Mortgage Valuation a whopping 77k under agreed sale price

Smodlet

Sounds to me, Lloydage, that that is quite a result, well done you. If your mortgage is 90% LTV or less, unless it has changed in the last 3 years, at least you have avoided all the ridiculous extra fees lenders add on.

Thanks for letting us know the outcome and best of luck with your move. If a house feels as if it's "the one", it usually is, imo.

Dan-Dan

Clutterfree wrote: »

£510k mortgage! Eek! I don't envy you!

You might envy his salary though..

jayship

London market is gone crazy and there are several buyers for every property on the market. Buyers are offering over the asking price on open days.

Our Essex based local Estate Agent chain is asking buyers to pay their fees rather than the sellers at the moment.

warby68

Well done :T

Suppose its asking too much to see the house

He wanted something over £700k I suspect, your max was £710k I think - win, win?

If you plan to live there for a while, absolutely love it and have a chunky deposit to absorb some market movement, then the last £5k or so is neither here nor there

Hope the formalities go smoothly

pretamang

Have you thought about trying a different lender?

The house we purchased recently was undervalued by Santander by £68k, which was almost 15% below the agreed sale price.

Our broker recommended another lender, one which he thought would be most likely to use a different valuer (but couldn't guarantee this so there is a risk it will come back the same) and they agreed it was worth the full asking price. Cost us £600 for the new survey but ended up being well worth it.

I believe that you can also pay for Santander to arrange a second valuation; but even if it higher they may stick with the original one or go with something between the two.

edit: of course a new survey could also value it even lower!

Crashy_Time

Seller will be either laughing his baps off or breathing a huge sigh of relief on this one, maybe both. Would love to know the factors that led to the nearly 400k price increase over 3 years.

chelseablue

I'd love to see the house too (plus know what your salary is :rotfl: :rotfl:)

Jagraf

Bluebirdman_of_Alcathays wrote: »

If buyer and seller have agreed it's worth £737k then it is worth £737k.

How can this be so when a mortgage is required. If it's your own money then fair enough. At the moment people seem to be just offering anything and houses are being put on the market at figures plucked out of thin air.

Op, personally I would have gone off the house by now and the estate agent lol. He's made a packet.

Jagraf

jayship wrote: »

London market is gone crazy and there are several buyers for every property on the market. Buyers are offering over the asking price on open days.

Our Essex based local Estate Agent chain is asking buyers to pay their fees rather than the sellers at the moment.

Why do buyers do this? Don't they see they are being taken for a ride?

hazyjo

Crashy_Time wrote: »

Seller will be either laughing his baps off or breathing a huge sigh of relief on this one, maybe both. Would love to know the factors that led to the nearly 400k price increase over 3 years.

As I mentioned above, I looked in Epping 5 years ago between £350-375k. All houses on the estate are now going for over £700k. And they are not refurb/improved ones, just a reflection on the market in that area. Surrounding areas (including mine) have done the same.


C'est la vie.


Jx