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House overpriced now loft conversion has no building regs. Advice needed.
Comments
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Craigh1983 wrote: »
Am I missing something here? Isn't this how putting in an offer for a house works!?? If the property is in fantastic condition, yea offer the asking price... If it needs loads of work then offer lower to make up for that!
It's not about trying to get money off for the sake of it! If the house was advertised as £175,000 (which is the proper market value!) Your telling me all of you would go straight in at £175,000 because that's what it's worth!!!???? I don't think so!
I think you are indeed missing something. The asking price is largely irrelevant, it may be an accurate indication of what the value is, it may be wildly optimistic, or occasionally it may be a very low figure compared to what the property is worth.
The important figure is what the property is worth, not some random figure arrived at by the vendor and EA.0 -
Maybe if I thought there was a lot of interest/demand for the property and I really wanted it badly.Craigh1983 wrote: »The point is as a 2 bed house it is valued at £175,000. Why advertise it for £190,000 when that's is way over the top! because hat is what the sellers wanted it advertised at.
When in actual fact the house should have been advertised more around the £175,000 mark and then I would have offered less because it needs quite a bit of work!
in which case the sellers would hve either rejected your offer, or ended up getting a lower sale price - which is not to their advantage! So it sems their tactic of advertising at 190 was successful.
Of course, if you think 190, or 175 (or any other figure) is more than it is worth, or more than you wish to pay, then you are free to find a different propety.
Am I missing something here?
Yes. There's no 'right' price. Just the price the seller wants, and the price the buyer is willing to pay and the price the lender is willing to lend at.
Isn't this how putting in an offer for a house works!??
No. There is no automatic right to have a reduced offer accepted.
If the property is in fantastic condition, yea offer the asking price... If it needs loads of work then offer lower to make up for that!
No. The price the seller asks for will (normally) take into acount the location, size, and condition of the property.
It's not about trying to get money off for the sake of it! If the house was advertised as £175,000 (which is the proper market value!)
says you. But I might be willing to pay 180 in which case that's the 'proper market value'.
Your telling me all of you would go straight in at £175,000 because that's what it's worth!!!???? I don't think so!0 -
Craigh1983 wrote: »The point is as a 2 bed house it is valued at £175,000. Why advertise it for £190,000 when that's is way over the top!
When in actual fact the house should have been advertised more around the £175,000 mark and then I would have offered less because it needs quite a bit of work!
Am I missing something here? Isn't this how putting in an offer for a house works!?? If the property is in fantastic condition, yea offer the asking price... If it needs loads of work then offer lower to make up for that!
It's not about trying to get money off for the sake of it! If the house was advertised as £175,000 (which is the proper market value!) Your telling me all of you would go straight in at £175,000 because that's what it's worth!!!???? I don't think so!
If theyd have marketed it at £175000 youd have offered £160,000 in order to get a bargain.
And no youre way off the mark. Someone asks an estate agent to sell their house for them. The estate agent typically likes to value (this value could be from a quick google or checking zoopla, so not particularly thorough) the house as to get an idea at what level to market it at. Sometimes a seller will already have a figure in mind so will not get a valuation and just market it at the price they want for the house.
Now it depends how accurate and realistic the valuation is and more importantly if someone is in agreement with that price as to whether things proceed.
I bought a house that was marketed at £104,000. It was built in 1950 so far from the a perfect condition, ageing boilers, aged kitchen bathroom, eletrics whilst sufficient are lacking a little. I thought it was a good price but like you thought youre supposed to offer on a property. I offered £94k it was rejected. I offered £99k it got rejected. It seemed like my choice was to pay that asking price or leave it. The year previous the house had been on themarket for £125,000. The exact saem house 3 doors down had sold 3 years earlier for £123,000. Similar condition.
My house was most definitely worth £104,000 when i bought it. The seller / estate agent just did a really good job of offering a fair value of it on the market. This was confirmed when the same styled house but smaller land sold for £120,000 the year after i bought.
Work is more often than not a preference thing. So i mentioned a dated kitchen in the house i bought, well we still have that dated kitchen 8 years later. Of course id tell a seller it needs replacing as such knock £5k off but then why on earth am i getting them to buy the kitchen i want? Of course you can try, its a bonus, you should just expect as much laughter as you would get from asking a stranger on the street to buy you a kitchen.0 -
A loft room can only count as a bedroom if it meets all the necessary building regulations. Estate agents do need to be careful and do some due diligence on this before marketing. In my experience if there is any doubt, estate agents would not classify it as a bedroom.
That's partially true.
It will depend a little on how recent any conversion work took place.
Anything in the last 10 - 20 years should be able to show relevant documentation.
However, a loft conversion carried out in the 1970's is unlikely to be able to provide any documentation that would be of any use.
Regulations would have changed immeasurably, and cannot be applied retrospectively.0 -
Craigh1983 wrote: »The point is as a 2 bed house it is valued at £175,000. Why advertise it for £190,000 when that's is way over the top! - Because you do not pay what it's 'valued' at, you pay what you agree between two parties.
When in actual fact the house should have been advertised more around the £175,000 mark -says only you and then I would have offered less because it needs quite a bit of work! - and they would have said no
Am I missing something here? - yes. Isn't this how putting in an offer for a house works!?? - someone listened to bob down the pub? No that isn't how it works. there is no automatic assumption that you will drop the price If the property is in fantastic condition, yea offer the asking price... If it needs loads of work then offer lower to make up for that! - no
It's not about trying to get money off for the sake of it! If the house was advertised as £175,000 (which is the proper market value!) -no it's the value the lender has put on it Your telling me all of you would go straight in at £175,000 because that's what it's worth!!!???? I don't think so!
What if it was on for a million?
Or more likely they've priced it at £160,000 and you'd be determined to get it for £140,000.0 -
As far as I can see all the OP can do is to, either withdraw their offer, or let it stand. The new information that you received as a result of searches/survey regarding the number of bedrooms could be used as a bargaining chip to negotiate a yet lower price, but the vendor can ignore it if they want to, which is what this vendor is doing.0
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What if the asking price was already set to be fair for the well-known and understood condition, in the vendor's opinion?Craigh1983 wrote: »Am I missing something here? Isn't this how putting in an offer for a house works!?? If the property is in fantastic condition, yea offer the asking price... If it needs loads of work then offer lower to make up for that!
As far as the valuation goes, you've offered £175k. That has been accepted. The lender's valuer have agreed that's a fair value for the property in the condition they viewed it. They are happy to use that property for security on your mortgage at an LtV calculated against your agreed purchase price. Right. And...?
A room with a bed in is a bedroom. A room without a bed in is not a bedroom. It's exactly the same room in exactly the same house as when the OP saw it - there just wasn't a piece of paper issued at some point in the indeterminate past.A loft room can only count as a bedroom if it meets all the necessary building regulations.
If the work has just been done, it needs to meet current BR.
If it doesn't get BR sign-off the local authority have a very short window to raise any objections and enforce BR. After that window expires, it is what it is, no more, and no less.
Let's say it was converted a decade ago. Who is even remotely likely to roll up, and say "No! Get that bed out of that room!", with some kind of legal force behind them?0 -
Post a link to the property...it will be interesting to see what cosmetic changes you think "lots of "work " will be...
Also it would be interesting to see how they have described the loft area.in S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
What repairs are there that were concealed from you before you made your offer? If it can only be marketed honestly as a 2 bed (with additional living space....) for future sales and this will greatly reduce its value on resale then I suppose you have a point but it was valued as 175 with the knowledge there are no building regs so probably not a big risk. Surveyors valuation of 175 doesnt mean it is worth 175 exactly. They could have easily valued if higher or lower had you offered more or less.0
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I think you missed ethank's post.Craigh1983 wrote: »it is valued at £175,000
When you tell a surveyor you've offered £175,000, and they come back saying "it's worth £175,000", they don't mean "it's worth £175,000 and no more" - they're saying "I agree it's worth at least £175,000". The valuation on a survey only ever comes back as (a) the price you're paying, or (b) less. If it's (a), that doesn't mean you're not getting a discount.0
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