Valuation Rut

goodallish

I've had my official email back from the valuation today with the value being as expected: £105,000. They also won't give me a copy of the valuation report, stating that it is for their purpose only. So I'm unsure as to why it has been valued as it is.

I've emailed a copy of the valuation to PurpleBricks asking if the vendor would sell at £105,000 and I've also asked them about the slope in the floor too, to see if the house has had any recent subsidence, or if it has been there a while if they know when it happened and why it hasn't been repaired.

Fingers crossed!

Lokolo

This sounds like you have only carried out the default mortgage valuation survey.

Is there a reason why you didn't either upgrade to a homebuyers report or find your own surveyor to do a homebuyers?

If you had upgraded to a homebuyers then this would give you more information and you'd be able to query the valuation with the surveyor.

https://www.rics.org/uk/find-a-member/

You could always get one carried out yourself. You would obviously need to arrange this with the EA and Vendor.

goodallish

Lokolo wrote: »

This sounds like you have only carried out the default mortgage valuation survey.

Is there a reason why you didn't either upgrade to a homebuyers report or find your own surveyor to do a homebuyers?

If you had upgraded to a homebuyers then this would give you more information and you'd be able to query the valuation with the surveyor.

https://www.rics.org/uk/find-a-member/

You could always get one carried out yourself. You would obviously need to arrange this with the EA and Vendor.

Mainly to save money. I'll have a look into the link you've sent and maybe go ahead with a more detailed one as I do really like the property. The trouble is taking that risk of losing money on the survey if the valuation comes back the same and I am in the same position as before, with an even lower chance of not getting the property.

PS how does it work if I get a more detailed survey done, regarding the valuation I had from Nationwide? Would they take a paid survey into account over their valuation? Or would they overlook it and stick with what they've valued it at?

goodallish

Well just a quick update for anyone interested.

I'm still in shock but my new lower offer got accepted today! I can't believe it, I'm so happy! I've grabbed a bargain, I think. Can't wait to go to the solicitors and bank tomorrow to update them and get the ball rolling now

Thanks to everyone who had input on my original query.

PokerPlayer111

Nice going man congrats!

Mossfarr

I know this area really well and in my opinion £105,000 is a fair price if there is work that needs doing. Its an ex local authority property, well built, a decent size and there area is OK - although Knowsley Lane itself is a "rat run" between the not so good areas in Prescot, Page Moss, Lyme Cross, Longview, Huyton & Kirkby.
If the original asking price was £150K - they were kidding themselves - its no wonder it didn't sell!!
What you have to take into account is the massive amount of new housing that is springing up in the surrounding area so there really is a lot of property available - and even more when the new developments on the old Knowsley College (Rupert Rd) and Knowsley Comp (Western Ave) sites are released for sale.
Have you looked around at other properties or just focussed on this particular one?
Because of all the other properties available, as a buyer you are in a very strong position to negotiate a lower asking price.

Crashy_Time

Well done! :beer:

goodallish

Mossfarr wrote: »

I know this area really well and in my opinion £105,000 is a fair price if there is work that needs doing. Its an ex local authority property, well built, a decent size and there area is OK - although Knowsley Lane itself is a "rat run" between the not so good areas in Prescot, Page Moss, Lyme Cross, Longview, Huyton & Kirkby.
If the original asking price was £150K - they were kidding themselves - its no wonder it didn't sell!!
What you have to take into account is the massive amount of new housing that is springing up in the surrounding area so there really is a lot of property available - and even more when the new developments on the old Knowsley College (Rupert Rd) and Knowsley Comp (Western Ave) sites are released for sale.
Have you looked around at other properties or just focussed on this particular one?
Because of all the other properties available, as a buyer you are in a very strong position to negotiate a lower asking price.

They wouldn't bite at £105,000, I ended up offering extra, but only enough to stick to my original deposit price. Still a bargain and I've saved a huge chunk off of my mortgage so I am very happy. The area itself I don't think is bad at all. It's out of the way of the shabby parts of the places you mentioned and the road itself is, as you said, more of a rat run between the surrounding areas so I doubt it'll have any problems. Once work is done on the kitchen and garden I'm hoping that it'll be worth more the original asking price then.

Mossfarr

Well done for getting the price reduced, they are good solid houses (I have two in L14 so quite close by). I hope it all goes well and you are very happy there.
Make sure to check whether its leasehold or freehold and have your solicitor to check it out thoroughly for covenants etc as I think the land could possibly be tied to the 'private estate' close by (I know Nursery Farm further along over the Motorway bridge definitely is and it has some restrictions).
good luck

goodallish

Mossfarr wrote: »

Well done for getting the price reduced, they are good solid houses (I have two in L14 so quite close by). I hope it all goes well and you are very happy there.
Make sure to check whether its leasehold or freehold and have your solicitor to check it out thoroughly for covenants etc as I think the land could possibly be tied to the 'private estate' close by (I know Nursery Farm further along over the Motorway bridge definitely is and it has some restrictions).
good luck

Thank you very much. It's freehold, that's what I was looking for. What is/are covenants? What restrictions does nursery Farm have because of it?