Overvaluation of Property

Mtuson

Back in 2006 I purchased a new property off plan, allegedly 15% below market value,
The "market" value was £153K, and I was able to purchase the property at £130K.
I obtained my mortgage through NatWest @ 85% of value so they agreed a mortgage of £130K. I have since been able to acquire a valuation (RICS) of the said property dated AT THE TIME OF PURCHASE IN 2006, stating that they valued the property at the time of only £125K. I have since written to NatWest, stating that as far as I was concerned they did not do their Due Diligence and independently value the property, and therefore agreed to give me more money than the property was worth. The response from Nat West was that "at the time" 2006, it was not their policy to carry out valuation on new builds and only accepted the builders valuation!!! and as far as they are concerned that is the end of the issue. I personally do not think because it was not " their policy" that is sufficient and believe I should be able to claim the difference, in addition it could be classed as fraudulent by the builders if they give these incentives with discounts "off Plan" to actually achieve the true valuation of the properties. I would welcome peoples views and any direction I should take to reclaim the difference between the actual valuation and the monies received ?

mrginge

My view is that everyone who comments on this thread will tell you that you've got no chance

matttye

Couldnt you have got a valuation before you bought the property?

You bought it for the sale price advertised. You got what you paid for.

dodger1

mrginge wrote: »

My view is that everyone who comments on this thread will tell you that you've got no chance

He/she has no chance.

glentoran99

You did not do your due diligence and borrowed more than the property was worth, Why are NatWest any more to blame than you?


As for valuations a property is worth what someone is willing to pay for it, that why house prices go up and down

phill99

No chance.

Landofwood

You've go no chance

KRB2725

A property is worth what someone is willing to pay for it. You were willing to pay 130k for it, therefore it was worth it.

TBeckett100

In assuming your property isn't worth much more than you paid for it then? How much is it worth now?

I suspect that you are looking for someone to pin the blame on for your lack of due diligence? You are happy to pay that price, if the property was worth £200,000, I don't think in all honesty that you'd be asking this question.

Therefore you are only aggrieved because of hindsight

lincroft1710

A valuation is a matter of opinion, a 4% difference is perfectly acceptable. A builder or any vendor can price their property at whatever level they choose and offer whatever discount they choose.

I can see no logic in your wanting to claim "the difference" and would suggest you do not waste your time or that of Nat West in pursuing this.

AdrianC

Can we just go back a bit, please?

You're having a pop at Nat West for lending you too much money nine years ago, and not protecting you from paying too much money for the place...?

You paid £130k for the place, with a 100% (£130k mortgage), and it's all their fault, right?