House value conundrum

StevenGude

Afternoon all,

I've got a bit of a conundrum with our mortgage valuation.

2 years ago we purchased our property below what the property was advertised at. It was on at £220k, which took into account work needed (was a bit of a state). We negotiated to £210k, which compared to surrounding properties is relatively cheap (ours is a 5bed semi, there are some 3bed for £220-£230k).

The mortgage valuation came back at what we paid.

Since then, weve ripped the bathroom out and replaced (bathroom was a complete state), decorated every room and new carpets (again, all were very tired) and generally tidied the place up.
I'm not deluded into thinking I've added loads to the house, but I'd expect the house, including price movements, to be worth at least £220k now (which is incidentally the price both zoopla and nationwide value tool give)

I'm a bit concerned that if I pay for Natwest to do another valuation, they are just going to look at what they valued it at last time and give that figure.
Ultimately I want to get into the 90% LTV bracket as our fixed deal is expiring as now we are at 92-93% (we have reasonably high incomes but didnt have a big deposit - we realise now we should have waited 6 months to get a bigger deposit)
Has anyone had any experience of this?

[Deleted User]

If Zoopla give a valuation of £220k, then a real valuation of £210k is good going.

csgohan4

depends on your current market and sold prices, prices are now not going high as previously.

You can get a different valuation but no guarantee it will change

Carrot007

Not what yopu want to hear, but unless the previous bathroom did not work it did not reduce the value of the house.


Carpets mean nothing.


Tidying means nothing.


Thinks have also been a bit stagnent in the market (you don't say where)


What is important is what others have sold for recently. Forget what they are up for. Check sold prices on rightmove etc.


Most mortgage valuations will be a drive by and go on your last sold price and other last sold price, unelss you tell them why is was poor before.


I never had this issue with a house I bought for 39K and remortgageing for 100K (well valuation not the money). It was truly poor. Old plug in cooker and sink in kitchen. 3 single plug sockets in the house. Nice pink bathroom (with a leaking water tank). But then I totally upgraded it for a near unsellable state (even then I think I only got such a bargain becuase no one else wanted the bother!).


Did you outline your reasons for it being worth more to the bank?

StevenGude

Ours is a 5 bed semi.
A 3 bed semi in worse condition at the other end of the road went for £192k.
A 4 bed semi on the road below went for £225k.
A 3 bed semi on the road opposite £227k


Most 3 bed semis in decent condition in 1/4 mile in the last 12 months have sold £220-230k.

We are in Dronfield, Derbyshire.

daveyjp

Zoopla may well be using your price paid data to give the figure, there hasn't been much market movement in two years in most areas.

Zoopla don't know the condition when you bought it.

Carrot007

StevenGude wrote: »

Ours is a 5 bed semi.
A 3 bed semi in worse condition at the other end of the road went for £192k.
A 4 bed semi on the road below went for £225k.
A 3 bed semi on the road opposite £227k


Most 3 bed semis in decent condition in 1/4 mile in the last 12 months have sold £220-230k.

We are in Dronfield, Derbyshire.

That is not like for like. What have the 3 bed semis LIKE YOURS sold for?


What price a pizza sell for is not relevant when you are buying a golf course is it?

StevenGude

There isn't another 5 bed semi sold in the last 5 years. The 4 bed on the road below us is the closest comparison I can find.

csgohan4

StevenGude wrote: »

There isn't another 5 bed semi sold in the last 5 years. The 4 bed on the road below us is the closest comparison I can find.

There's the problem, slow market, lack of comparable data. nothing much you can do

Carrot007

StevenGude wrote: »

There isn't another 5 bed semi sold in the last 5 years. The 4 bed on the road below us is the closest comparison I can find.

Which makes it hard to value.


Maybe ask for a proper valuation rather than the simple one. Might get further (yes it will cost).