Mis-sold property

Comms69

stephenjames16 wrote: »

The value is based on recently sold properties in the block and also properties that are currently for sale. The issue has nothing to do with cladding as the values had dropped before that.

I didn’t get an independent valuation, but my mortgage provider must have agreed with the valuation given I presume

There’s no obvious problem that I’m going to drip feed otherwise I wouldn’t bother starting what seems like a ridiculous post. The fact that it seems so ridiculous is why I’m asking. There’s just no logic to the current value and I’m trying to get my head around what has happened to it

I'll save everyone some time - what's your postcode? we can then look at recent rightmove posts etc

stephenjames16

Postcode is L33 8WY

davidmcn

stephenjames16 wrote: »

Postcode is L33 8WY

In an ex-local authority multi-storey block? They're difficult to mortgage now, may have been a bit more easy when you bought, which would certainly account for some of any fall in value.

Comms69

stephenjames16 wrote: »

Postcode is L33 8WY

To be honest I'm struggling to work it out.


Many of the properties are on auction. Crime is fairly low. You're opposite 2 schools.
Near a hospital.


I would just suggest these properties were bought at the height of the bubble and simply haven't recovered.

ReadingTim

stephenjames16 wrote: »

Wow, some cracking responses there.

I’m not an idiot, I understand that house values can fluctuate. What I don’t understand is why every property that has sold within half a mile of mine has either retained a similar value or risen slightly. This indicates that the area is not the reason for the drop. There is nothing wrong with the block of apartments that mine belongs to, or at least nothing that is different to when I bought mine. The only way I can justify the change in value is that they were over valued originally as I have not overpaid against the valuation.

The vast drop in value just doesn’t make sense to me and I’m trying to understand it

Mate - everyone who has sold in that block of flats has taken a pretty massive hit on price - there clearly IS something wrong with it...

ben-dover

Who's telling you you can only sell for 25k if it's not on the market?

A friend recently put her place up for sale, for £25000 MORE than the estate agent recommended, 3 days later she had an offer and only dropped about 3k from the asking price.

stephenjames16

ReadingTim wrote: »

Mate - everyone who has sold in that block of flats has taken a pretty massive hit on price - there clearly IS something wrong with it...

You’ve missed out the second part of my sentence. There’s nothing different about it now from when I bought it 10 years ago. You are correct in saying that everyone who has sold has taken a massive hit, and that is precisely my point. What I’m trying to figure out is why. I’ve ruled out the area, which means is the flats. But why?

Yes, it was bought at the height of the bubble, but other properties in the area bought at a similar time have managed to sell recently for close to that value. I’m wondering why these flats should be any different?

Brock_and_Roll

stephenjames16 wrote: »

Postcode is L33 8WY

Well that's Kirby.....I presume the OP is familiar with the area and has lived there for some time!!!!

davidmcn

stephenjames16 wrote: »

Yes, it was bought at the height of the bubble, but other properties in the area bought at a similar time have managed to sell recently for close to that value. I’m wondering why these flats should be any different?

Are you comparing like with like i.e. are these other properties also refurbs of ex-council multi storeys, or something else?

jimbog

What does the local estate agent say is the reason?