House down valued.

clint_S

Crashy_Time wrote: »

https://www.bloomberg.com/news/articles/2016-12-12/christmas-joy-eludes-london-housing-as-asking-prices-plunge

http://www.nwemail.co.uk/news/House-prices-in-Cumbria-see-largest-increase-since-2008-crash-2d5f5a16-f657-4546-95e6-60fa5cf88424-ds

Crashy_Time

http://www.dailymail.co.uk/wires/afp/article-4034288/US-Fed-raises-key-rate-expected.html

Riggyman

Crashy_Time wrote: »

http://www.dailymail.co.uk/wires/afp/article-4034288/US-Fed-raises-key-rate-expected.html

Crashy a link for you
https://www.urbandictionary.com/define.php?term=!!!!!!&amp=true&defid=827616

iantojones40

clint_S wrote: »

http://www.nwemail.co.uk/news/House-prices-in-Cumbria-see-largest-increase-since-2008-crash-2d5f5a16-f657-4546-95e6-60fa5cf88424-ds

Could you also post an up to date and relevant article on the Cumbrian property market? Rather than one from back in May when figures were skewed due to large numbers of BTLers diving in to beat the 3% sdlt deadline. Thanks.

Crashy_Time

iantojones40 wrote: »

Could you also post an up to date and relevant article on the Cumbrian property market? Rather than one from back in May when figures were skewed due to large numbers of BTLers diving in to beat the 3% sdlt deadline. Thanks.

Looking forward to the update...Cheers. :beer:

chamelious

kingstreet wrote: »

Agh. This is posted on M&E as well but with a lot more detail on here.

How far is CA3 from Warwick Road and have you checked the insurability from a flooding perspective?

I'm copying a post I've just added over there as you seem to be a little "unknowing" when it comes to valuations and surveyors. Your broker should be helping you through stuff like this. It's far too early to be thinking about renegotiation.

Thanks for the various help everyones provided.

CA3 will never flood, if it does, its time to get the arc out.

I'm not really sure what you mean. The surveyor appointed by our lender has specified a MAXIMUM value for the house of 90k, which is 6k lower than our accepted offer. This value will only be achieved once the repairs have been carried out satisfactorily.

This sets a new lower ceiling for our maximum offer, since we're unwilling and unable to pay more than our lender will provide. So its absolutely not too early for renegotiation as far as i can see.

We aren't using a broker.

chamelious

Also are people really trolling and posting trash on a forum thread about house valuation? Or do my eyes deceive me?

kingstreet

chamelious wrote: »

Thanks for the various help everyones provided.

CA3 will never flood, if it does, its time to get the arc out.

I'm not really sure what you mean. The surveyor appointed by our lender has specified a MAXIMUM value for the house of 90k, which is 6k lower than our accepted offer. This value will only be achieved once the repairs have been carried out satisfactorily.

This sets a new lower ceiling for our maximum offer, since we're unwilling and unable to pay more than our lender will provide. So its absolutely not too early for renegotiation as far as i can see.

We aren't using a broker.

So there is no "current value" and "value after essential repairs" on the Mortgage Report & Valuation?

That's unusual as you normally find there is some incentive for actually getting the work done in terms of increased value.

Finally, until you obtain the reports & estimates, you don't know by what you need to renegotiate. The surveyor's guess may be totally inaccurate either one way or the other.

kingstreet

Ah, I see CA3 is Morrisons end.

We lived in Gretna and shopping was Morrisons just off J44, or Tesco at J43.

chamelious

kingstreet wrote: »

So there is no "current value" and "value after essential repairs" on the Mortgage Report & Valuation?

That's unusual as you normally find there is some incentive for actually getting the work done in terms of increased value.

Finally, until you obtain the reports & estimates, you don't know by what you need to renegotiate. The surveyor's guess may be totally inaccurate either one way or the other.

Yes there is, the current value is 85, and like i said the maximum value after repairs is 90.

Again though, unless I'm missing something, the costs of repairs is largely irrelevant. The value of 90k is still 6k below our original offer. So whatever happens, we can't pay them more than 90k, which means renegotiation.

(Yes i'm aware we technically COULD still pay the original offer of 96k, i'm lead to believe this is not a sensible idea, and we are financially unable to do this anyway, due to the mortgage being a 90% LTV one).