Very worried about my purchase, have not received the draft contracts for three weeks

kid_hotaru

Surrey_EA wrote: »

For the vast majority of property in the UK the title is electronically recorded at the Land Registry, so it does not matters whether the seller can lay their hands on any paperwork.

This means the problem could be any number of things, if your solicitor has no further information from the vendor's solicitor, then give the EA you're buying through a call to see if the can get to the bottom of it.

Thank you very much. I will contact with the EA.

kid_hotaru

maninthestreet wrote: »

How can you say with such certainty the property has been under-valued by the surveyor? Why would you want to pay more than the property is actually worth?

Because the valuation is done by the lender. And I never seen a property nearby was sold at the valuation price. (I'm purchasing a flat)

maninthestreet

kid_hotaru wrote: »

Because the valuation is done by the lender. And I never seen a property nearby was sold at the valuation price. (I'm purchasing a flat)

Have you checked on zoopla?

kid_hotaru

maninthestreet wrote: »

Have you checked on zoopla?

Yes, I used to use Rightmove and Zoopla. Since last September, the purchase prices of the similar properties are all 5%-15% higher than my valuation price...

Surrey_EA

If there have been a large number of similar size flats sold nearby to the property in question, then the Zoopla algorithms are capable of producing a reasonably accurate figure.

In my experience surveyors carrying out bank valuations do not downvalue a property without good reason.

kid_hotaru

Surrey_EA wrote: »

If there have been a large number of similar size flats sold nearby to the property in question, then the Zoopla algorithms are capable of producing a reasonably accurate figure.

In my experience surveyors carrying out bank valuations do not downvalue a property without good reason.

Shall I make another survey for a double check?

Surrey_EA

Depends how worried you are about the bank valuation being wrong. If you're confident that there have been enough recent sales of similar properties that give you comfort that you're paying the right price then it is not necessary to pay for a second valuation.

If it doesn't affect the terms of your mortgage then it's up to you whether you go ahead at the agreed price or not.

kid_hotaru

Surrey_EA wrote: »

Depends how worried you are about the bank valuation being wrong. If you're confident that there have been enough recent sales of similar properties that give you comfort that you're paying the right price then it is not necessary to pay for a second valuation.

If it doesn't affect the terms of your mortgage then it's up to you whether you go ahead at the agreed price or not.

Thanks a lot.