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michael24

Buying New Build (Valuation)

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Hi,

I put an offer in for a new build which was subsequently valued as part of the mortgage application.

The valuation came back at exactly the price I had offered (surprise, surprise!), however, the valuer had incorrectly valued the house with 2 parking spaces when it only has one. I asked the valuer to revalue it and the valuation came back at exactly the same value but now with only 1 parking space.

Does these seem right? I understand the valuer is probably playing it safe but surely a parking space should have a material impact on the value of house and hence either he valued it incorrectly to begin with or he is valuing it incorrectly now. Otherwise, what is the point of the valuation?

Thanks.

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Hi,

I put an offer in for a new build which was subsequently valued as part of the mortgage application.

The valuation came back at exactly the price I had offered (surprise, surprise!), however, the valuer had incorrectly valued the house with 2 parking spaces when it only has one. I asked the valuer to revalue it and the valuation came back at exactly the same value but now with only 1 parking space.

Does these seem right? I understand the valuer is probably playing it safe but surely a parking space should have a material impact on the value of house and hence either he valued it incorrectly to begin with or he is valuing it incorrectly now. Otherwise, what is the point of the valuation?

Thanks.

Yup, I'd be questioning that as well. It may depend a little on things like parking in your area, how it is controlled, is your parking space in a locked area etc.

Was finance by your own bank or through a party arranged by the seller/EA?

Good luck.

Edited by Flopsy

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i wonder what would make a valuer state that a property is not worth the value it is being sold at as remember they only check the value against what the bank is lending you and not your purchase price, ive not come across anyone reporting that a valuer has undervalued a property but i have seen stories of people no longer being able to sell a property for the amount it was purchased

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  • 242 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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