Lender Property Valuations

GoldenShadow · 24 June 2015 at 5:49PM

I guess this could vary wildly from lender to lender, but is there generally much leeway to the methods used to value a property?

Our full application wont even be submitted for a day or two but I'm already a bit worried about the valuation. I instantly loved the house and compared to the town its in, it is a very good price in my view. When you do Rightmove sold prices though, only two comparable houses on the road sold within the last three years and none within the last two years. We said it hadn't gone through drastic modernisation on the mortgage app, but it does have newish paved driveway for 2-3 cars, newish patio and decking in the garden, new front and back doors last year and a kitchen and bathroom which aren't very old. The house has been well loved and the chap seems to have a rolling programme of updating things, but I don't know how much attention is paid to those things.

It is in an area where some houses are council ones (I want to say a fair few but not sure quite how many). I don't think that helps, ie. the houses aren't bought and sold like non council houses to really get a feel of what they go for. So I stretch the search out 1/4 to 1/2 mile and again there is another road I think quite council house heavy but some properties do seem to be cheaper than what we have offered (and a couple a fair chunk more).

Anyone got anything to shut up my worrying?!

I could post a link but I don't know how much help that would be

Dird · 24 June 2015 at 6:21PM

It could be valued 10-20% lower than your agreed price and completely ruin your LTV & mortgage plans with the seller unwilling to negotiate & you losing the house.

Welcome to my paranoid world

roje · 24 June 2015 at 6:30PM

I think we know too much. I want to unread endless scare stories and trust that brokers don't apply for mortgages they think their clients will be declined for.