Bank valued down (let out) house by 50k under last re-mortgage valuation

csgohan4

AnotherJoe wrote: »

Not in Reading they haven’t over the last 6 or 7 years. . I live just outside and prices have done nothing but rise with Crossrail providing an even biggerr boost for those relatively near the station.

perhaps your only one crash away for 'derailing' that

AnotherJoe

csgohan4 wrote: »

perhaps your only one crash away for 'derailing' that

Quite possibly. I bought right at the peak in this area 2007 and the price fell by what I’d estimate was 25% in the next 3 years befure then doubling over the next 7. I’m not at all arguing that prices can’t fall in Reading, just that they have risen a lot over the recent past so a substantial lower valuation over the past two years doesn’t ring true for the area.

Debsnewbudget

Have you been to look around the inside of the property yourself recently?
BTL surveyors can push down valuations for things like carpets needing replacing so if you have messy tenants .........

mskadu

My point exactly. The odd thing is that the property was new built at the time of purchase. So pretty much all first hand buyers have their property remortgage coming up in generally the same time. Their property evaluations (different sizes condition and all that) were fairly aligned with expectation. So this event was puzzling experience.

AnotherJoe wrote: »

Quite possibly. I bought right at the peak in this area 2007 and the price fell by what I’d estimate was 25% in the next 3 years befure then doubling over the next 7. I’m not at all arguing that prices can’t fall in Reading, just that they have risen a lot over the recent past so a substantial lower valuation over the past two years doesn’t ring true for the area.

mskadu

Debsnewbudget wrote: »

Have you been to look around the inside of the property yourself recently?
BTL surveyors can push down valuations for things like carpets needing replacing so if you have messy tenants .........

Yes, I have and at least as far as I could see this shouldn't have been a problem. The property has been kept in a good condition by my present and previous tenants.

theartfullodger

It's only worth about £410k. (Lucky you to have such a valuable asset..). What to do? Accept this, move on.

Since purchasing my 1st property in the mid-70s there have been many ups & downs in property prices. And there will continue to be. Especially with Brexsh!t.

No surprise there, nothing to see, move along now, move along....

davidmcn

mskadu wrote: »

I believe it was a desktop/ drive by evaluation the last time around. But 50k worth of margin?!

In percentage terms it's not that massive - split the difference and it's £435k +/- 5.7%. Normal margin of error is 5%, goes up to 10% for new builds, more still for unusual properties. You might be better to ignore the previous valuation (it's not evidence of anything now) and concentrate on what the current comparables are.

Crashy_Time

Lenders insulating themselves against messy Brexit/US rate hikes?