2 bed Flat De-valued massively by commercial premises

AdrianC

Guilefox wrote: »

We were consulted. And we tried to fight tooth and nail to stop it along with The other residents, Local MP and the local community (there were about 25 letters against it on the planning application).

So there's your answer. You were consulted, you objected, your objection was over-ruled. You didn't appeal.

harrys_dad

Guilefox wrote: »

We were consulted.

But of course I didn't know that did I because that was in your other thread.

questionss

My thoughts...

You overpaid a bit in 2006 & have been too optimistic about your local market following the crash.
L
A dominos & a bookies below you is not that different to a blockbusters which is already open late and in my experience often has lots of teenagers hanging round. You already bought over a commercial property and next door to a pub so I can't see it making a massive difference. The pub would put off plenty and probably a similar market as the dominos.

Remortgages tend to be cautious valuations - they already have your business and it is better for the bank to have a lower valuation, the surveyor works for the bank not you. You could try mortgaging elsewhere but will likely be subject to more fees etc.

Zoopla is wildly inaccurate. In 2011 we sold a 2bed 1901 terrace in a very popular London commuter town for £320k, zoopla valued it at 265k that was one of the more accurate valuations for the almost identical street of houses, yes they all had very slight variations but were worth between 310 & 335 - zoopla valuations ranged from 178 -355k!

You aren't selling so it shouldn't be the end of the world at this stage at least you know where you stand.

davidmcn

AdrianC wrote: »

You didn't appeal.

Third parties can't appeal. Only the applicants can appeal.

Guilefox

Thanks some interesting advice. I've lived in this town my whole life and know the property market, we were confident we got around market value.

RBS's surveyor (different guy) agreed with the valuation back then.

Our estimate this time around was slightly conservative or so we thought. Local estate agents would value it higher. I could have expected it to perhaps be worth 20-30k less but this was staggering.

RBS are now saying this is the only property in the town that has not increased in value in 8 years and I guess I understand a bit more why.

I never knew re-mortgaging was a bit tighter and the joys of having fast food outlets below you. So thanks for the info. We are also £250 out of pocket for the survey

Sorry I doubled threaded by accident I thought this one had not gone through!

dell12

A flat is worth what a buyer - not a surveyor - is willing to pay.

They are generally very cautious, as they should be, protecting a bank's interest. We sold a flat for £390k which they surveyor valued at £320k. That's no help with remortgaging, but if you're looking to sell up, the price is governed by a buyer alone.

jaylee3

G_M wrote: »

Yes - it is !

I am not sure that I agree. Zoopla has a house my neighbour bought in 1998 as having a value of £45,000. It's now worth about £130,000!

anselld

jaylee3 wrote: »

I am not sure that I agree. Zoopla has a house my neighbour bought in 1998 as having a value of £45,000. It's now worth about £130,000!

So you don't dissagree that it isn't inaccurate?

pleasedelete

in many ways you have had a lucky escape. I assume that you were looking at remortgaging to do renovations- you now know that it isnt worth it. Imagine if you had used savings only to find out later about the valuation. You now know not to invest any more in the property.

in 8 years you will have paid off a healthy chunk of your mortgage and so will have a deposit if you need to move. So now start saving to up your deposit for when you wish to move.

DevilsAdvocate1

Guilefox wrote: »

I understand what your saying but the average rental for this type of property for this street is £1200 really high on such a low value property. That is surely appealing to investors. Perhaps friends of the Surveyor The flat above the Wimpy for example round the corner is still valued highly.

The vents of the pizza place are also out the back (and nowhere near our property - obviously people do not know that).

The drainage and vents mean are state of the art and so there is not smell, although that might be because it is new


We are also right next to a pub with a late license. It has never affected our value before. Even with the same lender!

Maybe rent yours out and then buy something with the rental income?