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Getting valuation as a tenant
Comments
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diggingdude wrote: »I beg to differ. It is totally worth getting a quote. If it comes back say £200k then you know the landlord isn't trying to take you for a ride. If it comes back £170k then it isn't probably worth pursuing. This could be solved straight away by one valuation
An estate agents opinion is nowhere near a "valuation". Three agents could give their opinions and it could still be an wild guess since the only true valuation is the purchase price by a willing and able buyer.Signature on holiday for two weeks0 -
At least by getting a valuation the Op will have some idea as to what the mortgage company, assuming he needs one, would be prepared to lend.
As it is a flat is it leasehold and if so how long is the lease?0 -
At least by getting a valuation the Op will have some idea as to what the mortgage company, assuming he needs one, would be prepared to lend.
As it is a flat is it leasehold and if so how long is the lease?
Wouldn't going to a mortgage broker be a better idea to see how much he can borrow? There doesn't seem to be a lot of point in going to get a valuation of a property that already has a sale price of £210k if he can't borrow enough to get a mortgage on it.0 -
For that kind of money you could buy a detached, freehold house in quite a decent area in N. Cambs. Just sayin'.0
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Wouldn't going to a mortgage broker be a better idea to see how much he can borrow? There doesn't seem to be a lot of point in going to get a valuation of a property that already has a sale price of £210k if he can't borrow enough to get a mortgage on it.
I'd say you'd need to do both. Know what your maximum budget is: if you can only get a mortgage on a property to the value of £150K there's no point pursuing this. But if you're paying £35K above the value the LTV is going to be affected and the mortgage needs to account for that.
(I assume you can still pay more than the value if you want to, but the LTV calculation will depend on the value not the selling price - and the mortgage numbers may not work with that LTV)0
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