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Massive down-valuation on a new build

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  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    catshark88 wrote: »
    V good article in The Times (money section) today, about the difficulties people have been having with negative equity in HTB flats (and how v profitable they are for house builders).


    More and more of these types of articles cropping up, sentiment must be taking a good hit by now?
  • buggy_boy
    buggy_boy Posts: 657 Forumite
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    Im just going through buying a property and the valuation on my own property for a remortgage (was remortgaging my place to buy a BTL) was a complete joke, didn't effect me much but banks are definitely going on the conservative side. Some banks are better than others..

    Banks use area stats, where as you could be in a town/village that has risen a lot sharper than the county area which is where the problems can occur.
  • Sir_Robin
    Sir_Robin Posts: 52 Forumite
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    edited 19 September 2018 at 12:04AM
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    Heh when I was buying the remaining share of my property I mentioned the valuation given by the housing associations valuer to the valuer on behalf of the mortgage lender. Surprisingly they ended up the same ;)

    As with most things in life those who struggle to pay have to pay more. Shared ownership shares are overpriced, the mortgage rate won’t be as competitive because it’s niche and the solicitors pretend it’s a hugely complicated big deal so will charge you a fortune. It might not be the optimal way but if it is the only way then it’s s good call imo.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    buggy_boy wrote: »
    Im just going through buying a property and the valuation on my own property for a remortgage (was remortgaging my place to buy a BTL) was a complete joke, didn't effect me much but banks are definitely going on the conservative side. Some banks are better than others..

    Banks use area stats, where as you could be in a town/village that has risen a lot sharper than the county area which is where the problems can occur.


    Will probably get a lot more conservative IMO.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    https://www.buyassociation.co.uk/2018/07/25/what-are-down-valuations-why-are-they-on-the-rise/
  • JGal
    JGal Posts: 162 Forumite
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    Where is the best place to get/find an independent valuation on a new build property?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    JGal wrote: »
    Where is the best place to get/find an independent valuation on a new build property?


    On here maybe, if you post a link.
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