new' basis.

New properties may include a new build premium. A new build premium is the additional value in a property that diminishes once the property is occupied.

http://www.nationwide-intermediary.co.uk/lendingcriteria/property_and_construction/valuation

kingo30

kingstreet wrote: »

Nationwide changed that policy earlier this year.


http://www.nationwide-intermediary.co.uk/lendingcriteria/property_and_construction/valuation

If that's true this must be the cheapest new build 4 bed house on the herts Essex border !!!!! I had read that also on their intermediaries site so was baffled.

kingstreet

That's about policy on the whole, not about an individual valuation. I just wanted Tony to know the practice had ended.

The surveyor may have come from out of the area. Lenders tend to use the bigger firms and panels, like E-Surv and Countrywide and out of area valuing is a result of that IMHO.

kingo30

I think all I can do when the nationwide more than likely come back and refuse to change valuation is hope that the fact i am so far down the line and ready to exchange now and complete asap may sway them to do the same deal but at 280000 and not 299950 and have that in their end of year figures in december.

kingo30

thanks kingstreet I new what you ment was just joking as it does litteraly make it the cheapest 4 bed around me. I think he may well be out of town as its quite low even for older houses that you may say could be compareable.

Zero_Sum

tony2toes wrote: »

This is reminiscent of a similar experience I had, and it worked in my favour, hopefully with your transaction too. Nationwide had also down valued my new build. They have a tendency of down valuing new builds as second hand.

They didn't with me, they valued it at exactly what I paid

northerner999

_Andy_ wrote: »

Only a professional valuer who you paid to tell you how much it's worth.

I'll butt out now as it's clear you're wanting to rip yourself off by £20k plus ignore the opinion of a professional.

If similar properties are selling for similar prices, there's every chance the OP will end up having to pay that amount anyway for another property in the area - having lost costs on this failed purchase, plus added all sorts of time and hassle on top.

I hope the OP gets the house at the reduced rate. The odds are probably in his favour. I tried to remortgage with the Nationwide earlier this year, they came in with a valuation £25K below the last valuation from when I remortgaged three years previously. In order to appeal I was told I needed several examples of similar properties being sold at the higher valuation over a fairly short period. As I'm in a development that was new build in 2006 and none had been re-sold, I simply had no recourse.

kingo30

northerner999 wrote: »

If similar properties are selling for similar prices, there's every chance the OP will end up having to pay that amount anyway for another property in the area - having lost costs on this failed purchase, plus added all sorts of time and hassle on top.

I hope the OP gets the house at the reduced rate. The odds are probably in his favour. I tried to remortgage with the Nationwide earlier this year, they came in with a valuation £25K below the last valuation from when I remortgaged three years previously. In order to appeal I was told I needed several examples of similar properties being sold at the higher valuation over a fairly short period. As I'm in a development that was new build in 2006 and none had been re-sold, I simply had no recourse.

Thanks , 2 properties have just exchanged on the site the first 2 to be sold, they are 3 bed and smaller and exchanged at only 50 quid less than the valuation of the house we reserved which is 300 sq feet bigger and 4 bedrooms. there is nothing comparable in the location as it been built on an old council swimmg pool site unless you go 500 or so meters and then its barrets which have been selling for £270000 and are so much smaller. I do hope we can get sorted as we were due to exchange next week but then this..

kingstreet

kingo30 wrote: »

Thanks , 2 properties have just exchanged on the site the first 2 to be sold, they are 3 bed and smaller and exchanged at only 50 quid less than the valuation of the house we reserved which is 300 sq feet bigger and 4 bedrooms.

If they've only exchanged, the surveyor won't have been able to find them to use them for comparables. The Land Registry figures only show completions.