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tubalcane

House Overvalued Against Selling Price?

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we are one of those rarer than hens teeth peeps in the current housing market A HOUSE BUYER!!

in the street we are buying in fact two doors away october last year a house like the one we are buying was sold for £247,500

long story but a long term owner died i saw house was empty knew that a relative lived in same road, approached them and found that they had inherited house after a long protracted probate where the house was valued by HMRC at £220,000.

the relatives approached me to see if i was interested in buying as they knew i was renting whilst waiting for market to stabilise and told us they would sell at £130,000 for a quick sale as they knew market was bad, great have deposit of 30k, however after having a mortgage valuation on property in current market and condition of £190,000 our mortgage people have now stated that house is undervalued ( not there mortgage people house is owned outright our mortgage people!!!) and we have to increase our deposit to £50k or increase mortgage to 120k

is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

be kind my first post have lurked for ages but now need someone to look at this and maybe understand their logic

ps we do not have the other 20k !, but they will let us increase mortgage from 100k to 120 no problem

Edited by tubalcane

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Thats just bizarre.

But at that price, I'd do whatever it takes to make it happen.

Did I get that right? 247 at peak, valued at 190 by the bank....... and you're buying for 130???

WOW. :o

Increase the mortgage. Then overpay the first 2 years with the unspent deposit balance. (usually 10% per year is OK, just check)

Edited by HAMISH_MCTAVISH

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we are one of those rarer than hens teeth peeps in the current housing market A HOUSE BUYER!!

in the street we are buying in fact two doors away october last year a house like the one we are buying was sold for £247,500

long story but a long term owner died i saw house was empty knew that a relative lived in same road, approached them and found that they had inherited house after a long protracted probate where the house was valued by HMRC at £220,000.

the relatives approached me to see if i was interested in buying as they knew i was renting whilst waiting for market to stabilise and told us they would sell at £130,000 for a quick sale as they knew market was bad, great have deposit of 30k, however after having a mortgage valuation on property in current market and condition of £190,000 our mortgage people have now stated that house is undervalued ( not there mortgage people house is owned outright our mortgage people!!!) and we have to increase our deposit to £50k or increase mortgage to 120k

is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

be kind my first post have lurked for ages but now need someone to look at this and maybe understand their logic

ps we do not have the other 20k !, but they will let us increase mortgage from 100k to 120 no problem

Get a new mortgage quote from an institution which isn't doomed to collapse.

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Guest theboltonfury
we are one of those rarer than hens teeth peeps in the current housing market A HOUSE BUYER!!

in the street we are buying in fact two doors away october last year a house like the one we are buying was sold for £247,500

long story but a long term owner died i saw house was empty knew that a relative lived in same road, approached them and found that they had inherited house after a long protracted probate where the house was valued by HMRC at £220,000.

the relatives approached me to see if i was interested in buying as they knew i was renting whilst waiting for market to stabilise and told us they would sell at £130,000 for a quick sale as they knew market was bad, great have deposit of 30k, however after having a mortgage valuation on property in current market and condition of £190,000 our mortgage people have now stated that house is undervalued ( not there mortgage people house is owned outright our mortgage people!!!) and we have to increase our deposit to £50k or increase mortgage to 120k

is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

be kind my first post have lurked for ages but now need someone to look at this and maybe understand their logic

ps we do not have the other 20k !, but they will let us increase mortgage from 100k to 120 no problem

now, you're just gloating

well done

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Guest theboltonfury
if the amount you are paying is the same, then a higher valuation should bring the deposit requirement down.

IMPOSTER!!

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we are one of those rarer than hens teeth peeps in the current housing market A HOUSE BUYER!!

in the street we are buying in fact two doors away october last year a house like the one we are buying was sold for £247,500

long story but a long term owner died i saw house was empty knew that a relative lived in same road, approached them and found that they had inherited house after a long protracted probate where the house was valued by HMRC at £220,000.

the relatives approached me to see if i was interested in buying as they knew i was renting whilst waiting for market to stabilise and told us they would sell at £130,000 for a quick sale as they knew market was bad, great have deposit of 30k, however after having a mortgage valuation on property in current market and condition of £190,000 our mortgage people have now stated that house is undervalued ( not there mortgage people house is owned outright our mortgage people!!!) and we have to increase our deposit to £50k or increase mortgage to 120k

is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

be kind my first post have lurked for ages but now need someone to look at this and maybe understand their logic

ps we do not have the other 20k !, but they will let us increase mortgage from 100k to 120 no problem

LOAD OF RUBBISH !

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we are one of those rarer than hens teeth peeps in the current housing market A HOUSE BUYER!!

in the street we are buying in fact two doors away october last year a house like the one we are buying was sold for £247,500

long story but a long term owner died i saw house was empty knew that a relative lived in same road, approached them and found that they had inherited house after a long protracted probate where the house was valued by HMRC at £220,000.

the relatives approached me to see if i was interested in buying as they knew i was renting whilst waiting for market to stabilise and told us they would sell at £130,000 for a quick sale as they knew market was bad, great have deposit of 30k, however after having a mortgage valuation on property in current market and condition of £190,000 our mortgage people have now stated that house is undervalued ( not there mortgage people house is owned outright our mortgage people!!!) and we have to increase our deposit to £50k or increase mortgage to 120k

is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

be kind my first post have lurked for ages but now need someone to look at this and maybe understand their logic

ps we do not have the other 20k !, but they will let us increase mortgage from 100k to 120 no problem

Complete and utter TOSH

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I wouldnt say it rubbish

2007 october i completed on a property @£200k

2007 december i sold the property to the new owner @ £235

mortgage express was curious as to why i bought it so cheap but a letter from my solicitor to the buyers solicitor just basiclly said..my client put an offer up to the table (july 2007) in which he did not think would get accepted and it did.

the new owner completed middle of december

very good xmas/new years i have to say

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Putting aside whether a troll post or not.

Could the mortgage people think there is something wrong with the house so they want the buyer to have a bigger stake in it and thats why they want the bigger deposit?

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long story but a long term owner died i saw house was empty knew that a relative lived in same road, approached them and found that they had inherited house after a long protracted probate where the house was valued by HMRC at £220,000.

the relatives approached me to see if i was interested in buying as they knew i was renting whilst waiting for market to stabilise and told us they would sell at £130,000 for a quick sale as they knew market was bad

So, you approached the relative, and then the relatives approached you?

Sounds slightly **** a hoop a bit like the tale.

Back to the drawing board.

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... however after having a mortgage valuation on property in current market and condition of £190,000 our mortgage people have now stated that house is undervalued ( not there mortgage people house is owned outright our mortgage people!!!) and we have to increase our deposit to £50k or increase mortgage to 120k

Someone's confused and I've a good idea who it may be.

p

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Troll sat alone on his seat of stone,

And munched and mumbled a bare old bone;

For many a year he had gnawed it near,

For meat was hard to come by.

Done by! Gum by!

In a cave in the hills he dwelt alone,

And meat was hard to come by.

tolkien

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i was born in the street i am buying house in hence why i knew the man who died and the fact that his nephew lived across road. As to approaching the relative i simply contacted them to offer my condolences on the loss, they contacted me after house had been completed ( inherited) as they knew my rental situation it was they who put the price on the table not me!

not a troll !, house has been valued by mortgage company so if there were serious problem which there are not then there survey and ours structural would show it.

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...

is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

...

This makes absolutely no sense whatsoever. You've either misunderstood what they're saying or you're winding us up. If they value it higher than you are paying then they will want less deposit, not more. And why would they want to lend you more as a result? Utter nonsense.

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This makes absolutely no sense whatsoever. You've either misunderstood what they're saying or you're winding us up. If they value it higher than you are paying then they will want less deposit, not more. And why would they want to lend you more as a result? Utter nonsense.

not winding up why would i!, when i spoke to mortgage adviser today he was quite clear that they were prepared to increase our mortgage to 120,000 no problem, but they were concerned as to why the house was being sold so cheaply

i lost a house 8 years ago to ex wife and have been renting ever since and had resigned myself that i would never get back on the property ladder and would be a tenant till i died as despite saving as much as i could it was always swallowed up by the stupidly insane price rises of property and the larger deposits needed.

I have known the sellers all my life and i really do believe they are simply doing me a favour, you can believe me or not up to you.

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not winding up why would i!, when i spoke to mortgage adviser today he was quite clear that they were prepared to increase our mortgage to 120,000 no problem, but they were concerned as to why the house was being sold so cheaply

i lost a house 8 years ago to ex wife and have been renting ever since and had resigned myself that i would never get back on the property ladder and would be a tenant till i died as despite saving as much as i could it was always swallowed up by the stupidly insane price rises of property and the larger deposits needed.

I have known the sellers all my life and i really do believe they are simply doing me a favour, you can believe me or not up to you.

I seem to remember that, in the context of sell and rent back schemes, then there have been cases of people owed money by the vendors secured on the house saying that the price sold for was so low it could only have been a set up to deny them of their money.

Possibly the bank want to protect themselves against a similar claim in the future by a relative of the deceased, or something like that? I don't know, to be honest that's just a wild guess.

But why worry in any case? You'd pay a bit more interest due to borrowing more money, but what the hell? Stick the excess in the bank and then pay down the mortgage asap. Get one where you can do that, perhaps?

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not winding up why would i!, when i spoke to mortgage adviser today he was quite clear that they were prepared to increase our mortgage to 120,000 no problem, but they were concerned as to why the house was being sold so cheaply

i lost a house 8 years ago to ex wife and have been renting ever since and had resigned myself that i would never get back on the property ladder and would be a tenant till i died as despite saving as much as i could it was always swallowed up by the stupidly insane price rises of property and the larger deposits needed.

I have known the sellers all my life and i really do believe they are simply doing me a favour, you can believe me or not up to you.

:unsure::unsure::lol:

:unsure::unsure::lol:

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is there any logic to this i have missed house is worth more than we are paying by there own surveyor.

Dunno.

But it reminds me of a couple of friends who got divorced amicably, remaining friends. On their own, he's rich, she's poor, and he wanted to gift her his share in their house (he moved out; she still lives there). Turned out he couldn't do that without a stonking tax bill. I don't follow the logic of it, but apparently HMRC thought it looked like a tax wheeze, and he'd have to pay tax *as if* it had been an investment property (it never was) on which he had a substantial capital gain (which he would have done if he'd sold at market price at the time). He had to gift it in small chunks, so that his notional capital gain remained within his annual allowance!

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... when i spoke to mortgage adviser today he was quite clear that they were prepared to increase our mortgage to 120,000 no problem, but they were concerned as to why the house was being sold so cheaply

...

Which is totally different to what you said in the original post.

OK bored now. Think you need to listen carefully to the mortgage adviser and work out exactly what they're saying before you ask for any more advice. It's impossible to comment when you don't know what the problem is.

Smith

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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