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

Bf109

!!!!!! wrote: »

How to gird your loins:

This was accomplished by pulling up the fabric of the knee-length tunic so the length in front stopped at your upper thigh, and collecting the excess material in your front. (You pull the material forward so the back of your tunic is snug against your backside.) Next, you tuck the extra front material down between your legs and gather it behind you. At this point, you collect half of the material behind you evenly on each side of your back (left and right). The final step involves wrapping each side of the material around your waist and tying it together in front.

You have no idea how disapointed I am....

edit - how much elastic did those blokes have in their tunics?!

clairey22

chickmug wrote: »

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.

Hi it says "non-refundable deposit" on the receipt and "non-refundable if sale does not proceed" on the letter that refers to it.

thanks
claire

poppysarah

clairey22 wrote: »

The trouble is I think the mortgage company have valued it too low. I think it is a good price at 214K.

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

Please please please sit down and think about what you've just said.

You think the company lending you money think they've valued it too low? You're worried about losing 2k when you could be looking at losing 14k instantly (214-200!)

This is real money, not monopoly money.

clairey22

poppysarah wrote: »

You're worried about losing 2k when you could be looking at losing 14k instantly (214-200!)

thanks poppysarah, I was just discussing it with my other half and that is the same thought that popped into my mind!

claire

SouthCoast

...........and around £400 per week once you have exchanged contracts.

Rabiddog_2

The Builders are desperate to get a signed contract.. they are holding their breaths till you sign on the dotted line. A huge gust of relief will be exhaled when you sign. Hold out against their pyschological war. Send someone else in to tell them you are having second sthoughts. This is war, their profit and your wages. Any strategy you employ to distance yourself, either physically or emotionally from the sale is good. Intermediaries are good. Save £14k . Go for £200k or less. Dont get done, Get dom.

As to legality of contracts.... All dry cleaners state they are not responsible for any damage to your clothes, but they are..ITS THE LAW!

RHemmings

Doozergirl wrote: »

You don't need to threaten to walk away even. You tell them the survey has undervalued the property and therefore that is the price you want to pay.

I wouldn't use the word "undervalued". It sort of implies that the property is worth more than the valuation, but the surveyor has been conservative. I think it likely that the property isn't worth more than the valuation, and may well be worth less in the future.

clairey22

Hi all,

My other half has rung the head office and they have said to him that they want to provide the broker with some comparables (I think that means other houses they have sold on the development for more money). And they will get back to us later on today.

Thanks for everyones replies, you guys have been great. :beer:

Claire

chickmug

clairey22 wrote: »

Hi all,

My other half has rung the head office and they have said to him that they want to provide the broker with some comparables (I think that means other houses they have sold on the development for more money). And they will get back to us later on today.

Thanks for everyones replies, you guys have been great. :beer:

Claire

Good luck with this and it can be very hard to get a valuer to re-think his opinion. However on the cases where I have been successful it has always usually been based on providing additional comparable evidence on which he/she may not of been aware.

Almost_Redundant

Don't worry about dropping the price on this one. You can rest assured that it didn't cost the developer anywhere near £200k to build your new house. Nearer 100k i'd guess!!