Right to buy valuation

Tamii

I find it difficult to get a mortgage with my income at the moment and I've got 2 months left on my offer to buy the council flat. I'm getting a new job in January and my salary will be higher which will allow me to get a mortgage. Though I have to wait for 3 months payslips which means I have to reapply for Right to buy. This makes me nervous as I don't know what my flat price is gonna be in 3-4 months time.

Angie_B

Tamii wrote: »

They should go for an average price of similar properties to yours. You can do it yourself to have an idea. Find prices for 6-7 similar flats, add them up, then divide them by the number of flats, it will give you the mean value.
I've also had my flat valuated and not happy with the price. I can't risk to appeal though.

That is not going to work unless you are taking an average of similar properties over the last few months. You cannot compare sold prices in London to those of 3 years ago. Prices have gone up significantly in that time.

Daniel_smith

Daniel_smith wrote: »

Thank you for your information Oswald. I've decided to get my flat valued again by the district valuer.

emmatthews wrote: »

London prices have changed a lot since 2012. The most recent sale will be the most accurate indicator of value.

Is the flat the same? If you look at sold house prices on Rightmove you can sometimes see the original sales details which will give you an idea of whether there was anything special about it that would make it worth more.

The flat which got sold for 250k has the same layout as my flat but it's on the 2nd floor and has a nicer interior with much more natural light. My flat still needs work done like the flooring and it's on the ground floor.

gaia66

Hi Daniel. I bought my RTB one bedroom flat in London 6 months ago. When the valuator came to visit mentioned a lower price but the final valuation was higher than I expected (260K). It was also about £100K higher than the valuation of a friend for a similar flat in zone 1 (I am in zone 2) at the same time. I did a search on sold properties in the area (Zoopla, etc) and found that only a few months previously in the same estate a 2-bed flat was sold for 405K! That was the only one at that price. I then went to a few local estate agents and asked their opinion on my valuation. Most of them were helpful, and showed me similar sales in the area and compared prices. Their opinion was that the valuation was fair. I agreed to the sale and when the bank valuator came around he valued £20.000 more than the council. It may seems a lot to us but that's the way it is in London, I would say do all your researches on internet but also go and talk to agencies.

Daniel_smith

gaia66 wrote: »

Hi Daniel. I bought my RTB one bedroom flat in London 6 months ago. When the valuator came to visit mentioned a lower price but the final valuation was higher than I expected (260K). It was also about £100K higher than the valuation of a friend for a similar flat in zone 1 (I am in zone 2) at the same time. I did a search on sold properties in the area (Zoopla, etc) and found that only a few months previously in the same estate a 2-bed flat was sold for 405K! That was the only one at that price. I then went to a few local estate agents and asked their opinion on my valuation. Most of them were helpful, and showed me similar sales in the area and compared prices. Their opinion was that the valuation was fair. I agreed to the sale and when the bank valuator came around he valued £20.000 more than the council. It may seems a lot to us but that's the way it is in London, I would say do all your researches on internet but also go and talk to agencies.

Thx Gaia that's a good advice I haven't thought about going to a local estate agents. I will try that next

Pixie5740

Daniel_smith wrote: »

The flat which got sold for 250k has the same layout as my flat but it's on the 2nd floor and has a nicer interior with much more natural light. My flat still needs work done like the flooring and it's on the ground floor.

Nicer decor and flooring doesn't really affect the property valuation. Being on the 2nd floor doesn't necessarily make this other property worth more than yours. Many people would prefer being on the ground floor rather than having to schlepp their groceries up 2 flights of stairs.