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Right to Buy valuation too high
Comments
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I am happy to report that the District Valuer re-valued my property at a price in line with sold prices of similar properties in the area. They dealt with my application within time limits and efficiently, keeping me informed about every stage of the process. Which is a stark contrast to how my landlord is handling my application.
The property was over-valued by my landlord by over 22%.0 -
... and the property is mortgageable at a rate you are willing to accept?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I am happy to report that the District Valuer re-valued my property at a price in line with sold prices of similar properties in the area. They dealt with my application within time limits and efficiently, keeping me informed about every stage of the process. Which is a stark contrast to how my landlord is handling my application.
The property was over-valued by my landlord by over 22%.
Thank you for reporting back, so often threads start and we never hear the end of the story.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
kingstreet wrote: »... and the property is mortgageable at a rate you are willing to accept?
I got a couple of quotes which are really good, as the lenders (who do lend on RTB ex-LA properties) treat RTB discount as a deposit, so we've been quoted the best rates. It is subject to standard valuation (if it fails we lose the money), but about 50% flats in my block have mortgages on them and the flats are v. easy to let out, so I can't see why there should be a problem.
I am still considering going through a broker, not because I believe they could get me better rates, but because I am a FTB and quite nervous, so wouldn't mind some hand-holding through the process.0
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