House valuation query

Trust_me

Hi all,

Sorry I’m advance if this is a stupid question!

Deposit for house is 30k, on a 130k property. The property is actually worth 140k, but I’ve not mentioned this discount to the lender. I know when they value it it should pass based on this. My question is - Will they value it at 140k ish or just 130k which is what I’m paying for it?

I would like to take 5k back as soon as possible to refurb the kitchen and bathroom so when do you think I can do this, and best way to do it?

Many thanks

Thrugelmir

Put a smaller deposit down initially.

If you offer a £130k. Then that's the basis of the valuation. A property is only worth what somebody is willing to pay.

davidmcn

Can you explain why you're getting a discount? i.e. are you buying from a family member?

If you've just got yourself a bargain on the open market then it's not an issue (and to be honest, probably debateable whether it's really worth £130k or £140k given valuation is hardly an exact science).

Trust_me

The owner just wants a quick sale as it’s been vacant for years and just sitting there. I guess I got lucky with the price. Seen paper work from agents valuing 140k-145k

comeandgo

Have you had it valued yourself? Agents may be overstating the value. Are you sure it is worth what you are offering?

Trust_me

I haven’t. I’m just going off the identical properties in the area for a similar price.

comeandgo

Are you a first time buyer?

Trust_me

I am yes. Why is that?

BoGoF

Because your naivety shows

dimbo61

" Seen paper work from agents valuing 140k-145k "
That is just PIE in the sky from the estate agents.
£5K for a new bathroom and kitchen where from ebay ???
Has the property got a working kitchen and bathroom ?
Does it need other urgent repairs which could really effect the value and make it unmortgageable ?
Empty for years !!!

A property is worth what someone is willing to pay and unless you have the cash to buy with CASH only what the mortgage lender is happy to lend and that depends on the survey and RICS surveyor

Trust_me

I don’t think so, a nationally recognised estate agent offered him a cheeky 139k whilst I was there. But we’ll see.