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  • FIRST POST
    • Scott McL
    • By Scott McL 6th Feb 18, 4:45 PM
    • 1Posts
    • 0Thanks
    Scott McL
    Valuations in Scotland
    • #1
    • 6th Feb 18, 4:45 PM
    Valuations in Scotland 6th Feb 18 at 4:45 PM
    Hi all, looking for a bit of advice!

    I am living in a privately rented 2 bedroom flat in Scotland.
    In January, the landlord informed me that he has decided to sell the property and I would get getting a notice to quit from the sherrif court in the next few weeks.
    I like the flat, it's in a good location, it's handy for work and I only moved in back in July '17 after my marriage broke down. As such, I expressed an interest in purchasing the flat myself and the landlord organised a Home Report from a reputable surveyor (DM Hall).

    The valuation for the flat came back at £90,000. I spoke to a mortgage broker and he organised an agreement in principal from Santander. I contacted Santander to check that the home report would be acceptable as it is a private sale and they said this would be fine.
    My landlord and I had a chat and he accepted a verbal offer of £86,000 so I instructed my solicitor to make a written offer and my mortgage broker to start the application with Santander.

    However, Santander then came back to say they would need to do a valuation of their own as it was a private sale (despite confirming this wouldn't be the case previously!). They did their valuation yesterday and have come back with a price of £82,000 - significantly less than the previous report.

    I'm not sure I'm in a position to find the extra £3600 I'd need to make it to the required deposit and my mortagage broker has suggested we try another lender to see if they come back with a different value.

    However, as my solicitor has made a written offer, am I now stuck with that offer? Am I able to try an renegotiate with the landlord based on the new valuation or in fact withdraw from the sale altogether?
    Many thanks
Page 1
    • davidmcn
    • By davidmcn 6th Feb 18, 4:51 PM
    • 7,301 Posts
    • 7,340 Thanks
    davidmcn
    • #2
    • 6th Feb 18, 4:51 PM
    • #2
    • 6th Feb 18, 4:51 PM
    You can do what you like until missives are concluded (which they won't be if your solicitor is still waiting for the mortgage offer). No sense in paying more than the valuation. Speak to your solicitor about it.
    • glasgowdan
    • By glasgowdan 6th Feb 18, 4:53 PM
    • 2,855 Posts
    • 3,201 Thanks
    glasgowdan
    • #3
    • 6th Feb 18, 4:53 PM
    • #3
    • 6th Feb 18, 4:53 PM
    You can amend your offer in light of this valuation. You are not bound by it and your solicitor will be doing things like this every day.
    • paddycharlie
    • By paddycharlie 6th Feb 18, 5:02 PM
    • 76 Posts
    • 92 Thanks
    paddycharlie
    • #4
    • 6th Feb 18, 5:02 PM
    • #4
    • 6th Feb 18, 5:02 PM
    You can lower your offer but don't be surprised if your landlord refuses as it will be more than 9% below the HR valuation.


    If you have a good relationship with your LL you could mention that it will be hassle free, chain free and he will save any estate agents fees.


    If he doesn't agree to lower and you really want it at the higher price then if 1 surveyor valued it at 90k there must be another bank surveyor who will get the survey to 86k if you shop around.


    Good Luck
    • theartfullodger
    • By theartfullodger 6th Feb 18, 5:34 PM
    • 9,442 Posts
    • 12,654 Thanks
    theartfullodger
    • #5
    • 6th Feb 18, 5:34 PM
    • #5
    • 6th Feb 18, 5:34 PM
    You have another lever to use: Your option to stay all through Sheriff court eviction which will likely take months & months (you have an absolute legal right to insist on staying through court decree, sheriff officers etc). He might be willing to be "flexible on price" to avoid this pain, rather than having to wait many months even with a ready-cash-in-hand purchaser sitting outside with his removals van.

    Has landlord served NTQ? They are quite hard to get right - don't help him by pointing out mistakes...
    https://scotland.shelter.org.uk/get_advice/advice_topics/eviction/eviction_of_private_tenants/eviction_of_short_assured_tenants

    NB The Leases Act 1449 mean that should the place get sold with you still tenant the new owner becomes new landlord - see
    http://www.legislation.gov.uk/aosp/1449/6/contents
    Item it is ordanit for the sauftie and fauour of the pure pepil that labouris the grunde that thai and al vthiris that has takyn or sal tak landis in tym to !!! fra lordis and has termes and yeris thereof that suppose the lordis sel or analy thai landis that the takaris sall remayn with thare takis on to the ische of thare termes quhais handis at euir thai landis !!! to for sic lik male as thai tuk thaim of befoir . . .
    Apologies for !!!. MSE censorship of the wording of UK extant law is a bit much...

    Think that's clear..

    Slàinte mhath!

    Artful, Scottish Landlord
    Last edited by theartfullodger; 06-02-2018 at 5:52 PM.
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