AAARGH!!! Surveyor massively downvalues flat

Fraise

Tim_Bisley wrote: »

Got the report. Issues seem to be:

1. Service charge is "higher than average." It is high, £4k a year, but we got some figures from similar properties in town and it's along the same lines. This flat has a gym, pool etc and other buildings were charging the same with no amenities. We saw one flat with a £4k service charge that had just a communal staircase and no parking..!

2. "Properties of this type and age are valued between £170k and £220k" Maybe they are, but they are smaller...

3. It then talks about limited future saleability because of the number of buy to lets and students in the building and that it's near to "other commercial premises" and a nightclub. It's a city centre flat!!

Halifax apparently waiting on comparables so they can go back to the valuer now.

How many flats are in the block? And is the service charge £4k each per annum? Do you also get maintenance of the building for that?

One other thin, sorry to sound daft here, but if the surveyor said he thought it was worth less than what the vendor was asking, and you wanted to buy it, wouldn't that have worked in your favour?

shortchanged_2

Jack_Johnson_the_acorn wrote: »

Ignore shortchanged and hpifever, hate to have to belittle them but they're both incredibly jealous renters who constantly moan about people who can afford to purchase their own home. Sad but true, just check their post history, it's embarrassing.

Jack the plonker acorn has his facts wrong again.

Jack_Johnson_the_acorn

shortchanged wrote: »

Jack the plonker acorn has his facts wrong again.

Your post history suggests otherwise, haven't you fallen out with your parents because they can afford their house and you can't, as for hpifever, I can't find a single post that contradicts my original post. Just saying I'm wrong doesn't actually mean anything, now stop being a numpty.

Tim_Bisley

MaxTheCat wrote: »

It's not like that though is it. You have given you value on the flat based on it being the best one you saw in 6 months of looking therefore with an edge of desperation. Where it differs from black Friday sales is that you are trying to secure it with a mortgage. Therefore the lender needs a reliable valuation rather than the desperate version of its value. They have their value and you have yours and unless you get a big discount or can raise the difference than you're not going to get the flat. And by the way I'm not a jealous renter I have a large semi in Richmond upon Thames but I'm not daft about house prices like most people seem to be.

Looks like the sarcasm missed the mark!

Loving the "desperation" narrative as well - it wasn't my valuation, it was an asking price that we were happy to pay. The first valuation that came back was ridiculous and didn't even stack up to recent completed sales.

Anyway - always good to read the thread updates! We get the keys on Thursday :beer:

Marktheshark

4k a year service charge ?
So it costs £80 a week on top of the mortgage just to live there.
That buys a lot of gym membership and swimming.
Over a 25 year mortgage thats another £100,000 :eek: to find with no capital return on the money.
Then you have a lease with 25 years run down, no disrespect but you would have to be mad or filthy rich looking for a crash pad

£100,000 buys an ex-council house with a garden on freehold.
Amazed he came to the value he did to be honest.

Tim_Bisley

Marktheshark wrote: »

4k a year service charge ?
So it costs £80 a week on top of the mortgage just to live there.
That buys a lot of gym membership and swimming.
Over a 25 year mortgage thats another £100,000 :eek: to find with no capital return on the money.
Then you have a lease with 25 years run down, no disrespect but you would have to be mad or filthy rich looking for a crash pad

£100,000 buys an ex-council house with a garden on freehold.
Amazed he came to the value he did to be honest.

Don't see your point really. We don't want an ex-council house with a garden. Most flats will have a service charge - I'm not ecstatic about having to pay it but it comes with the territory. Not really concerned about a 970 year lease after 25 years either.

If you think someone has to be filthy rich to buy a flat at £250k with a big service charge I suggest you don't look at any threads about London property...

kelpie35

I hope you will be very happy in your new home.

If you can afford the mortgage and service charges and are happy to pay this, it is no one else's business.

EmmyLou30

Sounds like a good deal to me, I'd be happy to have got the flat £42k cheaper than I was willing to pay. Service charges vary wildly and sometimes are high despite only covering a stairwell, comes with owning a flat I'm afraid.
Personally I wouldn't want a service charge, so I have a house, but in a city centre that's not always an option. Each to their own at the end of the day and I hope you're very happy there ;-)

Tim_Bisley

Cheers both!!

shortchanged_2

Jack_Johnson_the_acorn wrote: »

Your post history suggests otherwise, haven't you fallen out with your parents because they can afford their house and you can't, as for hpifever, I can't find a single post that contradicts my original post. Just saying I'm wrong doesn't actually mean anything, now stop being a numpty.

Facts not right again jackanory the acorn.