Question from buyers solicitor regarding sale price?

chelseablue

A query has been raised by my buyer's solicitor as follows:


"Your buyers have noticed that you brought the property for £156,500 back in 2010 and are now selling it for £235,000.
Could you please confirm if any works have been done in order to increase the value of the property?"


What the hell is all this about?? Worried about how I should answer.


My buyer has had his mortgage valuation done back in December and it was actually valued by the surveyor at £250,000.


Any advice on how to answer this question much appreciated!

Johnnytwostep

chelseablue wrote: »

A query has been raised by my buyer's solicitor as follows:


"Your buyers have noticed that you brought the property for £156,500 back in 2010 and are now selling it for £235,000.
Could you please confirm if any works have been done in order to increase the value of the property?"


What the hell is all this about?? Worried about how I should answer.


My buyer has had his mortgage valuation done back in December and it was actually valued by the surveyor at £250,000.


Any advice on how to answer this question much appreciated!

If you are going to reply at all just reply with that.
I wouldn't get into any debate about what (if anything) you have done that has, in your opinion raised the value.

DaftyDuck

Dear Scrooge, Drivel and Grump,

Thank you for your enquiry. The works that I have had done appear, according to your own client's mortgage valuation, to have increased the value of the property to £250,000. However, I shall not be reviewing my selling price, so long as the buyer proceeds with all reasonable haste.

Yours,

Chelseablue

bouicca21

My solicitor asked a similar question when I bought. In my case the vendor had indeed spent money on improving the place, but the main uplift was 'market forces'.

RAS

If you have done work then they will want building regs, PP etc.

If you have indicated no work to previous questions, they may be double checking.

Guest101

It may well be to check if any works required planning permission or building regs or if there were any warranties which may apply (e.g. double glazing)

eddddy

Failing to reply, or providing an unhelpful reply, will just stall the sale

... and there will be a follow up post saying "my solicitor is useless, nothing is moving forward."

I imagine the solicitor is doing the following:

- Double checking that no work has been done on the house which requires planning consent or building control approval.

- As the solicitor is also representing the mortgage lender, possibly making enquiries in relation to potential mortgage fraud


All you need to do is say that no works have been done - if that's the case. (You can also mention the valuation if you wish.)

john_white

Highly unusual for a mortgage valuation to come back higher than the offer price.

SmlSave

The solicitor has to ask this if the price increase is large. Just answer honestly.

chelseablue

It is a leasehold flat, about 18 months ago the building had a new roof.


Apart from that the only 'work' I've done is new carpet throughout and redecorating throughout.


The increase is mainly due to my town being on the crossrail route

SmlSave

Just say that to your solicitor.