Seller's Survey

20122013

The valuations on my leasehold property has been varied (with about £100K difference) . Is it worth getting a surveyor report to get a realistic asking price ? As, I will also need to get a survey for the lease extension. I would like to know whether these be done in the same survey?

eddddy

20122013 said:

The valuations on my leasehold property has been0 varied .

Your post is a little difficult to follow.

But based on your previous posts, are you saying:

"Multiple estate agents have looked at your property, and they have each suggested setting a different initial asking price for your property"?

20122013 said:

Is it worth getting a surveyor report to get a realistic asking price ? 

You've already got a range of opinions about asking prices - that would just be another opinion.

(And local estate agents might have a better idea about asking prices, than a surveyor who might not be local, and isn't involved in selling property on a day-to-day basis.)

20122013 said:

I will also need to get survey for the lease extension, can these be done in the same report?

A lease extension valuer probably isn't a good person to ask what price you should market your flat at.

Asking estate agents would probably be a better option.

propertyrental

as well as doing your own research into local 'sold' prices

20122013

eddddy said:

Your post is a little difficult to follow.

I have edited my OP. 

20122013

I have decided to go with a different agent  due to red flags and   was hoping to use an independent agent as their descriptions are accurate but their photos are not so great and there are no reviews about them.

The chain agent's tie ins etc are less flexible but it seems I have to use a chain one way or another. As online agents will not work for me. 

BarelySentientAI

20122013 said:

eddddy said:

Your post is a little difficult to follow.

I have edited my OP. 

Even edited, doesn't answer the question.

"The valuations have been varied" - whose valuations?  Estate agents?  Housing agencies?  Potential buyers?  The bloke in the pub?

Why do you think getting a single surveyor's report (whose main job isn't deciding sales prices) would do anything more than give you one more varied opinion?

20122013

BarelySentientAI said:

20122013 said:

eddddy said:

Your post is a little difficult to follow.

I have edited my OP. 

Even edited, doesn't answer the question.

"The valuations have been varied" - whose valuations?  Estate agents?  Housing agencies?  Potential buyers?  The bloke in the pub?

Why do you think getting a single surveyor's report (whose main job isn't deciding sales prices) would do anything more than give you one more varied opinion?

I am now aware my posts may not be easy to read and appreciate yours and others reply.

All the valuations so far are done by estate agents.

I asked about using a surveyor to get a valuation, as I will be getting a surveyor for my lease extension and that should give me a valuation. 

I was asking whether this will be a similar valuation to a buyer's  stuctured  report / valuation?  

Bookworm105

20122013 said:

I was asking whether this will be a similar valuation to a buyer's  stuctured  report / valuation?  

a surveyor's valuation will be no more realistic than the 3 EA asking price "start points" you have been given. 

Surveyors simply look at sold prices and try and find the nearest match of your property against a few that recently sold and take the average. Will the market have changed since those sold dates? perhaps! will tthey have matched enough to make the average a decent average: who knows 

   

propertyrental

Just how 'varied' are the 3 valuations you have? How closely do they match your own research?

AlexMac

Don’t overthink it. It’s worth what someone will pay for it.

 We usually invite three local EAs to quote terms and their sale price estimate, then go with our gut (and how they impress).  But ironically, on our last four local sales and purchases over a few decades, we’ve used the same one. 

£100k difference on your EA’s valuations seems a lot; unless maybe it’s a small % of a £1-2million+ gaff?  Our last sale of a leasehold flat came up with a similarly weird range; with EA suggestions from three local agents that they market from £575k - £650!

 In that case we sold at £640k in less than a week; and at only 1% commission. Did well on the  house we bought too; knocking £30k off the £750k asking price, again, from the same agent (pity you ain’t raund ‘ere in Sarf East London or we could give you a personal intro!)

I dunno about the lease (extension?) survey business but I guess that may deter some buyers? Ask the Agents when they visit, not necessarily because you’ve not done your own research here on MSE (?), but just to see how they’ll respond when it comes up as a Q from prospective buyers. 

And while we got lucky with a high valuation and great sale, apply common sense; neighbours opposite us put their house up for a silly price and it hasn’t moved 28 months on; whereas sensibly priced (or even optimistically costed ones) usually sell in a couple of weeks in our popular road.  Good luck 

eddddy

20122013 said:

All the valuations so far are done by estate agents.

I asked about using a surveyor to get a valuation, as I will be getting a surveyor for my lease extension and that should give me a valuation. 

Are you putting your property on the market and negotiating a lease extension at the same time?  If so, why?

You might need to be careful, if you do that.


Typically, your lease extension valuer will try to value your property as low as possible, in order to help negotiate a cheap lease extension.

It might scupper your negotiations if, for example, your lease extension valuer is arguing with your freeholder that your property is worth, say, £300k - but you're listing it for sale at £350k.