Valuation 10k less than accepted offer

ACG

If your not prepared to pay the £200k now, then you can be as confident as you like and say we had plans for the property which we are now not able to do without rectifying the wall.

My husband is a builder so it wont cost as much to do the work as it would most but it will cost £xxx - therefore we are reducing our offer to £xxx and that is the most we are prepared to pay, its not negotiable.

holly_hobby

Unless this is in a very popular area, and/or where its difficult for FTBs to get on the ladder, ex-local authority properties are also more difficult to sell/slower movers than non- LA, and as result invariably value up at a lesser figure than a comparible non-LA unit ...... so bare in mind that the ceiling and demand for the property (further reduced in locatd within an LA estate), will typically be lower than otherwise - so you need to keep this and the costs of upgrading the OH, to within a budget that doesn't effectively mean you will not recoup any or all costs on any future onward sale.

It sounds as though this was mother and daughter RTB (mothers RTB discount, daughter financing the mortgage), which has no baring on anything other than it may be more revealling of their greed factor (depending upon what the orig discounted price was), in refusing to even negotiate on the shortfall.

Which is especially relevant IF the OH was advertised and marketed in the sale details as a specific utility room, when clearly it isn't, it is simply an oside storage area/bldg, that happens to be plumbed to house a washing machine etc, which is not quite the same thing at all. If this is the case, that is where the weak spot to hit them is, mis-description/representation of the property being purchased, which the EA will be guilty of if they did this, and if the valued (for marketing) the property on the basis that the OH was classed as additional sq footage/living space of the property, which it isn't due to its construction.

Indeed my own previous house had a single skin brick built OH (damp as hell !), and the vendor had their wmachine and freezer in there, but it wasn't described on the particulars as a utility room, and neither me nor my agent marketed it as such when I later marketed it.

If of course the ohouse was not described or marketed as a "utility room", and the EA didn't put any financial weight on its presence when assessing what it could be marketed for, then they believe the property (regardless of this) is worth 200k, and if the Vendor won't budge (having been given an very optimistic possible sale fig by the EA), then you'll either agree to the 200k or not.

A property is what is worth to you, and luckily due to your large deposit, the down valuation won't affect the mge going through to completion (albeit the LTV will be a little higher, if you don't increase your deposit to cover the 10k issue), but really I don't think I would let them push me round on this, not given the ex LA aspect of the property, coupled by the possiblity that it was inaccurately marketed and assessed for sale by the EA in the first place ....

Hope the above made sense ..

Wish you well .....

Holly xx

chanz4

landregistry check it, it will say how much they paid

Ruthhelenjohn

Thanks again
Just checked land registry and the property is not listed
The last time any house sold in that street was 2009 and is of a different size so hard to compare.....?

witchy1066

its sometimes difficult to value with ex local authority houses ,
if the tenant buys under the right to buy scheme they get a discount depending on how long they have lived in the house ,so when they come to sell what they paid can be very much lower than the property's value,
we looked at one today, its a small estate of 8 houses ,one sold in 2011 for £23000 and another sold the same year for £99000

I would say if you like the house and your hubby is a builder meet them half way

I do agree with holly hobby on the fact it will always be "ex local authority" no matter what you do to the property,so bear this in mind
but if you are thinking of staying for a long time and as you say you love the house pay what its worth to you