Anyone want to join me? Awaiting Mortgage decision...

Mizenberg

ThePants999 wrote: »

Valuation came back today - at our purchase price, despite the fact we offered £17K over asking price. Awesome.

Great stuff, gives me hope!

I know we have spoken on another thread- was just wondering though, in your scenario- have there been many other recent sales in the street/area you are buying? hardly anything nearby for us, and the only one in last 6 months was a lot lower.

ThePants999

No - one or two a year for the last few years - but I don't think that's unusual.

The main thing that makes ours problematic to value is that it's a 4-bed detached house on a street where almost everything else is a 3-bed semi, so none of the sales in the last 10 years are directly comparable.

Mizenberg

ThePants999 wrote: »

No - one or two a year for the last few years - but I don't think that's unusual.

The main thing that makes ours problematic to value is that it's a 4-bed detached house on a street where almost everything else is a 3-bed semi, so none of the sales in the last 10 years are directly comparable.

Ah I see- a similar scenario where we are trying to buy. The road is a mixture of 3-bed semi's, 4 bed detached houses, and detached bungalows! Really worked out well for you though!

I am getting really bothered by the waiting time for valuations for happen, on both properties. We do have some "wiggle room" though- e.g. if the one we are buying is valued at £20k less than we agreed, we would still be able to cope with a a down-value of 5k on the one we are selling. Or if one we buying is valued 10k under, can cope with a down-value of 12k on the one we selling, etc etc.

plainjayne_2

plainjayne wrote: »

Yikes, I have just put in a full mortage application to Nationwide today (AIP already recieved), hopefully I find the process quicker and easier than you have.

Was told by the broker that my mortgage application has been approved subject to the valuation. This took place on Tuesday and I have not heard anything since - I think I will chase them up today.


I also had a homebuyers report done and paid for that yesterday.


Our sellers sale has since fallen through, so until they find a new house there wont be anything more for me to do.


I have instructed a solicitor, done all the paperwork and just need to advise them when to do the searches.


*touches everything wooden around me* its all been a straight- forward process so far. (I bet I jinx myself saying this now, and end up in a nightmare chain situation haha)

ThePants999

Mizenberg wrote: »

I am getting really bothered by the waiting time for valuations for happen, on both properties. We do have some "wiggle room" though- e.g. if the one we are buying is valued at £20k less than we agreed, we would still be able to cope with a a down-value of 5k on the one we are selling. Or if one we buying is valued 10k under, can cope with a down-value of 12k on the one we selling, etc etc.

Surely, though, you can't know this without knowing how the buyer would react to the down-valuation. Even if your current property is valued at less than you're selling it for, that doesn't force you to reduce the sale price, and it doesn't necessarily affect the buyer.

For example, we simply needed the valuation on the house we're buying to be 410K+ to avoid any problems with our mortgage LTV. Any higher than that, and we were fine and wouldn't have reduced our offer, so the seller wouldn't even have found out about the down-valuation. If your buyer's in a similar position, the valuation may not matter very much.

On the other hand, if there's a big down-valuation on the home you're buying, the vendor may then accept a reduced offer, on the basis that any other buyer would experience the same problem. They were only expecting 200K, after all :-)

Mizenberg

ThePants999 wrote: »

Surely, though, you can't know this without knowing how the buyer would react to the down-valuation. Even if your current property is valued at less than you're selling it for, that doesn't force you to reduce the sale price, and it doesn't necessarily affect the buyer.

For example, we simply needed the valuation on the house we're buying to be 410K+ to avoid any problems with our mortgage LTV. Any higher than that, and we were fine and wouldn't have reduced our offer, so the seller wouldn't even have found out about the down-valuation. If your buyer's in a similar position, the valuation may not matter very much.

On the other hand, if there's a big down-valuation on the home you're buying, the vendor may then accept a reduced offer, on the basis that any other buyer would experience the same problem. They were only expecting 200K, after all :-)

All very true indeed! From what I gather though, our buyers are at absolute maximum deposit and mortgage with the price we settled on (£136k), so if it is down-valued, it sounds like they would be asking for a price reduction.

Mizenberg

plainjayne wrote: »

*touches everything wooden around me* its all been a straight- forward process so far. (I bet I jinx myself saying this now, and end up in a nightmare chain situation haha)

Fingers crossed for you!

pennyprincess

It 's a bit annoying when your potential mortgage company has the same name as the stationery company you order from !! Even though i know it is v unlikely they will email me directly my heart leapt in my mouth when I saw an email from Accord Stationers!

firhillfill

Used this thread over the last couple of weeks to help me understand time lines and journeys. Thought we would share ours. We organised it through a broker, and chose to go with halifax due to the length of the mortgage validity.

23/02/2016 - Broker visit and DIP agreed.
24/02/2016 - Full App Submitted.
26/02/2016 - Approved subject to valuation
29/02/2016 - Valuation completed
02/03/2016 - Full offer

Hope this helps. Would highly recommend going through a broker, made the whole process very smooth

afooksy

I am getting so nervous about our valuation tomorrow. Apparently Woolwich use Countrywide and I read some horrendous reviews about them online and how they massively undervalue.


This is the house we've bought and we are asking for £160k from Woolwich - total purchase price of £168k. http://www.zoopla.co.uk/for-sale/details/39409343?search_identifier=945511ada39b9c16b086cb0f26baa2b8


I've gone on every website I can find to research recent sold prices and there has just been nothing in the last 2 years. a 3 bed has just sold for 180k a few doors down but not sure if that is relative.