Valunation - Advise please re surveyor

Sophie8916

Ramouth said:

Sophie8916 said:

Update for you all, he’s downvalued it by 15k and passed his report onto the lender.

His valuation is grossly inaccurate so will see what happens 

Really sorry to hear this.  What has your buyer said?  Are they asking you to drop your price?  

Where I was buying sellers wouldn’t consider dropping prices as there were plenty of low LTV buyers around but I am aware this isn’t the case everywhere.

That’s ok, it happens. They are waiting for the buyer to get the official report ect from mortgage provider but they said she offered asking price and the other surveyors have said it’s fine it’s just this one….. she’s happy with the price and knows the area so holding out for her going with another lender.

she’s a BTL so not sure what happens…do you know? Would the lender just take the info on the valuation 100% then reduce lending amount?

Ramouth

I believe it is slightly more complicated with BTL because the amount they are willing to lend is based on projected return as well as property value but there will be a maximum LTV they are will to accept.  I’m sure there will be someone better qualified to advise along soon.

newdriver101

Sophie8916 said:

Slithery said:

Sophie8916 said:
...and the law is changing

Incorrect.
There is a chance that the law may change at some so far unspecified point in the future. The government haven't even drafted the legislation yet, let alone trying to get it through parliment. You can't rely on it ever actually happening.

Incorrect has been drafted 

As slithery said there is a chance the law may change in the future…. This is currently only a proposal and still needs to undergo parliamentary debate/scrutiny so we don’t know what shape or form these laws will take… Even if they happen before the next election in 2024 they may not help you or your future buyer…

Sophie8916

newdriver101 said:

Sophie8916 said:

Slithery said:

Sophie8916 said:
...and the law is changing

Incorrect.
There is a chance that the law may change at some so far unspecified point in the future. The government haven't even drafted the legislation yet, let alone trying to get it through parliment. You can't rely on it ever actually happening.

Incorrect has been drafted 

As slithery said there is a chance the law may change in the future…. This is currently only a proposal and still needs to undergo parliamentary debate/scrutiny so we don’t know what shape or form these laws will take… Even if they happen before the next election in 2024 they may not help you or your future buyer…

Appreciate that however the other 3 RICS surveyors can’t be wrong….

babyblade41

Sophie8916 said:

newdriver101 said:

Sophie8916 said:

Slithery said:

Sophie8916 said:
...and the law is changing

Incorrect.
There is a chance that the law may change at some so far unspecified point in the future. The government haven't even drafted the legislation yet, let alone trying to get it through parliment. You can't rely on it ever actually happening.

Incorrect has been drafted 

As slithery said there is a chance the law may change in the future…. This is currently only a proposal and still needs to undergo parliamentary debate/scrutiny so we don’t know what shape or form these laws will take… Even if they happen before the next election in 2024 they may not help you or your future buyer…

Appreciate that however the other 3 RICS surveyors can’t be wrong….

...but not in time to complete your sale so pretty irrelevant 

Sophie8916

babyblade41 said:

Sophie8916 said:

newdriver101 said:

Sophie8916 said:

Slithery said:

Sophie8916 said:
...and the law is changing

Incorrect.
There is a chance that the law may change at some so far unspecified point in the future. The government haven't even drafted the legislation yet, let alone trying to get it through parliment. You can't rely on it ever actually happening.

Incorrect has been drafted 

As slithery said there is a chance the law may change in the future…. This is currently only a proposal and still needs to undergo parliamentary debate/scrutiny so we don’t know what shape or form these laws will take… Even if they happen before the next election in 2024 they may not help you or your future buyer…

Appreciate that however the other 3 RICS surveyors can’t be wrong….

...but not in time to complete your sale so pretty irrelevant 

The lease isn’t a problem anyway, other valuations and sales have gone through fine 

Octothorpe

What a cheeky g i t !!

I've had 2 valuations on ours as first lender took over 9 weeks to send official offer after was agreed, so buyers gave up and went with another lender.

At end of both valuations each surveyor briefly had a chat with me and both said how lovely my house was and I had done a good job improving it and it was a straight forward valuation.

I didn't press them on this and just smiled and said thankyou.

If they'd started being all doom and gloom I'd have politely cut the conversation short.

Sophie8916

Hi guys

bit of an update… she tried to offer the down valued amount - I said no.

she’s made what I think is a fair offer, there was £15k difference so she’s asked for £5K off and paying the £10k herself so rightly or wrongly I accepted that

Ramouth

Congratulations!  That seems like a good compromise and saves you from the stress of going through it again with another buyer.

Sophie8916

Ramouth said:

Congratulations!  That seems like a good compromise and saves you from the stress of going through it again with another buyer.

Thanks! Rightly or wrongly I thought it fair