Very strange valuation survey...

Soundgirlrocks

Hi All,

I just wondered if anyone else has experienced anything like this. We bought our flat in March 2012 £152.5K it need a little bit of work, I've cleared the heavily over grown communal garden and had the original sash windows renovated (£5K spend). We need a little extra cash to replace the boiler and kitchen so I approached the mortgage company about additional borrowing (6K) with a view to over paying over the next two years to clear the extra money. It's all been approved and money will be transferred soon:j.

But here is the strange thing the most recent valuation valued the flat at £190K!!!!:eek: I really don't think we have added any where near that value and I didn't think prices were rising any where near that rate. I think the valuer has made a mistake but I don't know if we should tell the bank?

Has any one else experienced this? I expected the valuation to come in around £165K I thought banks were loathed to over value property these days?

maninthestreet

Was that a 'valuation' carried out by an EA?

StuC75

Check whats been selling recently in your area, and what were selling for when you bought - you either bought at a really good price, or its a hot spot.. or combination of 2..

Though dont fall into the trap of thinking thats 'money in the bank' since it only ever matters at the time of selling, and someone offering that...

Soundgirlrocks

Oh I'm well aware that its paper money not real money! And no it wasn't an over enthusiastic estate agent it was the banks appointed valuer.

We did get it at a fairly good price but not that good! and it's in South Norwood which is supposed to have been one of the few London areas not to have seen rises in the last few months. I'm just a bit surprised as I thought the practice of over valuing had stopped because it was part of what caused the crash in the first place.