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Landlord Getting Someone From The Bank Over

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Had a voicemail from landlord saying somebody from the bank coming round... valuation or insurance or something (he was a bit vague).

In what situation would a house need to be valued?

Sale

Remortgage

Any more?

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Checking if he's violating the mortgage LTV?

Where are you in the country?

Edited by Si1

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Third candidate: loan to do major works and improve the place for you?

Here's a thought. I recently made an offer to buy a house. Because I can't get a mortgage, it was limited to what I can manage in cash - so no question of letting them haggle me upwards. Got a response that because my offer would put the vendor into negative equity, she had to get the bank's permission and that would take time. Perhaps that's your landlord's situation?

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Er ... if he said insurance then I expect he meant insurance. You seemed uncertain on the subject, hence the scope for speculation.

He's very doddery and didn't seem to know what they were coming for ... would a bank ever need to visit a rented property in relation to insurance? He's not making a claim or anything so I can't see why they would.

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Third candidate: loan to do major works and improve the place for you?

Here's a thought. I recently made an offer to buy a house. Because I can't get a mortgage, it was limited to what I can manage in cash - so no question of letting them haggle me upwards. Got a response that because my offer would put the vendor into negative equity, she had to get the bank's permission and that would take time. Perhaps that's your landlord's situation?

But they did not reject your offer, did they?

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He's very doddery and didn't seem to know what they were coming for ... would a bank ever need to visit a rented property in relation to insurance? He's not making a claim or anything so I can't see why they would.

Is he being scammed?

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Our landlord had three estate agents around to our house to give him free valuations (for insurance purposes). We're thinking that as he's rather old he does need to sort out his inheritance tax situation. All the same we're realising that we'll be out at some point...

In your case I can't imagine why the bank would need to visit. Remortgage?

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But they did not reject your offer, did they?

I got the impression reading between the lines that she may have wanted neither to accept the offer nor to close the door on it altogether. Though of course she knows that if she does come back after consulting the bank, I might have moved on.

BTW, if she accepts it, she's taking a 19% loss on what the Land Registry says she paid in 2006.

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Is he being scammed?

Unlikely his wife is more "with it" and they own the house jointly.

I don't know if they have a mortgage on the property ... could own it outright. Perhaps they're using equity withdrawal to give 'em a deposit on another place.

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Releasing equity / remortgaging trying to add a couple more to their 'portfolio' before the extra 3% SDLT kicks in?

or

disposing of all / some of their properties before the rest of the BTL herd realise whats in store for them and rush for the exit?

As someone said - I don't think it would be rude to ask, both the people who come round (you'll want to check their ID / credentials anyway before letting them in) and the Landlord - not unreasonable to be worried / curious about your long term future / options (if they are thinking of selling they might want to offer it to you, or if they're buying they'll want settled happy longterm tennents in their existing hoard of other peoples homes).

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Just to say if it's a valuation it'll be a surveyor rather than someone from the actual bank. They might have their own surveyors department but it's just as likely to be an independent surveyor reporting to the bank.

Edited by billybong

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My landlord had the flat I'm in remortgaged earlier this year so the valuer paid a visit.

I found it was actually a good opportunity to chat with someone in the industry who's not a strong VI. He explained how the market went stupid the year before, he was booked up solid for weeks at a time but it had since abated to more normal conditions and he had a couple of suggestions of areas where he thought still offered reasonable value (one of them was Dover - no thanks!). Also, he asked a list of tick box questions about the flat, one of which was 'Is it furnished or unfurnished?' - an important question that the taxman would take some interest in.

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