UK house valuation UK

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11 May 2015 17:51 by newworld Star rating. 916 posts Send private message

My mother inlaw is selling her house, finds a buyer, House was for sale at £157k get a offer of £150k, buyer gets a survey/house valuation which comes back at £135k, so buyer offers now offers £142k ( and so i would i ) mother inlaw rejects the £142k. So buyer wakls away ( fair  enough ) She now has found another buyer who has offered £150k, but the agent is saying its the law they must inform the buyer the house has had a  survey/house valuation of £135k. IS THIS CORRECT ???  





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11 May 2015 18:14 by baz1946 Star rating. 2177 posts Send private message

One Daughter owns an Estate Agency so I put this to her...Yes...What ever she knows about a house, or has  been told, that could in the long term affect the buyers rights in one way or the other she has to tell the buyer, even to the point of sales that fell through and if known the reasons why, and past offers, law since about mid 2013.

Trouble is now due to the rouge estate agents getting away with murder on house sales in the past the selling rules from an estate agents point of view has been tightened up considerably.





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11 May 2015 18:23 by newworld Star rating. 916 posts Send private message

Ok cheers for that, i think her time is up with that agent, she is going to put it for sale with another one . thanks for that.





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11 May 2015 19:54 by mariedav Star rating in Ciudad Quesada. 1062 posts Send private message

Yes, it's correct. The buyer would, presumably, be taking out a mortgage. The mortgage provider would tell the buyer the mortgage would only cover a percentage of the valuation price, not the selling price. Therefore the buyer would get to know anyway.

 





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11 May 2015 20:50 by newworld Star rating. 916 posts Send private message

The second buyer was a cash buyer, and would pay the 150k, but because the agent has told them  the house  has had survey/ valuation from the first buyer, the second buyer now wants it for £135k, so she wil not sell for that as she has allready  turned down £142k





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12 May 2015 08:15 by Roly2 Star rating in Almeria. 651 posts Send private message

Well - same old same old.   A house is only worth what people will pay, and unfortunately, if one valuation has come in low then people will only be prepared to pay less.   I think there is a trend in the Uk for valuations for mortgage purposes to come in low - but it sounds to me as though she has had a proper survey done, and the house might actually just be worth the lower figure.   She might like to get some valuations herself, and take the average as the real value.   Also, she might like to have a look at prices on Zoopla if she has not already done so.   Usually, our homes are worth less than what we believe them to be, unless we are in London or some pockets in the UK.     

The law these days requires full disclosure - if you have a long standing row with your neighbours you are supposed to disclose it.   Frankly, she only has two choices, sell for what she can get, or sit on it for a few years.   





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12 May 2015 09:49 by Hephaestus Star rating in The Peak District Na.... 1237 posts Send private message

My son is currently in the process of selling his UK apartment, it is in a complex of 10 units, four have garages and hard standing, his is one of the latter. The agent valued it at offers around £99,950, based on one without a garage selling for £88,000 in 2013, also there is one for sale in a block accross the road for £99,950.

He received a cash offer of £97,950 and decided to accept it, the buyer instructed a basic valuation that is really to give a lender an idea of it's value. The valuer inexplicably came up with a figure of £86,000, the buyer has not yet come back with a reduced offer, but if he does I will advise my son to put the property in auction with a reserve of say £95,000. The property is situated in a premier post code area with no current properties for sale around £86,000, my guess is that the valuer came from out of town, a practice that IMHO should be banned.

The good news is that the buyer has a tenant in waiting who will pay a rent of £500.00 pcm, giving an annual return of 6.125% based on a sale price of £97,950.  



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12 May 2015 10:16 by Roly2 Star rating in Almeria. 651 posts Send private message

Sadly, in a lot of areas in the UK, house prices will not show much of an increase in the past two years.   Some will still be down on what they were at the peak of the market, so if the trend is down (again, this will show in Zoopla), the valuation will be down from the last one sold.   But as I said, I think anything involving a mortgage, they are valuing down, seemingly deliberately, in spite of actual sales.  





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12 May 2015 13:11 by Hephaestus Star rating in The Peak District Na.... 1237 posts Send private message

The lenders are using 'in house' or none estate agent valuers who have little or no knowledge of the areas that they are valuing property in. This is because when valuations were factored out to local valuers based in estage agents offices, they dare not step on the toes of their opposition as they would no doubt reciprocate.

Valuations are now assessed by using a points system, however if say the seller doesn't have a recent certificate for clear chimney flues this would trigger danger points. Sellers should compile a comprehensive service history prior to putting their property on the market, indemnity policies insuring the liabilities of things like flying freeholds and attic conversions are normally lodged with the title deeds, if they are not the seller needs to arrange the issue of new ones. A well presented sale is far more likely to impress a valuer than a badly presented one, would you buy a car with no service history?   



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12 May 2015 14:01 by Roly2 Star rating in Almeria. 651 posts Send private message

I certainly don't disagree with what you are saying about presenting a good case.   But in my recent experience of valuations in the UK, if you get a free valuation from an estate agent, all you get is a land registry print out of properties around - and you can get that yourself.    And the bank I was with for a very long time always used out of area valuers from a central office.   I think the regulations have cut out a lot of the c***, but the disclosure rules are difficult.  





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