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rod_hull

Colleys/halifax

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We've just had a valuation carried out by Colleys for a mortgage application with Halifax.

The colleys valuation has come back 20% lower than our independent home buyers report valuation.

Were now going to struggle to get the mortgage we wanted.

The property is based in a nice rural area of West Sussex where average house prices of this type are around the £225k mark.

Infact the house next door sold last Sept for £226k.

The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

Im looking to get this figure revised by them, and was wondering if anyone else has encountered such a problem with this company...

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We've just had a valuation carried out by Colleys for a mortgage application with Halifax.

The colleys valuation has come back 20% lower than our independent home buyers report valuation.

Were now going to struggle to get the mortgage we wanted.

The property is based in a nice rural area of West Sussex where average house prices of this type are around the £225k mark.

Infact the house next door sold last Sept for £226k.

The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

Im looking to get this figure revised by them, and was wondering if anyone else has encountered such a problem with this company...

Think you might have come to the wrong website for sympathy on this one mate, everyone reading this here is cheering Colleys for their contribution to the HPC or what is otherwise known as their plain common sense.

What they are kindly telling you, in their own way, is that if you buy the house for 225k now, you will be nequity for a very, very, very long time. Consider it a very big red flag that is telling you should not buy this property, or any for that matter, until the crash has played out. The show is just about to start for real this time.

That said, even if you disagree with the sentiment above, seeing as you are not a cash buyer, the bank will prevent you from making this mistake with their money, so you will probably have no choice to wait it out.

Edited by General Congreve

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We've just had a valuation carried out by Colleys for a mortgage application with Halifax.

The colleys valuation has come back 20% lower than our independent home buyers report valuation.

Were now going to struggle to get the mortgage we wanted.

The property is based in a nice rural area of West Sussex where average house prices of this type are around the £225k mark.

Infact the house next door sold last Sept for £226k.

The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

Im looking to get this figure revised by them, and was wondering if anyone else has encountered such a problem with this company...

Thanks God for this !!!! I love the smell of the Crash in the morning. It smells like the Victory !!!!

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We've just had a valuation carried out by Colleys for a mortgage application with Halifax.

The colleys valuation has come back 20% lower than our independent home buyers report valuation.

Were now going to struggle to get the mortgage we wanted.

The property is based in a nice rural area of West Sussex where average house prices of this type are around the £225k mark.

Infact the house next door sold last Sept for £226k.

The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

I'm looking to get this figure revised by them, and was wondering if anyone else has encountered such a problem with this company...

Listen to them they are doing you a big favour in the long run and not the injustice that you now think

In a couple of years you will thank them for it

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Think you might have come to the wrong website for sympathy on this one mate, everyone reading this here is cheering Colleys for their contribution to the HPC or what is otherwise known as their plain common sense.

What they are kindly telling you, in their own way, is that if you buy the house for 225k now, you will be nequity for a very, very, very long time. Consider it a very big red flag that is telling you should not buy this property, or any for that matter, until the crash has played out. The show is just about to start for real this time.

That said, even if you disagree with the sentiment above, seeing as you are not a cash buyer, the bank will prevent you from making this mistake with their money, so you will probably have no choice to wait it out.

Dont get me wrong mate im all for HPC, the house belonged to a family member who has had to go into a hospice and the house must be sold asap - I offered 70-80k below its current market value and had it accepted

If it wasnt for this property I wouldn't even consider purchasing at this time.

My point is Colleys have not valued the propery at it's current market value, however over inflated it maybe. Like it or not properties in this area of Sussex are still being sold at or little below peak..

Edited by rod_hull

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We've just had a valuation carried out by Colleys for a mortgage application with Halifax.

The colleys valuation has come back 20% lower than our independent home buyers report valuation.

Were now going to struggle to get the mortgage we wanted.

The property is based in a nice rural area of West Sussex where average house prices of this type are around the £225k mark.

Infact the house next door sold last Sept for £226k.

The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

Im looking to get this figure revised by them, and was wondering if anyone else has encountered such a problem with this company...

I am in West Sussex. Homes actually selling (which is not many now) have tended to be agreed at about 15-20% below asking price. Then on top of that many mortgages require a 20% or more deposit. That way the lender is 40% covered against the coming price falls, which will be 25-40% when finished.

My advice is that if you don't have an overidding reason to buy just now, then stay away. Things could change suddenly and to some unexpectedly. Try this possbility

http://www.stealthstocksonline.com/index.aspx?page=Video122410&r1=V030511&dc=JM001

Edited by plummet expert

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I have not had any problems with Colleys/Halifax but maybe I've bought at values they like, which have been lower than the recent transactions which may have been over the valuation. You say you had an independent valuation done, so I instantly think why did you have that done and who did it, since doing valuation twice seems like a thorough waste of cash.

We've just had a valuation carried out by Colleys for a mortgage application with Halifax.

The colleys valuation has come back 20% lower than our independent home buyers report valuation.

Were now going to struggle to get the mortgage we wanted.

The property is based in a nice rural area of West Sussex where average house prices of this type are around the £225k mark.

Infact the house next door sold last Sept for £226k.

The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

Im looking to get this figure revised by them, and was wondering if anyone else has encountered such a problem with this company...

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First one was a RICS survey and valuation kindly paid for by a relative...

The Colleys one we had to pay for when we applied for the mortgage - Which by the way is under 100k with a 30% deposit.

Im all for HPC and been holding off buying for years in hope prices will drop, ive got a growing young family squeezed into a 2 bed rented flat... Pisses me off for Colleys to state a 3 bed semi in Mid Sussex go for between £130k - £160k fu@king clowns - I wish this were true then maybe there wouldn't be so famlies like mine living in substandard rented accommodation saving their hard earned for depsoits.

I have not had any problems with Colleys/Halifax but maybe I've bought at values they like, which have been lower than the recent transactions which may have been over the valuation. You say you had an independent valuation done, so I instantly think why did you have that done and who did it, since doing valuation twice seems like a thorough waste of cash.

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First one was a RICS survey and valuation kindly paid for by a relative...

The Colleys one we had to pay for when we applied for the mortgage - Which by the way is under 100k with a 30% deposit.

Im all for HPC and been holding off buying for years in hope prices will drop, ive got a growing young family squeezed into a 2 bed rented flat... Pisses me off for Colleys to state a 3 bed semi in Mid Sussex go for between £130k - £160k fu@king clowns - I wish this were true then maybe there wouldn't be so famlies like mine living in substandard rented accommodation saving their hard earned for depsoits.

well they (the banks) have the money and they say what is the price; not the seller or the buyer anymore ...

if majority of the banks have the same view then this is the new price ...

perhaps the houses sell for more as the people top up the mortgage with the savings ... but this is quite silly ...

it just seems that the property market is finally deflating and the banks are ahead of the curve ... what is reasonable ..

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First one was a RICS survey and valuation kindly paid for by a relative...

The Colleys one we had to pay for when we applied for the mortgage - Which by the way is under 100k with a 30% deposit.

Im all for HPC and been holding off buying for years in hope prices will drop, ive got a growing young family squeezed into a 2 bed rented flat... Pisses me off for Colleys to state a 3 bed semi in Mid Sussex go for between £130k - £160k fu@king clowns - I wish this were true then maybe there wouldn't be so famlies like mine living in substandard rented accommodation saving their hard earned for depsoits.

I have to agree, depending on where in sussex, you would still struggle to find a semi for that money. i have seen some ex authority places in some of the larger towns needing work drop from about £200k at peak to £150k. But semi in decent area, nope. Which town?

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I have to agree, depending on where in sussex, you would still struggle to find a semi for that money. i have seen some ex authority places in some of the larger towns needing work drop from about £200k at peak to £150k. But semi in decent area, nope. Which town?

Village just South of Horsham (Dont want to give the exact name)

Very nice rural location, small village primary school, quaint shops etc and very little in the way of any house price reductions just yet.

Edited by rod_hull

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Well I know most of the areas there and something seems a miss as no you can't buy at that price. Do you know the pre bubble prices there say 04 ??

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The colleys surveyor reports that houses of this type and in this area are valued at £130k - £160k... Utter nonesense !

A quick check on the land registery shows the last time and identical house in the same road was sold for £130k was back in 2002.

Given that prices are back at 2004 level according to the latest Halifax figures, £160k doesn't sound unreasonably low.

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Seems a bit strange. Call the surveyor and ask to speak to him, ask why its come out so low and what the problems are with the house and what he's basing his valuation on, and what his view of the comparable transactions are. Record the conversation (can you do this at work or using Skype?) and send the recording to Halifax. Sneaky and technically illegal but worth a try, its 100% likely that the surveyor will say something outside their remit and favourable for valuation purposes or rather discrediting their own valuation. Good luck, I have not experienced the same with Halifax valuations.

First one was a RICS survey and valuation kindly paid for by a relative...

The Colleys one we had to pay for when we applied for the mortgage - Which by the way is under 100k with a 30% deposit.

Im all for HPC and been holding off buying for years in hope prices will drop, ive got a growing young family squeezed into a 2 bed rented flat... Pisses me off for Colleys to state a 3 bed semi in Mid Sussex go for between £130k - £160k fu@king clowns - I wish this were true then maybe there wouldn't be so famlies like mine living in substandard rented accommodation saving their hard earned for depsoits.

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Seems a bit strange. Call the surveyor and ask to speak to him, ask why its come out so low and what the problems are with the house and what he's basing his valuation on, and what his view of the comparable transactions are. Record the conversation (can you do this at work or using Skype?) and send the recording to Halifax. Sneaky and technically illegal but worth a try, its 100% likely that the surveyor will say something outside their remit and favourable for valuation purposes or rather discrediting their own valuation. Good luck, I have not experienced the same with Halifax valuations.

Actually, it's not illegal to record 'phone calls. As long as ONE person in the call knows it is being recorded (ie you), it's not illegal. If you choose to, you can tell the other party too, but that's optional. Using a phrase like "so, for the record then, ..." is enough and is what I normally do. You're telling him you are making a record of the call. He may assume it's a written record, but it's actually an audio record. His fault for assuming that - if he asks then of course you should make it clear. But at the end of the day as long as one party in the 'phone call knows it's being recorded, then merely making the recording is not illegal.

When using a recording as evidence in a court of law, that's a different matter. Perhaps this is what you were mixing it up with. In those cases, both parties have to know it was being recorded otherwise the evidence is inadmissible. But we're only considering using the recording to send to Halifax, so that's no problem here.

HTH :rolleyes:

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Given that prices are back at 2004 level according to the latest Halifax figures, £160k doesn't sound unreasonably low.

It does when compaired to recent local sale prices on the land registery - plus he's valued it much lower £160k

Edited by rod_hull

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  • 312 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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