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Mancunian284

New build downvalued

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However, the mortgage valuation was £290,000, leaving a large shortfall, so I had to apply to a different lender hoping to get the right valuation. This I managed to do.

Dozy pillock.

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I’ve since put in an offer on another property and have had to pay another reservation fee and legal expenses so am short of funds.

If £1300 owed makes you 'short of funds', perhaps you should think again about a £330k flat?

Jeezus, the world is MAD!

Edited by Cosmic Apple

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2 minutes ago, Cosmic Apple said:

Dozy *****. (No the * word doesn't begin with B, its P :))

I know, I was thinking lucky escape rather than all these surveyors must be wrong.  Still a way to go before mass sentiment turns negative I think.

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Shortly before we were due to exchange in April, the selling agent, Savills, said that since too many lenders were undervaluing the properties, the developer had decided to sell in blocks to investors.

So, essentially the developers / agents realised the surveyors were on to their grossly inflated prices and decided to get shot instead to a bunch of (presumably cash-buying, so non-mortgaged / value checking) greater fools - enter the "investors" buying into an already deflating market at an ever more grotesquely over-valued sum.

Other than the scumbag developers getting their obscene asking prices (assuming they've not had to drop the prices somewhat to incentivise the bulk sale) this seems like a win/win - the original intended victim gets away scott-free while a bunch of invester-idiots are lining up to lose the shirts off their backs. Good stuff 😛

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8 minutes ago, ftb_fml said:

So, essentially the developers / agents realised the surveyors were on to their grossly inflated prices and decided to get shot instead to a bunch of (presumably cash-buying, so non-mortgaged / value checking) greater fools - enter the "investors" buying into an already deflating market at an ever more grotesquely over-valued sum.

Other than the scumbag developers getting their obscene asking prices (assuming they've not had to drop the prices somewhat to incentivise the bulk sale) this seems like a win/win - the original intended victim gets away scott-free while a bunch of invester-idiots are lining up to lose the shirts off their backs. Good stuff 😛

Jeremy Hunt was probably one of them.

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5 minutes ago, FabulousSophie said:

Jeremy Hunt was probably one of them.

That would be wonderful, however I think he deserves a much worse fate than losing a small amount of his enormous wealth.. come the revolution I think his head is amongst the most deserving of being mounted atop a pike.

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2 hours ago, ftb_fml said:

That would be wonderful, however I think he deserves a much worse fate than losing a small amount of his enormous wealth.. come the revolution I think his head is amongst the most deserving of being mounted atop a pike.

No tears would be shed from me if something was to befal the corrupt, evil, scumbag! 

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Why are so many of these new build schemes called the something quarter...it sounds naff. And shouldn't there be four? How many quarters does London or Manchester Have???

I can suggest some names for the four quarters..

The Overpriced Quarter

The Future Slum Quarter

The Foreign Owned Quarter

The Jerry Built Quarter

The Fifth Quarter

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9 hours ago, Mancunian284 said:

I’ve seen a few of these articles over the last month or so, seems to be getting more common.

Battersea Powerstation sold a hundred+ flats in two days at the start of the year.

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However, it tells the Observer it halted sales to individuals to “achieve a sale in a single transaction” rather than achieve a higher price.

It declines to specify how many buyers have been affected, stating that it’s a “small number”

I think that line tells you all you need to know. 

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Developers are already cheating when it comes to pricing. They offer to pay the stamp duty and also free furniture with new flats sold.

This means the buyer effectively pays, for example, £610k for a 2 bed flat but the land registry has the sold price recorded at £630k.

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16 hours ago, dropbear said:

Developers are already cheating when it comes to pricing. They offer to pay the stamp duty and also free furniture with new flats sold.

This means the buyer effectively pays, for example, £610k for a 2 bed flat but the land registry has the sold price recorded at £630k.

More importantly, having your STLD & furniture paid for by the dev allows you to put together a larger deposit, to get an even larger mortgage.

Mortgage providers should see right through it and value the property as-is, ignoring any perks - it's their money and their risk after all - but it only takes one to accept the face value.

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40 minutes ago, kibuc said:

More importantly, having your STLD & furniture paid for by the dev allows you to put together a larger deposit, to get an even larger mortgage.

Precisely - hence the SDLT reductions recently to 'help hard working young families get on the housing ladder' but which just so happens works to support prices...look for the outcomes of policy.

Edited by Wayward
hate typos

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6 hours ago, kibuc said:

More importantly, having your STLD & furniture paid for by the dev allows you to put together a larger deposit, to get an even larger mortgage.

Mortgage providers should see right through it and value the property as-is, ignoring any perks - it's their money and their risk after all - but it only takes one to accept the face value.

And if 3 other flats in the building have sold for the inflated price, the valuer would have a hard time making an argument for its true value.

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here's a tale for you and I guess this is the best place for it

 

The reason I said it would be a drop ( the Halifax data ) is that when I spoke to my wife yesterday, she'd seen 2 of her friend and independently, both of them said their friends who are selling their house both had the valuations come in at 10% below the agreed sale price and one of then ( a real property bull, too young to know any better ) declared that house prices are falling !!!!

Significant I feel.

The end is nigh.

Totally anecdotal but 100% true.

These were not new builds AFAICT

Anyone else hearing this ?

 

Edited by TheCountOfNowhere

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15 minutes ago, TheCountOfNowhere said:

here's a tale for you and I guess this is the best place for it

 

The reason I said it would be a drop ( the Halifax data ) is that when I spoke to my wife yesterday, she'd seen 2 of her friend and independently, both of them said their friends who are selling their house both had the valuations come in at 10% below the agreed sale price and one of then ( a real property bull, too young to know any better ) declared that house prices are falling !!!!

Significant I feel.

The end is nigh.

Totally anecdotal but 100% true.

These were not new builds AFAICT

Anyone else hearing this ?

 

Will those sellers just wait until other buyers come along who can pay cash and therefore don't need valuations, or alternatively wait for other buyers who have surveyors willing give the 'correct' valuations? Having seen the length of time people are now willing to hold out for their desired prices, I would reckon many are willing to hold out forever. Getting their desired price seems to trump all other considerations

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14 minutes ago, FabulousSophie said:

Will those sellers just wait until other buyers come along who can pay cash and therefore don't need valuations, or alternatively wait for other buyers who have surveyors willing give the 'correct' valuations? Having seen the length of time people are now willing to hold out for their desired prices, I would reckon many are willing to hold out forever. Getting their desired price seems to trump all other considerations

We're at the point, like in 2007, people need to sell.  

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2 minutes ago, TheCountOfNowhere said:

We're at the point, like in 2007, people need to sell.  

Why do they need to sell? For many their 'need' to get their desired price seems to be a higher priority than their need to sell.

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25 minutes ago, FabulousSophie said:

Why do they need to sell? For many their 'need' to get their desired price seems to be a higher priority than their need to sell.

Divorce/Death/Debts

They've been stacking up for a decade now.

When the economy turns Divorce and Debts are the driving forces.

As mortgage rates rise a generation will be in a lot of do do.

Good trolling tho FS.

 

The 3 Bs.

Blocked.  Bye. Bye.

 

Edited by TheCountOfNowhere

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1 minute ago, TheCountOfNowhere said:

Divorce/Death/Debts

They've been stacking up for a decade now.

When the economy turns Divorce and Debts are the driving forces.

As mortgage rates rise a generation will be in a lot of do do.

Good trolling tho FS.

 

I'm not trolling. I think the sellers who hold out for mickey mouse prices are greedy fantasists. But they do exist in large numbers. I would even say there are some who would prefer to hold on to a joint home after divorce if they cannot achieve their desired price. And some who would even bend or break probate law, if they cannot get their desired price during the probate period. Debt is another matter, but since IRs are so low, the vast majority of people seem to be able to afford their mortgages. 

I can see the housing market splitting in two. On the one hand, there will be the fantasy market, and on the other hand there will be the real market. It's the proportion of homes in each that is key. At present most properties are in the fantasy market.

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21 minutes ago, TheCountOfNowhere said:

Divorce/Death/Debts

They've been stacking up for a decade now.

When the economy turns Divorce and Debts are the driving forces.

As mortgage rates rise a generation will be in a lot of do do.

Good trolling tho FS.

 

The 3 Bs.

Blocked.  Bye. Bye.

 

Why call FS a troll - patently not many people need to sell so fantasy prices rule. We STR in 2007 and bought in late 2009, did the same thing in July last year and because rent is so expensive downsized a little and bought back in just now. IO £400 a month on 4 bed detached house as opposed to £1700 on a three bed semi. 

There are a fraction of the houses in our bracket in the same search area as there were 10 years ago. As FS said the majority of people are greedy fantasists but whatever reason they don't have to sell.

Interest rates aren't going up in a hurry and judging by my neighbours we aren't surrounded by hordes of EU citizens about to go home.

The economy will turn of course but the under lying pressures in desirable areas just don't seem to be there.

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9 minutes ago, GregBowman said:

Why call FS a troll 

After 10 years of these ****s trying to take the p*ss, one gets a feel for it.

Greg, 10 years, 2 house purchases, massive profit no doubt.

Excuse me if I dont take your advice, I am big enough to make my mind up on a poster.

Explain to me why you're here, still ?

Thanks.


Perhaps Bruce would like to comment ?

Bruce Banner

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"So many crocodiles, so many tears."

 

Edited by TheCountOfNowhere

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7 minutes ago, GregBowman said:

Interest rates aren't going up in a hurry and judging by my neighbours we aren't surrounded by hordes of EU citizens about to go home.

 

https://www.moneysavingexpert.com/news/mortgages/2018/04/mortgage-rates-are-rising---if-youre-considering-remortgaging-act-now

 

Mortgage rates are rising - if you're considering remortgaging act NOW

:rolleyes:

Higher mortgage rates are a consequence of the US raising rates and the Term Funding ends

When  they reintroduce that then the chances are a) mortgage rates will go down again and b) The £ will collapse.

 

 

Edited by TheCountOfNowhere

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24 minutes ago, TheCountOfNowhere said:

https://www.moneysavingexpert.com/news/mortgages/2018/04/mortgage-rates-are-rising---if-youre-considering-remortgaging-act-now

 

Mortgage rates are rising - if you're considering remortgaging act NOW

:rolleyes:

Higher mortgage rates are a consequence of the US raising rates and the Term Funding ends

When  they reintroduce that then the chances are a) mortgage rates will go down again and b) The £ will collapse.

 

 

 

It takes a long time for people to get really upset about rising house prices.  A good proportion that reduces over time may even be happy with it.

It takes a very short time for people to get really nastily aggressive about rising food a fuel prices.  This is the kind of angry that causes riots etc.

In essence you can ****** about with house prices but I would never do so with food and fuel.

We look like we are fast approaching that point of are we willing let that genie out of the bottle just to keep houses expensive?

 

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2 hours ago, TheCountOfNowhere said:

After 10 years of these ****s trying to take the p*ss, one gets a feel for it.

Greg, 10 years, 2 house purchases, massive profit no doubt.

Excuse me if I dont take your advice, I am big enough to make my mind up on a poster.

Explain to me why you're here, still ?

Thanks.


Perhaps Bruce would like to comment ?

Bruce Banner

  • Bruce Banner
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"So many crocodiles, so many tears."

 

Because it gives me added economic info other than just property and I wouldn't have changed my spending habits to maximise said gains without that advice (though most of my 'wealth' has been earnt through creating a business and jobs)

Bit touchy aren't we fella ? There was a great line in Episodes recently ' There is a reason no one ever says go hug the messenger' 😂

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  • 301 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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