Remortgage and stupid valuation report.

Yossarian

Couple of people I work with have had the same problem, It seems surveyors have been spooked by the news headlines of late.

Both own really nice flats in london commuter belt, one bought in 2002 and one bought in 2005 in the same block.

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

I suggest getting another valutaion or even getting a local estate agents view on value as if they know the local area they are more likely to be correct.

Datasafe_2

Yossarian wrote: »

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

:rotfl:Stop it !!! my sides are hurting!!

SquatNow

House prices can go down as well as up.

They went up for a long time.

Now they are going down.

Eventually they will go back up again.

Then down again.

Anyone who bought post 2004 is totally f***ed.

Anyone who bought post 2006 will be making their way to the emergency temporary accomodation camps shortly.

chivers1977

I work for a lender and are having loads of customers contesting their valuations at the moment. What we state is to appeal, we need three sold prices in the immediate area of similar properties sold within the last three months. The surveyor will also use his RICS Red Book which has comparables (you will not be given these prices). Most customers are not getting their valuations increased.

Walter_J

Yossarian wrote: »

Couple of people I work with have had the same problem, It seems surveyors have been spooked by the news headlines of late.

Both own really nice flats in london commuter belt, one bought in 2002 and one bought in 2005 in the same block.

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

I suggest getting another valutaion or even getting a local estate agents view on value as if they know the local area they are more likely to be correct.

Ah, bless!

An 'up and coming area' is estate agent speak for 'Beirut'!

Flats like your friends' are going to take the brunt of the collapse in house prices which is just getting under way. I wouldn't expect them to be worth what they paid for them again until about 2015 at the earliest.

I hope they don't plan on moving until then!

dunstonh

Flats and new build take the hit first and hardest. New build flats get a double whammy.

Griptool

beckylou77 wrote: »

I need some advice. All was going well until my valuation. I paid for my valuation through the high street bank ........................................................ why the low valuation? I have new kitchen (bigger than normal as it is an extension), bathroom, carpets, neutrally decorated, clean and tidy garden (again bigger as a result of our plot).

I am at my wits end.........!

Hi Becks
Please be aware you are becoming a HPC superstar.

The funniest post was from indebted

The really sad thing? There are people lying unconscious in intensive care who could make far better use of the internal organs of these muppets

Please take note of the comments made by Dunstonh, he seems to be giving sound advice. At last the lenders can now see the future, and it doesn't look pretty.

It might be a good time to reappraise your overall finances and consider if taking on additional debt at the moment is the best option.

Yossarian

Wow first post and I get flamed, Life goes on!

I gaurentee if you get 3x local EA valuations and take the average you have been undervalued.

However if you are at risk of Negatie Equity then I agree with the above poster it might be worth holding off doing any improvements until the market improves and if the "Crash" doses appear it should make getting the improvements cheaper!

bandraoi

He came back with a whacking great problem

The OP said the surveyor had found a big problem.
What was the problem he came back with?
It may be nothing to do with market conditions.
The surveyor may have actually saved the OP from making a very costly mistake.

poppy10_2

Yossarian wrote: »

I gaurentee if you get 3x local EA valuations and take the average you have been undervalued.

So who would give you the correct value?