Whats the Value of my flat????

Angelboots

Hi Guys,

I need some advice on house valuations.

I'll let you know my scenario and then you can let me know what you think;

I am getting a secured loan on my flat, however to get the amount that i want my flat needs to be valued at £110k.

-I brought my flat from the council last year and the council valued it for £77k.

- My neighbour sold his flat for £95k in June and my other neighbour has his flat on the market for £142K!

I have checked out nethouse prices but not many people have brought flats in the last three years near my road, so i can only use one as a comparator the one for £95k.

When i've looked on rightmove the minimum amount ive seen a one bedroom in my town is for £130k

Will someone please advise, how much they possibly think my house is worth £77k? £95k? £142k? or £130k? and what how do they actually work out its value.

Thanks

K

macaque_2

Angelboots wrote: »

Hi Guys,

I need some advice on house valuations.

I'll let you know my scenario and then you can let me know what you think;

I am getting a secured loan on my flat, however to get the amount that i want my flat needs to be valued at £110k.

-I brought my flat from the council last year and the council valued it for £77k.

- My neighbour sold his flat for £95k in June and my other neighbour has his flat on the market for £142K!

I have checked out nethouse prices but not many people have brought flats in the last three years near my road, so i can only use one as a comparator the one for £95k.

When i've looked on rightmove the minimum amount ive seen a one bedroom in my town is for £130k

Will someone please advise, how much they possibly think my house is worth £77k? £95k? £142k? or £130k? and what how do they actually work out its value.

Thanks

K

The key is to compare date, property type and location with properties that have actually sold. On this basis, £95 is the closest comparator. Beyond that, you will need to rely on your judgement or that of an estate agent.

Bun

If you go to www.nationwide.co.uk, somewhere on there should be a calculator which shows how much your property has increased in value. YOu type in when you bought and how much for and it tells you. Obviously if you bought with a discount or anything it'll skew it but I'd have thought you would have known what any discounts would have been at the time.

cattie

Remember what somebody has their flat on the market for is meaningless unless it actually attracts a buyer & sells at that price.

Ex local authority flats will almost always have a much lower valuation than comparable private flats.

As previous poster mentions, 95k seems the closest comparable as it's what your neighbour sold for in June. Prices in many areas have seen a drop or stabilisation over the past couple of months, so unless you are in an area where prices are still quite bouyant it would seem likely that it's a reasonable indication of the valuation you'd get.

macaque_2

Expecting a baby girl on 25th February 2008

Bun

Do some people give birth to girls that are not babies?

Bun

Good point - although I have had dreams I give birth to a cat so you never know!

Angelboots

Thank you for the info, its been a great help.

Just one more quick question; on nethouse prices it doesnt state the number of rooms or bedrooms the properties have. Do surveyeors used a more advanced tool than nethouse prices, where they could get the info on the number of rooms and the no of bedrooms?

Thanks

K

Doozergirl

Surveyors use experience and knowledge of the local area and er, estate agent's comparables

Do you have to secure the loan against your property? Not only are you risking negative equity but if for some reason you can't keep up repayments, they'll be taking your flat off you! You should leave all your debts unsecured if possible as they don't have the right to repossess your home if you fell into difficulties.

Angelboots

Thanks for the advice, unfortunately i was not able to get a unsecured loan, hence the reason why i opted for this temporary option. I am hoping that in August i will remortgage and pay off the loan, and becuase of the amount i'll be borrowing the early repayment penalty wont be as hefty.
K

Gorgeous_George

Surveyors/lenders will look at how much you want to borrow and your credit rating. If the lenders wants to loan you the money your flat will be valued at £110K or more. If not, they will value it at less.

GG

macaque_2

Bun wrote: »

Good point - although I have had dreams I give birth to a cat so you never know!

You realise of course that they will spend all your money and eat you out of house and home (but its still worth it).