We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advice needed with selling part of a shared ownership
balcas
Posts: 6 Forumite
Hi all
I apologise if this subject has been talked about previously but I am looking for some clear unbiased advice.
My late parents left their house (mortgage free) to me and my sister. We have had 6 EA value to property. 1 said £300K, 1 said £500k the remaining 4 came in at between £410-425K as realistic selling prices.
My sister wishes to buy our half and had a mortgage AIP for £253K (to allow for some work they want to do) Tonight they have called to say that the valuation survey has gone top the lender and the lender will not loan them the amount they wish.
I understand that surveyors do sometimes down-value a property but from what I have been told they have down-valued it by almost 25% :eek:
The surveyor was on the property for less than 15 minutes and yet their report is gospel to the lender. As it was requested by the lender, my sister doesn't think they will be allowed to see a copy of it.
I have advised my sister to go to a mortgage broker with a view to a new lender. Unfortunately the valuation is now lodged against the property with no Red Book comparisons available.
Any advice on where to go from here would be greatly appreciated as we are at our wits end
I apologise if this subject has been talked about previously but I am looking for some clear unbiased advice.
My late parents left their house (mortgage free) to me and my sister. We have had 6 EA value to property. 1 said £300K, 1 said £500k the remaining 4 came in at between £410-425K as realistic selling prices.
My sister wishes to buy our half and had a mortgage AIP for £253K (to allow for some work they want to do) Tonight they have called to say that the valuation survey has gone top the lender and the lender will not loan them the amount they wish.
I understand that surveyors do sometimes down-value a property but from what I have been told they have down-valued it by almost 25% :eek:
The surveyor was on the property for less than 15 minutes and yet their report is gospel to the lender. As it was requested by the lender, my sister doesn't think they will be allowed to see a copy of it.
I have advised my sister to go to a mortgage broker with a view to a new lender. Unfortunately the valuation is now lodged against the property with no Red Book comparisons available.
Any advice on where to go from here would be greatly appreciated as we are at our wits end
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards