Band B but valuation in 1992 under £40k for. A new build.

jamiehayward

Hello ,

I have lived in my apartment since 1992 as I was the first owner in new build apartments. I checked with my mortgage company as i was sure it was under £40k and they confirmed valuation was £38,500.00 and mortgage I took out was less deposit at £38,495 

Out of the 16 apartments 8 are smaller like mine and I believe they banded all in Band B.

Should I have been in Band A?.

Regards 

James 

lincroft1710

In many areas 1992 prices were lower than 1991 so probably not. Also it doesn't help that there are similar apartments also in Band B. Add your deposit to your loan amount what is the result?

jamiehayward

Hi,  The building society I went through confirmed valuation as at 6th November 1992 was £38,500.00
I paid 5% deposit as it was in those days . Thus mortgage was £36,575.00

This block is a mixture of studios. 1 & 2 bedrooms,
Therefore the valuators must have done sight unseen check?  And just labeled us all the same band? 

Looking back,  that far as a young man i knew I could afford that. Rather than the flats over £40k in same block.

jamiehayward

In England forgot to mention.

lincroft1710

I'm ex VOA and in the areas I was dealing with property prices in late 1992 were 15% to 20% below those in April 1991. So the 1991 value of your flat could easily be in excess of £40,000