New Build - Mortgage Valuation lower than purchase price!! PLEASE HELP

clairey22

monkeyman1974 wrote: »

You may well feel nervous about this, but do please consider how you would feel if the value slips to £150,000 in 2 years time and your LTV is 95% and you struggle to remortgage. Sorry to be negative as I'm sure it's a nice place and you'd be happy there.

I think you and all the other posters are absolutely right, I really think I will have to go in there and renegotiate. I am very nervous about it...but it needs to be done because this is a lot of money.

Will go in tomorrow at some point and keep the thread updated with what happens.

Thanks everyone for your help and advice, it is very much appreciated.

Claire

Dan:_4

Hi Claire,

I live in Crawley too. Are you talking about that development at Three Bridges?

Doozergirl

You go girl!

Think of us all behind you! (and what we'll do to you if you fail):rotfl:

zebulon

clairey22 wrote: »

I am very nervous about it...but it needs to be done because this is a lot of money.
Will go in tomorrow at some point and keep the thread updated with what happens.

wouldn't it be easier to call maybe?

I'm just thinking, if they see you're nervous, wonder if it will be harder for you to stick to your gun...

just a thought - trying to see myself in this position, I can understand perfectly your feelings!

good luck!!!

clairey22

Dan: wrote: »

Hi Claire,

I live in Crawley too. Are you talking about that development at Three Bridges?

Hi Dan,

Yes thats right, where the old leisure centre used to be.

Claire

clairey22

zebulon wrote: »

wouldn't it be easier to call maybe?

Yes thats what I was thinking, plus i'm at work tomorrow from 9-5.30pm and the sales office on site is only open 10-5pm. I might be able to leave early though and I actually live on the site as I am currently renting a property on the same site (that is exactly the same spec as the one I want to buy!).

Do you think I should call the sales office on site that I spoke to originally or the person at the head office who is my "sales progresser". I think I will need to speak to everyone (solicitor,broker etc.) anyway to say we wont be exchanging tomorrow anymore.

Thanks
Claire

Doozergirl

Speak to head office. There will be someone neraby with a bit more clout than the sales office.

neil9313

mrs_deadline wrote: »

And be prepared to go home and leave them to think about it... they're unlikely to hold out beyond the end of the month, methinks...

But resist, resist, resist paying the deposit or signing any contract till price = valuation. You'll be very thankful you held out, come the day you have to resell.

very good advice above!

neil9313

clairey22 wrote: »

Yes thats what I was thinking, plus i'm at work tomorrow from 9-5.30pm and the sales office on site is only open 10-5pm. I might be able to leave early though and I actually live on the site as I am currently renting a property on the same site (that is exactly the same spec as the one I want to buy!).

Do you think I should call the sales office on site that I spoke to originally or the person at the head office who is my "sales progresser". I think I will need to speak to everyone (solicitor,broker etc.) anyway to say we wont be exchanging tomorrow anymore.

Thanks
Claire

Dont ring the sales office, their job is done! You will need to speak to head office, but you could pop in and mention to the sales office that you are having seconds thoughts re price

chickmug

clairey22 wrote: »

plus I if I pull out I will lose my 2K reservation fee.

I would just like to address this point. Are you absolutely sure you would lose this? You need to take advice from your solicitor as I thought that in English Law no payments like this could be kept if you decided to pull out.

Certainly in my days in new building the law would not allow us to keep all or even part and we had to return in full and immediately should the person pull out. Has something changed?