Worried I've agreed too high a asking price

bertiw

Essentially I've agreed to spend around £410 k on a 2 bed flat that was listed for £450k.

Originally I bid £365k then jumped up to £410k after vendor refused to accept anything under that level. Poor negotiating I know! but it's my first stab at this.

They've now agreed to the my offer but i really think max value is probably £390k, so big difference. Once again though I'm a complete amateur so am pulling these numbers out of air or based on flimsy research.

I can afford £410k but am worried about getting mortgage valuation done and then finding out mortgage lender wont give full amount to cover cost. If this happens will it affect my credit rating?

Also to avoid being told what my gut is telling me is it worth getting an independent Homebuyers report done for £400 to avoid any marks on my credit rating?

Thrugelmir

Take a second look at the property. What else can you buy locally for £410k. Take a look and compare before it's too late.

jk0

I suggest you have a full survey. The findings in that should give you lots of 'scope' for demanding reductions.

Building_Surveyor

£410k on a 2 bed flat... Jheeeeze, where do you live?

go_cat

Your mortgage lender will lend what it feels the property is worth. This may be less than you have offered or the same price. It's up to you if you want to pay it.

Have you looked at sold prices for similar local flats ..that may give you an idea of value

mail2z

I think the house has been priced much higher than market prices in this increasing market, otherwise there is no way your seller would haev accepted your offer of £410k when the AP is £450k. You are right in suspecting that you have offered more for it.

Also with homebuyers survey request a valuation to be performed, so you would know what the house is worth but saying this there is no way to know what your lender would value unfortunately.