Will the estate agent have access to more recent sold data than the land registry - for comparables?

silvermountains

I am fully expecting a down valuation and understand that the estate agent will have to provide 'comparables.'

What are the chances of the estate agent having access to more up to date sold prices than that which the surveyor is able to see on Land Registry (which is a good few months out of date)?

Thrugelmir

Surveyors don't rely on the Land Registry. They'll pick up the phone and ring a selection of different agents to form a view. Likewise their offices will have the pulse on the local market given they are constantly performing valuations for different purposes.  Surveyor represents the mortgage lender not you. As it their money you are spending not yours. 

user1977

Also bear in mind the "free" price data is deliberately out of date - if there's a particular sale you want the details for, anybody can get the price immediately the purchase is registered, you just need to pay the £3.

silvermountains

Thrugelmir said:

Surveyors don't rely on the Land Registry. They'll pick up the phone and ring a selection of different agents to form a view. Likewise their offices will have the pulse on the local market given they are constantly performing valuations for different purposes.  

Oh, I didn't realise that? I thought desk valuations went merely off the Land Registry sold prices.

In which case, perhaps I should be slightly more hopeful, as the local agents would surely all agree that the local market is a lot more buoyant than the Land Registry figures from 6-9 months ago would suggest? And, therefore, my offer is reasonable?!

Thrugelmir

silvermountains said:

Thrugelmir said:

Surveyors don't rely on the Land Registry. They'll pick up the phone and ring a selection of different agents to form a view. Likewise their offices will have the pulse on the local market given they are constantly performing valuations for different purposes.  

Oh, I didn't realise that? I thought desk valuations went merely off the Land Registry sold prices.

LR lags behind. 

Mortgage lenders primary concern is that the property provides adequate security for the money being advanced, i.e. a fire sale at auction. 

silvermountains

Great, so e-Surv will speak to local estate agents rather than going off LR?  That is very encouraging indeed, if so.

Gosh this is a stressful process!