Undervalued New Build 10k TWICE!!

Thrugelmir

Gideon763 wrote: »

It's a matter of random independent surveyors valuing this property under and yes it's to our benefit.

Suggests that surveyors are being cautious in the light of weakening house price growth and other issues on the horizon. Surveyors work for the lender not you. They'll be basing their valuation on what's happening in your locality on a far broader level than just this one development.

Mr.Generous

See if the developer can tell you which valuation firm's have been able to value all the other flats that have sold at the sale price. Presumably all the flats are of equal value and have agreed roughly the same sale price.

Sibz

eddddy wrote: »

Something to consider...

There are just 4 valuation firms who do valuations for for most of the mortgage lenders - they are Connells, Colleys, Countrywide and esurv.

So it's quite possible that it was the same firm that valued the property both times, for the 2 different lenders. (And they would automatically give it the same valuation both times.)


Although TBH, a good mortgage broker should know this, and advise you against applying to 2 lenders who use the same valuation firm.

This is exactly what I was thinking when you said you used the developers recommended broker. He should have sold the same properties previously also and know what they've been valued at and by which lender. Something is not right here - Adrian C's question on what did the others sell for may be very relevant - I think that's what you should ask straight off.

I'd be extra skeptical about overpaying on a 1 bed flat - I hear they're notoriously awkward to sell on.

Crashy_Time

Sibz wrote: »

This is exactly what I was thinking when you said you used the developers recommended broker. He should have sold the same properties previously also and know what they've been valued at and by which lender. Something is not right here - Adrian C's question on what did the others sell for may be very relevant - I think that's what you should ask straight off.

I'd be extra skeptical about overpaying on a 1 bed flat - I hear they're notoriously awkward to sell on.

Wonder how hard they will be to shift after Brexit?

AdrianC

Sibz wrote: »

I'd be extra skeptical about overpaying on a 1 bed flat - I hear they're notoriously awkward to sell on.

The (non-)availability of HtB is the killer on resale of a newbuild "starter home".

[Deleted User]

Your property has been valued by two people and you are bullishly trying to force it through. Why not try another tact and ask why.


Taylor Wimpy are big players in the HTB / New home Leasehold scandal and maybe these revised valuations reflect this.


They may actually being doing you a favour.


Only use independent brokers and Solicitors , no-one recommended by Taulor Wimpey as they will not be impartial.


I wouldn't ignore a £10k valuation difference on a 1 bed flat as they can be harder to shift on when it comes to selling and every penny counts.

silvercar

AdrianC wrote: »

The (non-)availability of HtB is the killer on resale of a newbuild "starter home".

Even if you believe that property prices only go up, that there will always be buyers, that any Brexit blip will correct itself, that it is always a good thing to get on the property ladder......

Selling of a nearly new will always be competing against new builds with HTB deposits available.
One bedroom properties are the first to suffer in a down turn.
new build flats generally are re-sold after a shorter period of ownership than average.

silvercar

AdrianC wrote: »

They've sold all the other 1-beds... and yours is the only one to be undervalued?
Or you agreed a price £10k more than all the others?

Gideon763 wrote:

Its important to note that the property will be due for completion the end of this year, and we reserved very early. So it's only on the first phase and with 10 months to go until completion.

?

Is your's one of the first flats to be reserved in the second phase? Or are you one of the first people to reserve a one bed flat full stop?

Crashy_Time

BBH123 wrote: »

Your property has been valued by two people and you are bullishly trying to force it through. Why not try another tact and ask why.


Taylor Wimpy are big players in the HTB / New home Leasehold scandal and maybe these revised valuations reflect this.


They may actually being doing you a favour.


Only use independent brokers and Solicitors , no-one recommended by Taulor Wimpey as they will not be impartial.


I wouldn't ignore a £10k valuation difference on a 1 bed flat as they can be harder to shift on when it comes to selling and every penny counts.

Hopefully the political tide will shift against help to borrow more than you should schemes like this. It should really be HTD (Help The Developer)