dolce vita Posted September 10, 2010 Share Posted September 10, 2010 (edited) Classic f*ckwittery from MSE http://forums.moneysavingexpert.com/showthread.php?t=2720011 some good replies though Edited September 10, 2010 by dolce vita Quote Link to comment Share on other sites More sharing options...
Ah-so Posted September 10, 2010 Share Posted September 10, 2010 In this case they are trying to value a new build property. Of course, new builds lose value as soon as you move in and they become second-hand, so from the bank's perspective, they should be more interested in the value that they could sell it for when repossessed rather than its value as a new property. Quote Link to comment Share on other sites More sharing options...
hedgefunded Posted September 10, 2010 Share Posted September 10, 2010 Amazingly, the builder can prove that the houses are worth what he's selling them for. Who'd have thought it? Quote Link to comment Share on other sites More sharing options...
tomwatkins Posted September 10, 2010 Share Posted September 10, 2010 In this case they are trying to value a new build property. Of course, new builds lose value as soon as you move in and they become second-hand, so from the bank's perspective, they should be more interested in the value that they could sell it for when repossessed rather than its value as a new property. Sorry but wrong. A surveyor has to value as per the Red Book. Rebus sic stantibus (as it stands) not his job to assume trends. Valuation for mortgage purposes is different than other valuations (for insurance as an example). If he doesn't value as per the Red Book then he is open to being sued by either side in the event of negligence. Tom MRICS Quote Link to comment Share on other sites More sharing options...
Ah-so Posted September 10, 2010 Share Posted September 10, 2010 Sorry but wrong. A surveyor has to value as per the Red Book. Rebus sic stantibus (as it stands) not his job to assume trends. Valuation for mortgage purposes is different than other valuations (for insurance as an example). If he doesn't value as per the Red Book then he is open to being sued by either side in the event of negligence. Tom MRICS Thanks for the correction. The bank can make up its own mind as to want it wants to lend against a new-build and should be offering lower lending multiples. Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted September 10, 2010 Share Posted September 10, 2010 (edited) I see the HPC ex-troll (Hamish McTavish) has rumbled this thread: "This thread has been linked to from hpc.... http://www.housepricecrash.co.uk/for...owtopic=150894 So no wonder many of the replies have been distinctly unhelpful." Edited September 10, 2010 by Sibley's Love Child Quote Link to comment Share on other sites More sharing options...
Ah-so Posted September 10, 2010 Share Posted September 10, 2010 I see the HPC ex-troll (Hamish McTavish) has rumbled this thread: "This thread has been linked to from hpc.... http://www.housepricecrash.co.uk/for...owtopic=150894 So no wonder many of the replies have been distinctly unhelpful." Sorry, the link does not work. I thought you might have been referring to the splitter website - **** (that's ********. if the word is still automatically moderated out here like a rude word), so I went on there for the first time in ages, but the site address took me back here. I guess they have disappeared. Quote Link to comment Share on other sites More sharing options...
Number79 Posted September 11, 2010 Share Posted September 11, 2010 the op from the thread "oh my God! How dare they! I cant believe that someone has posted what they have on there and have the nerve to make out Im stupid! Im not some idiot who wants to pay more for our house, why would you automatically asume the surveyor is right and the builder is the one who is expected to pay for his mistake?" er....sweetie.....because it is what the surveyor is paid to do. The banks have a far better idea of what property is worth, what is coming and what a risk you are. Pay the £330 for another valuation, in the scheme of things it is pennies. If I were you though I would be using the valuation to get the price dropped by the builder. Show them the letter so they know you cant proceed. Why on earth would you not be using the report to get a reduction? Quote Link to comment Share on other sites More sharing options...
Horridbloke Posted September 11, 2010 Share Posted September 11, 2010 They are only 20k short so they could put it on a credit card and then MEW next year when the house has gone up in value and pay off the credit card buy a new car. Corrected for you.   Quote Link to comment Share on other sites More sharing options...
Borisina Posted September 11, 2010 Share Posted September 11, 2010 Classic f*ckwittery from MSE http://forums.moneysavingexpert.com/showthread.php?t=2720011 Unbelievable. She has a god given opportunity to reduce the price of her new place, but instead she is outraged. This correction will be agonizing for so many! some good replies though Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 11, 2010 Share Posted September 11, 2010 I think people expect the price tag on a house to be the price. I think all newbuilds should have a price ticket holder on the roof/wall, so all can see the current price. The Valuation is the valuation...a valuation for mortgage purposes is one which the bank feel sthe property is worth in the event of a default. Quote Link to comment Share on other sites More sharing options...
Johnny Storm Posted September 11, 2010 Share Posted September 11, 2010 I see the HPC ex-troll (Hamish McTavish) has rumbled this thread: "This thread has been linked to from hpc.... http://www.housepricecrash.co.uk/for...owtopic=150894 So no wonder many of the replies have been distinctly unhelpful." I wonder who he posts as now days, he'd here somewhere I bet! Quote Link to comment Share on other sites More sharing options...
Ragingone Posted September 11, 2010 Share Posted September 11, 2010 Classic f*ckwittery from MSE http://forums.moneysavingexpert.com/showthread.php?t=2720011 some good replies though I think it would be more than fair to say that on this occasion the Surveyor is the F**kwit as he has made his valuation based on the property being a leasehold, when it is in fact Freehold. Quote Link to comment Share on other sites More sharing options...
Ragingone Posted September 11, 2010 Share Posted September 11, 2010 the op from the thread "oh my God! How dare they! I cant believe that someone has posted what they have on there and have the nerve to make out Im stupid! Im not some idiot who wants to pay more for our house, why would you automatically asume the surveyor is right and the builder is the one who is expected to pay for his mistake?" er....sweetie.....because it is what the surveyor is paid to do. The banks have a far better idea of what property is worth, what is coming and what a risk you are. Pay the £330 for another valuation, in the scheme of things it is pennies. If I were you though I would be using the valuation to get the price dropped by the builder. Show them the letter so they know you cant proceed. Why on earth would you not be using the report to get a reduction? er...darling...because the report is based on a leasehold, the property is freehold! Quote Link to comment Share on other sites More sharing options...
Ragingone Posted September 11, 2010 Share Posted September 11, 2010 Corrected for you.   How rude! There is absolutey nothing wrong with my car, the finance does not run out for another few years, I will buy a new one then. I would more likely be spending the money on an all inclusive holiday to Benidorm, obviously! Please, DO NOT make comments like that when you do not know the first thing about me. Quote Link to comment Share on other sites More sharing options...
BadAlchemy Posted September 11, 2010 Share Posted September 11, 2010 Got my popcorn .... Quote Link to comment Share on other sites More sharing options...
Bubble&Squeak Posted September 11, 2010 Share Posted September 11, 2010 How rude! There is absolutey nothing wrong with my car, the finance does not run out for another few years, I will buy a new one then. I would more likely be spending the money on an all inclusive holiday to Benidorm, obviously! Please, DO NOT make comments like that when you do not know the first thing about me. Bull or Bear? Bear.... Please, DO NOT make comments like that when you do not know the first thing about me. Why should you care... surely you are too busy bidding up a life essential so the rest of us that are not obsessed by property are forced to spend more of our hard-earned lining banksters pockets Sling yer hook you fool :angry: Quote Link to comment Share on other sites More sharing options...
nohpc Posted September 11, 2010 Share Posted September 11, 2010 In this case they are trying to value a new build property. Of course, new builds lose value as soon as you move in and they become second-hand, so from the bank's perspective, they should be more interested in the value that they could sell it for when repossessed rather than its value as a new property. susprisingly this just isn't true. In the house price book new build rabbit hutches easily kept up with if not surpassed the rest of the housing market. In a market down turn they git hit harder as these are usually more BTL type places and investment dries up. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 11, 2010 Share Posted September 11, 2010 susprisingly this just isn't true. In the house price book new build rabbit hutches easily kept up with if not surpassed the rest of the housing market. In a market down turn they git hit harder as these are usually more BTL type places and investment dries up. Not sure when you are refering to, but the last couple of years, New builds have had the "benefit" of 100% mortgages via home buy. In the US, when they droppped the $8K tax break for borrowers, prices fell by guess how much....yes..$8K. Quote Link to comment Share on other sites More sharing options...
Horridbloke Posted September 11, 2010 Share Posted September 11, 2010 I would more likely be spending the money on an all inclusive holiday to Benidorm, obviously! Good try, but that line's a little too blatant. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 11, 2010 Share Posted September 11, 2010 er...darling...because the report is based on a leasehold, the property is freehold! er...dearest... "but Santander refuse to take this into account as well, they say the difference is negligable." isn't life a b*tch Quote Link to comment Share on other sites More sharing options...
Ragingone Posted September 11, 2010 Share Posted September 11, 2010 Bull or Bear? Bear.... Why should you care... surely you are too busy bidding up a life essential so the rest of us that are not obsessed by property are forced to spend more of our hard-earned lining banksters pockets Sling yer hook you fool :angry: Im not obsessed by property - just trying to buy a family home. My OH and myself both work extremely hard, I wonder if you actually know what hard-earned is??? Is it so hard earned that you have to spend 80% of your life away from your family? If it isnt, then please, shut the door on your way out! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 11, 2010 Share Posted September 11, 2010 Im not obsessed by property - just trying to buy a family home. My OH and myself both work extremely hard, I wonder if you actually know what hard-earned is??? Is it so hard earned that you have to spend 80% of your life away from your family? If it isnt, then please, shut the door on your way out! you deserve it...you are entitled to it....go for it. Quote Link to comment Share on other sites More sharing options...
Bubble&Squeak Posted September 11, 2010 Share Posted September 11, 2010 Im not obsessed by property Trying to pay more than you are told something is worth would go a long way to showing signs of obsession in most people's book surely.... just trying to buy a family home. and it would be a whole lot easier for you and others if such a large percentage of the population hadn't lost their minds like you clearly have... My OH and myself both work extremely hard, I wonder if you actually know what hard-earned is??? Is it so hard earned that you have to spend 80% of your life away from your family? If it isnt, then please, shut the door on your way out! Straw man... Quote Link to comment Share on other sites More sharing options...
NEO72 Posted September 11, 2010 Share Posted September 11, 2010 Im not obsessed by property - just trying to buy a family home. My OH and myself both work extremely hard, I wonder if you actually know what hard-earned is??? Is it so hard earned that you have to spend 80% of your life away from your family? If it isnt, then please, shut the door on your way out! Oh goody-its been simply ages since we had an irate woman venture this way! You're not obsessed with property...yet you're prepared to spend 80% of your life away from your family so you can 'live the dream'? Quote Link to comment Share on other sites More sharing options...
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