We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage Company valuation less than purchase price - what can we do?
Comments
-
I'm so glad that you're able to see sense and are going to be prudent. I'm very curious to hear what Persimmon will say about this!:beer:0
-
Have you checked what the sky high service charge will be?0
-
Hello MSEs,
Well I phoned Persimmons and told them we where pulling out of the purchase. She asked why and I told her straight that the valuation had shown the property to be grossly overvalued and after taking advice (MSE!) we believe that continuing would be a huge financial mistake. She asked if I wanted to speak to the Sales Manager and I said there was no point as our minds where made up. Click – phone put down.
I’m just waiting for the Sales Manager to phone me at some point now with a deal too good to be true…
Before we fell under the trance of the persimmons deal we where going to make an offer on another flat. We checked last night on the estate agents website and it is still available! It is a two bedroom, 1st floor, balcony, private entrance, garage, purpose built flat, very near to where we live now. It is on sale for £159,995 and we want to offer £149,999 (the maximum we want a mortgage for is £150,000). It’s not a new property (maybe built in the 1950s or 1970s?) are these type of flats a good investment?
Oh and the service charge for Persimmons is £67pm
Cheers
S.Classically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.
0 -
Shadowplay wrote: »Hello MSEs,
Well I phoned Persimmons and told them we where pulling out of the purchase. She asked why and I told her straight that the valuation had shown the property to be grossly overvalued and after taking advice (MSE!) we believe that continuing would be a huge financial mistake. She asked if I wanted to speak to the Sales Manager and I said there was no point as our minds where made up. Click – phone put down.
I’m just waiting for the Sales Manager to phone me at some point now with a deal too good to be true…
Before we fell under the trance of the persimmons deal we where going to make an offer on another flat. We checked last night on the estate agents website and it is still available! It is a two bedroom, 1st floor, balcony, private entrance, garage, purpose built flat, very near to where we live now. It is on sale for £159,995 and we want to offer £149,999 (the maximum we want a mortgage for is £150,000). It’s not a new property (maybe built in the 1950s or 1970s?) are these type of flats a good investment?
Oh and the service charge for Persimmons is £67pm
Cheers
S.
That sounds like a better deal, not sure about the investment value, but you're not paying the new-build premium. How does the size compare with the Persimmon one?
What about lease length?
Service charge?
How much does a small terraced house cost in your area? Always worth checking."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
where abouts are you Shadow play?
what concerns me is that you guys are running into these ideas like a bull at a gate!
only a few posts back you were talking about saving! Guys right, the more you save the less it will cost you in the long run. the flat isnt 150k its 300k, as thats what you pay off over the term ( generally):beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Ok lets just say i wanted to stop looking until early next year.
This other flat has very large rooms and plenty of storage (compared to the Persimmons one). It does not have a service charge, not sure of the lease.
We live in Manchester and are limited to a few areas due to transport, work and family (the area is more important than the flat). We currently live in Didsbury (one of the most expensive areas in terms of rental and house prices). A two bedroom terrace house would be inexcess of £280,000.
S.Classically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.0 -
yeah I know Disdbury well
I used to work in Parrs Wood Tescos :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Shadowplay, you need to be realistic here.
You cannot afford to buy in Didsbury, but I'm sure that you can afford something nice in Burnage, Sale, Northenden, Heaton Mersey, Fallowfield etc. You just need to look thoroughly.
All of these are a short bus ride away from Didsbury.
By limiting yourself to a few expensive areas, you really are making things difficult for yourself.0 -
Just thought this link might interest you all re Persimmon Homes
www.newbuildinspections.com/persimmon_homes.html
You had a lucky escape!!!0 -
I didnt realise that you lived in Manchester Lynzpower, are you from Manchester originally? or did you go to Uni here?
Hi Catblue, i have lived in Moss Side, Fallowfield, Heaton Chapel and Didsbury. my Partner is from Burnage. The Persimmons Home was in Northenden
We have looked all over Manchester and Stockport (trying to stay on the 42 or 41, 43 bus routes), we are not limiting ourselves to just Didsbury (we have actually only looked at one flat in Didsbury).
My partner works in Fallowfield and i work near Manchester University but i cycle (through the death trap that is Rusholme!) so cant really be any further than 10 miles away.
S.Classically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.6K Work, Benefits & Business
- 604.5K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards