Buying a House, Valution Query & Introduction to TPOs

Wolfsbane2k

Hi,

Sorry if this isn't the right forum for this ( or covering 2 much in 1 post) ...

I'm currently in the process of buying a house in Hampshire, UK, (Offer accepted on Monday, Mortgage Credit Check passed Today).

1) I'm having slight doubts about the price we have offered for of the property ( we're going forward anyway) - it last sold in 2012 for 230K, we've now offered 270k. Since it was bought in 2012, it's had a large conservatory (9m by 3m) with Self-cleaning glass added running against the back wall to replace the smaller aging one that was there, as well as a general clean up in the garden ( new patio, decking etc).
Zoopla currently has it's value at 250k which is where we were hoping to get it at, but according to the estate agents and owners it was under offer at 275k, but that chain fell through due to their buyers, so come to us with us as the only member in the chain (FTB buying our house)
I'm nervous that the mortgage valuation will come back with less than we need, and we've got a 64.8% LTV at the moment and the break is 65% for affordability on a 5 year fix as we are expecting baby number 2 shortly with wife staying at home.

So i guess the question is - Typically, how much does such a conservatory cost, and does it, cleaning up a garden, with the recent property price increases cover such a change, as Zoopla isn't aware of these improvements.

(Noting that Zoopla had my house at 7% less than what i accepted it on, but i bought a wreck and replaced /redecorated throughout, including new expensive kitchen, and my terraced neighbours with identical layout vary in zoopla value by 15% )

2) The property is next door to a conservation area, with the result that within 5 meters of the house/garage there are a large number of trees, some of which are covered under TPO's which are part of the conservation area, some of which are in the land the house comes with.
The ones on the house's land have recently been crowned, but the conservation ones need doing.

What do I need to be aware of with TPO covered trees? Is having TPO covered trees within 5m of the house cause grief in the future if I want to sell? 5m is to be the magic number for the insurance, so i'm already aware that insurance goes up some, if i can get insurance (which is currently quite difficult)

Thanks in advance.

Wolfsbane2k

LittleMrsThrifty

All the mortgage company care about when they do their valuation is whether their investment is sound. With a 35% deposit, this is unlikely to be a problem although you may want to make them aware of the recent improvements as they may not even visit it.

You will have a better idea of the local market and whether the offer you have accepted is a fair one. Ignore any talk of the other buyer - they may not even exist. If you think you are paying a fair price, great. If not, reconsider your options quickly.

Sorry I can't help on the tree issue.

Wolfsbane2k

:rotfl:

LittleMrsThrifty wrote: »

All the mortgage company care about when they do their valuation is whether their investment is sound. With a 35% deposit, this is unlikely to be a problem although you may want to make them aware of the recent improvements as they may not even visit it.

You will have a better idea of the local market and whether the offer you have accepted is a fair one. Ignore any talk of the other buyer - they may not even exist. If you think you are paying a fair price, great. If not, reconsider your options quickly.

Sorry I can't help on the tree issue.

Thanks for the quick reply.

Yeah, i'm trying to ensure that the mortgage company come out to see the place, and have told them about the work done already, as I want a full buildings survey done as well given the trees and it's on a hill, and they are willing to put a certain amount towards any survey being done, so likely to make it cheaper to only pay 1 person!

I think it's about 10k high, but it's a largish land area and given it's location and potential ( most of the houses in the row apart from this one have extended) and the fact i have a nuts spaniel, over 5 years it saves me a lot of time driving to a park when i can throw him over the fence, so location is a winner for me.!

Wolfsbane2k

Any other thoughts?

DaftyDuck

I paid 15k for a 9 x 3.3 conservatory 3 years ago. Not self-cleaning glass and not a top notch job. Floor tiling I did myself.

Garden tidy-up doesn't cost thousands.

You probably are paying upper end of reasonable but, if e.a. csn be believed, someone else was paying more.

Wolfsbane2k

Turns out my initial gut feel was correct.

Mortgage valuation came in today at £250k, so dropping £20k on the house, meaning that my LTV is way off so mortgage is not able to be obtained.

So now it's back to the vendors to let them know, see if they will move downwards ( unlikely), and then walk away with a chocolate bar in my hands and try and find another one.

Ah well, live and learn!