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New build undervalued----help!!
Gutchy1
Posts: 16 Forumite
Hi, really hoping to get some advice....
My wife and I looking to purchase our first home and have signed up for the help to buy from the government, already have the ATP and have been restricted to applying for mortgages with the woolwich and Santander (due to the builder offering a 5k incentive towards stamp).
Anyway, credit checks bank details payslips etc all good. Had the survey done Friday and the house was valued 20k lower than the purchase price (woolwich using e.surv). I fully understand that different surveyors work in different ways however the only note on the report says is that there are no comparables in the locality...11 new builds in one street! mixture of 2 and 3 beds all sold and valued up to the purchase price. (All houses sold for asking price as the builder added carpets, turf etc as incentives) ours was the only one not to make the purchase price..we are now stuck and being told no grounds to appeal...can anyone provide advice on what to do as Santander seem to really be dragging the application out (16th march) and we think they use the same surveyors!!....oh and the sooner the better!! 😉
My wife and I looking to purchase our first home and have signed up for the help to buy from the government, already have the ATP and have been restricted to applying for mortgages with the woolwich and Santander (due to the builder offering a 5k incentive towards stamp).
Anyway, credit checks bank details payslips etc all good. Had the survey done Friday and the house was valued 20k lower than the purchase price (woolwich using e.surv). I fully understand that different surveyors work in different ways however the only note on the report says is that there are no comparables in the locality...11 new builds in one street! mixture of 2 and 3 beds all sold and valued up to the purchase price. (All houses sold for asking price as the builder added carpets, turf etc as incentives) ours was the only one not to make the purchase price..we are now stuck and being told no grounds to appeal...can anyone provide advice on what to do as Santander seem to really be dragging the application out (16th march) and we think they use the same surveyors!!....oh and the sooner the better!! 😉
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Comments
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Tell the builders their price is not consistent with the value and renegotiate the price.
Why would you pay £20k more than it is worth?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Developers use smoke and mirrors to hide the actual selling prices of property. Registered selling prices mean little.0
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They have just sold all other plots for the same amount of money.... All valued at asking price.....only plot to be undervalued was ours,0
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Our broker has the valuation reports from the other plots and sent to the bank, they have advised to complain to the surveyor or RICS0
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Tell the builders their price is not consistent with the value and renegotiate the price.
Why would you pay £20k more than it is worth?
Don't want to pay more than its worth...builder won't drop as the other plots have sold at the same price and valued at that price also all sold within the last 2 months!0 -
What a stressful situation for you. It sounds like a nightmare.
I am reading this with great nerves, as we are buying a new build on HTB with the Woolwich. Our valuation is happening next Friday. One bit of info that I will share is that e serv were booked so far in advance that they passed the case to Country wide. Is it worth exploring with Barclays as to whether they could re instruct the valuation.....but with a satellite company of e serv?? You will probably have to pay the valuation again, but that would be cheaper than losing all the money that you have already shelled out? I am not sure if this can happen, but it's worth asking.
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I hope it works out for you....0 -
Out of interest what did the survey company say when they saw the valuations for the other plots?0
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Our surveyor through Nationwide valued our new build 5% lower than the sale price. The developer reluctantly agreed with this and sold at the reduced price. Although they are still selling them at full price to everyone else.
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Jennie2827 wrote: ». Is it worth exploring with Barclays as to whether they could re instruct the valuation.....but with a satellite company of e serv?? You will probably have to pay the valuation again, but that would be cheaper than losing all the money that you have already shelled out? I am not sure if this can happen, but it's worth asking.. .
I hope it works out for you....
Our broker has been in touch with the business manager from woolwich for our area, her advice was to go to the surveyor.... Desperate to get the house and not confident in Santander due to the lengthy wait (2weeks before the woolwich application was sent) and constant ask for more details! Not sure where we stand or why the survey was 20k different to others 😕😕😕😕0 -
Jennie2827 wrote: »Out of interest what did the survey company say when they saw the valuations for the other plots?
Our broker was originally told by them to contact the woolwich who passed us straight back! Broker has now sent details to e.surv hopefully they may see sense!!🙏🙏0
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