We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buy to Let buyers Survey
Larry9999
Posts: 18 Forumite
Hi all,
We're selling our house to a couple that want to rent it out and so they have agreed the selling price and we got the ball rolling and this week we had the survey done and the surveyor said when he'd finished that it was in perfect condition and a shame it's being rented out which was nice as we have looked after it but I've had a call from our estate agents today to say the buyer has had the survey and the mortgage company has said it devalues the rental price ? The only thing we can think of is that we did a loft conversion as a temporary bedroom and as we weren't extending the floor or roof space we didn't get planning permission and the surveyor and the estate agent said that's absolutely fine but they can't sell it as a 3 bedroom (which is fine by us) so the advert on selling stated that there was no planning permission for the loft conversion and i also re-iterated it when i showed them around so can anyone think of why the survey would "de-value" the house at all ?
We're selling our house to a couple that want to rent it out and so they have agreed the selling price and we got the ball rolling and this week we had the survey done and the surveyor said when he'd finished that it was in perfect condition and a shame it's being rented out which was nice as we have looked after it but I've had a call from our estate agents today to say the buyer has had the survey and the mortgage company has said it devalues the rental price ? The only thing we can think of is that we did a loft conversion as a temporary bedroom and as we weren't extending the floor or roof space we didn't get planning permission and the surveyor and the estate agent said that's absolutely fine but they can't sell it as a 3 bedroom (which is fine by us) so the advert on selling stated that there was no planning permission for the loft conversion and i also re-iterated it when i showed them around so can anyone think of why the survey would "de-value" the house at all ?
0
Comments
-
The client /mortgsge advisor is required to out down a rental estimate as well as a purchase price when buying BTL.
The figure the valuer feels likely is lower than the figure the buyer gave as an estimate.
The lender does calculations on the valuers rental assessment to generate the maximum loan. It may be that the down valuation has no impact on this calculation in which case there is no issue. Maybe the buyer will have to use a different mortgage company.
Apart from the rental estimate being lower than anticipated, what is the actual issue? Is your buyer unable to proceed or something?
Its quite common thing to happen with btl. I had one this week where 3 letting agents said £1200/m, lenders valuer says £1050. Not a lot I can do so I had to chnage lender in that case. It happens0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards