Remortgage And Stupid Valuation Report.

[OLDFTB]

Yes it's our old friends at MSE again providing us with more laughs:

I need some advice. All was going well until my valuation. I paid for my valuation through the high street bank and they came round. Nice chap and he measured downstairs, looked in the garden, looked in the attic (but nowhere else), spoke to us about recent house prices and said 'I see no problems'. Waited and felt pretty confident. Our house had to be worth over £151k and felt that we could do it comfortably. He came back with a whacking great problem and valued house at £145K!!!!

Hi, sorry to here your problems, me and husband currently going through re-mortgage process and heard back this afternoon from our financial advisor that the surveyor valued our house £10K less than we thought it was, which subsequently has messed up amount we are borrowing to do home improvements etc.

The surveyor I think was just being awkward as you cannot buy a house in our area for the price he valued it at, plus the fact we are spending 10K on new kitchen and bathroom!

So I think for some reason surveyors have it in for people re-mortgaging at moment.

http://forums.moneysavingexpert.com/showthread.html?t=767997

Ya'll go easy on her now, y'hear?

[the end is a bit nigher]

'**** me,that's a lush bathroom for such a cheap house'

isn't that the truth! - there are many houses in the area that whilst nice enough, used to be in the £100k - £150k bracket - all of a sudden developers get hold of them, spend £15k on a kitchen, £10k on a bathroom etc. and they are back on the market for £200k - £250k - completely out of sync with much of the rest of the area and removing yet more mid-range homes from the market

[microbe]

So I think for some reason surveyors have it in for people re-mortgaging at moment.

It's called a Professional Indemnity Insurance Premium. They ****** up and overvalue in a falling market, you or you BS sue them, the insurance company jacks their premium through the roof.

[Yoss]

It's called a Professional Indemnity Insurance Premium. They ****** up and overvalue in a falling market, you or you BS sue them, the insurance company jacks their premium through the roof.

Aint that the truth.. I bet many are aming well under to cover thier arses, especially those that have valued new build city centre flats, soz 'Lux Appointed' appartments

Edited February 27, 2008 by Yoss

[Crashman Begins]

Yossarian

Couple of people I work with have had the same problem, It seems surveyors have been spooked by the news headlines of late.

Both own really nice flats in london commuter belt, one bought in 2002 and one bought in 2005 in the same block.

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

I suggest getting another valutaion or even getting a local estate agents view on value as if they know the local area they are more likely to be correct.

Edited February 27, 2008 by Crashman Begins

[indebted]

< ----

The really sad thing? There are people lying unconscious in intensive care who could make far better use of the internal organs of these muppets.

[hp9man]

isn't that the truth! - there are many houses in the area that whilst nice enough, used to be in the £100k - £150k bracket - all of a sudden developers get hold of them, spend £15k on a kitchen, £10k on a bathroom etc. and they are back on the market for £200k - £250k - completely out of sync with much of the rest of the area and removing yet more mid-range homes from the market

Here in South Bucks they're asking a bit more like £350-400K. But selling nothing. This and its neighbour have been on the market for ages :

http://www.ashingtonpage.co.uk/details.php?id=BEA0003047

Expensive, but you do, of course, get "a personalised leather bound A5 Marla Homes Ltd home owner's guide exclusive to your house."

[Griptool]

The really sad thing? There are people lying unconscious in intensive care who could make far better use of the internal organs of these muppets.

Sorry indebted, I laughed so much I had to dob you in

[beans on toast]

Is this for real - the difference is 6K.

Is she sooooooo upset because it was 6k under her estimate, or is this just another wind up merchant.

For f's sake.

[indebted]

Sorry indebted, I laughed so much I had to dob you in

No problem Griptool - I aim to please!

I'll wait for the vigilante mob to appear, zombie-like, storming towards my front door all intent on beating me severly

en-masse with their flawed valuation reports! Death by stupidity ...

[munimula]

Couple of people I work with have had the same problem, It seems surveyors have been spooked by the news headlines of late.

Both own really nice flats in london commuter belt, one bought in 2002 and one bought in 2005 in the same block.

Both are being told by new valutaions that thier flats are worth less than they paid for them, and it is simply not true. It is a really up and coming area and a short commute from London, there is no way they have lost value!

I suggest getting another valutaion or even getting a local estate agents view on value as if they know the local area they are more likely to be correct.

Houses now back to 2002 values!!!

It gets better everyday

...doesn't the 'London commuter belt' cover about 80% of the Uk these days?

Edited February 27, 2008 by munimula

[waiting_to_exile]

Is this for real - the difference is 6K.

Is she sooooooo upset because it was 6k under her estimate, or is this just another wind up merchant.

For f's sake.

I think the clue to her irritation is in the phrase "Our house had to be worth over £151k". It sounds like they aren't going to meet the remortgage requirements and can't make up the difference.

Edited February 27, 2008 by waiting_to_exile

[munimula]

It gets better

I work for a lender and are having loads of customers contesting their valuations at the moment. What we state is to appeal, we need three sold prices in the immediate area of similar properties sold within the last three months. The surveyor will also use his RICS Red Book which has comparables (you will not be given these prices). Most customers are not getting their valuations increased.

So because nothing, or very little is selling there is a good chance that nothing sold in the area in the last 3 months...so surveyors have to be cautious pricing houses and ultimately they work for the banks so they will price down in this environment

[The Preacherman]

Of course its all the banks fault.

More from moneysavingexpert.com

Banks creating a market crash?

Evening all,

As an outsider to the mortage business, but living with a broker, it seems to me personally that with all the banks withdrawing all these LTV ratios and 100+ morts, along with much more stringent borrowing qualifications, that they almost seem to be panicking thus creating a stiffied housing market. All of their own making.

I know here in an area of low income, she is finding it harder and harder to place even relatively simple cases.

What do you guys think?

http://forums.moneysavingexpert.com/showthread.html?t=764175

[Little Professor]

The really sad thing? There are people lying unconscious in intensive care who could make far better use of the internal organs of these muppets.

Ouch!

[Little Professor]

Here's another numpty:

http://forums.moneysavingexpert.com/showthread.html?t=767123

I am furious today to get a letter from standardlife who i only changed to last year after being with the abbey for 7 years, saying that they have decided due to significant changes to the mortgage market in recent months, will not be lowering their standard variable rate in line with the bank of england decrease of 0.25%.

this to me would have meant £50 per month better off to pay fuel bills, which is why i thought the bank of england decided to drop it again as people are struggling financally.

I presume standardlife cant give away mortgages as easily due to tightening credit lending rules, and the fact they need to pay their fuel bills and top up the xmas party funds and their big fat cat bonuses.

what do you think and can we do anything about it, why wont they pass on the savings? denise

[indebted]

Ouch!

None of this madness would have happened if mortgage applications had incorporated an IQ test as part of the appropvals process!

Question 1 Can the value of an asset go down as well as up, as market forces dicate (you are allowed 10 years to answer this question)

and so it goes on ........

[lets get it right]

The really sad thing? There are people lying unconscious in intensive care who could make far better use of the internal organs of these muppets.

But presumably not the brains ...

Edited February 28, 2008 by Lets' get it right

[DoctorJ]

I think the clue to her irritation is in the phrase "Our house had to be worth over £151k". It sounds like they aren't going to meet the remortgage requirements and can't make up the difference.

so what happens to them as a result?

edit: SVR - ouch

Edited February 28, 2008 by DoctorJ

[Blue Peter]

The surveyor will also use his RICS Red Book

Whoa! It's time to break out the red book!

What's that then?

Peter.

[mitchbux]

Here's another numpty:

http://forums.moneysavingexpert.com/showthread.html?t=767123

A drop of 0.25% makes a difference of £50 a month

How much has this muppet borrowed? Or can they not use a calculator?

We signed on the dotted line yesterday for our new mortgage (relocating) and there has to be a whole 1% rise for ours to go up that much.

[King Stromba]

Houses now back to 2002 values!!!

It gets better everyday

...doesn't the 'London commuter belt' cover about 80% of the Uk these days?

All the South East, North to Leicester and an arc round to Bristol. Yep.

[Scarecrow]

A drop of 0.25% makes a difference of £50 a month

How much has this muppet borrowed? Or can they not use a calculator?

We signed on the dotted line yesterday for our new mortgage (relocating) and there has to be a whole 1% rise for ours to go up that much.

I was wondering the very same - mine would go down by £5 in the same situation so it must be an enormous mortgage.

[Benedict]

I was wondering the very same - mine would go down by £5 in the same situation so it must be an enormous mortgage.

Only £240k, nothing that enormous.

[Scarecrow]

Only £240k, nothing that enormous.

Dear god - the thought of having that sort of debt terrifies me. Particularly if they're desperate for £50!