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Post by cammytkd on Nov 4, 2014 21:52:38 GMT
We went with Santander and got devalued for the second time, first was natwest. Went back to Harron homes and got £10000 off price. All worked out well in the end. Are you sure you got £10k off the house price? And not as contribution toward extras? I had the exact same issue with my valuation and my mortgage was with the Halifax!!! The house was undervalued by between 21-26% and after numerous other issues with Harron Homes sales process, I was going to give it up as a lost cause but my wife really loved the house type. Completely agree with Nico's opinion on the valuers! Like previous many banks use the same/similar valuers so the same happened to a few HH properties. I wasn't/ couldn't change mortgages after HH's offered me £8k towards my extras (about half the value of the total). After agreeing to this, even the HH sales lady said I should have held out for getting all of my extras from HH - this annoyed me even more! I can dig out the valuers info if anyone's interested. But it is a sore issue with me as well. EDIT: The Valuer's name was 'Colleys'
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Post by bish on Nov 5, 2014 17:18:09 GMT
We went with Santander and got devalued for the second time, first was natwest. Went back to Harron homes and got £10000 off price. All worked out well in the end. Are you sure you got £10k off the house price? And not as contribution toward extras? I had the exact same issue with my valuation and my mortgage was with the Halifax!!! The house was undervalued by between 21-26% and after numerous other issues with Harron Homes sales process, I was going to give it up as a lost cause but my wife really loved the house type. Completely agree with Nico's opinion on the valuers! Like previous many banks use the same/similar valuers so the same happened to a few HH properties. I wasn't/ couldn't change mortgages after HH's offered me £8k towards my extras (about half the value of the total). After agreeing to this, even the HH sales lady said I should have held out for getting all of my extras from HH - this annoyed me even more! I can dig out the valuers info if anyone's interested. But it is a sore issue with me as well. Interesting to hear everyone's ecperiences. The reason for my original post was for a couple things. 1. I had some issues with our mortgage applications due to undervaluations. Halifax was terrible. They undervalued by a significant margin. Ended up with another lender. They undervalued by essentially deducting the incentives amount off of the value. Either way they both caused lots of problems and I ended up having to pay extra cash myself to make up for the shortfall. I was ready to throw the towel in too but my wife's heart was sold on the house. 2. If there were undervaluations I'm keen to understand what and how many due to future house prices for when we look to renew the mortgage in a couple years time. New builds generally suffer from sporadic valuations by their nature but also it is true that we are at a valuers mercy and some of them are power hungry and stubborn. For the sake of all of us I really hope that Harron, TW and Barrot all stick to their pricing model and don't discount their prices. Doing so will seriously mess our loan to value ratios when our current mortgage terms finish and we look for a new rate.
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Post by nicro on Nov 5, 2014 21:11:41 GMT
I'd say your paragraph 2 is spot on they are power Hungary and stubborn and we are all at the mercy of valuers , Halifax don't allow builder incentives on 90 percent ltv mortgages which is why I also had to cover the shortfall myself but I always say the value of something is only worth what peole are prepared to pay , I wouldnt have thought getting another 'fixed' on your mortgage would be a problem if your sticking to the same lender , I know I will be as mine runs out next October , I'm self employed and I can't be arsed to supply blood samples and shit samples and pay slips like I did before , no chance !!!!
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Post by richardlisa on Nov 5, 2014 22:31:21 GMT
Cammtkd It was off the house price, I do know how much I paid for it. We got nearly all our extras for free because we had already sold our other house and wasn't part exchanging so they give you more. It is easy to find out what people paid it's on the internet.
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Post by nightowl on Nov 5, 2014 23:34:50 GMT
Cammtkd It was off the house price, I do know how much I paid for it. We got nearly all our extras for free because we had already sold our other house and wasn't part exchanging so they give you more. It is easy to find out what people paid it's on the internet. Its a funny thing buying a new house. People will compare the different prices paid for the same house styles but not consider all the variables, the main one been time and market changes. If I had bought in the previous building phase in say 2013 I probably would have paid Harron a good £20k less for my new build, however, to put that in perspective, I only bought my previous house 18 months ago, and have part exchanged it for almost £40k more than I bought it for. So in effect I would have been worse off if I had tried to buy straight on to Waverley 18 months ago (despite prices being lower at the time). People wouldn't know that when they compare the price they paid in 2013 with the price I paid in 2014 if you know what I mean.... Its all relative... people who buy now have had their own previous properties longer for those to increase in value (or for them to modernise them to maximise profit). Harron and other builders will price them as high as they can manage, and so prices will have risen... although I guess occasionally they probably push the boundary too much and the mortgage market maybe knocks back and forces them to drop prices to the previous level until things have truly moved on? I dont know, its a complex beast! You just have to be happy with the deal YOU got, not worry what everyone else seemed to have got (as there may be more to it than just the price on the internet).
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Post by richardlisa on Nov 6, 2014 1:20:34 GMT
You have to remember that a house valuation is only an opinion and not fact, a house is only worth what you actually sell it for. Ours was devalued twice by a lot less than I thought the house worth that's why we still bought it. The £10000 off is what I asked for and got. The house was devalued by a lot more than this, but hopefully we are here for the long term so I was not that bothered by the valuation of others. It was about getting a deal that's all.
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Post by Deleted on Nov 6, 2014 9:08:45 GMT
I went with Halifax as I work for myself and I'd only been trading 18 months at the time - no one would touch me without 3 years accounts, apart from Halifax who were fine. I didn't have any hassle with their valuation either, they valued it at purchase price and were ok with the incentives we got - the rate was ok, not as good as HSBC, but better than no mortgage at all!
Yeah with new build you know the immediate sale value is going to be a fair amount less than you pay, but we are hoping to stay for a few years, so hopefully when we do move we won't lose anything, maybe just not gained a lot either. Until the development is finished you're never going to get anywhere near the newly build house prices, unless of course you offer your buyer some incentives and the house is fully loaded with options.
I imagine the builders will keep the prices the same, especially those around stamp duty thresholds and they will either make them smaller or lesser spec as standard to retain their margins. Who knows, I'm just looking forward to moving in a few weeks - I'll worry about what the house is worth if/when I come to sell it.
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Post by nicro on Nov 6, 2014 12:10:53 GMT
Tw homes on phase 2 are at least 20 grand more , apart from their smallest home which is the same price
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Post by highonthehill on Nov 6, 2014 13:29:42 GMT
There's also something called the 'new build premium' - the price you pay for the privilege of living in a house nobody else has lived in before - this can be up to 10% of the asking price.
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Post by cammytkd on Nov 7, 2014 14:42:21 GMT
Cammtkd It was off the house price, I do know how much I paid for it. We got nearly all our extras for free because we had already sold our other house and wasn't part exchanging so they give you more. It is easy to find out what people paid it's on the internet. Richardlisa, Well done in negotiating that price off. But I am really surprised that your builder let that through. Now that top value will be registered and could potentially affect the sales price of all future sales of your house type and range. During my discussions with HH, Halifax and my solicitors - HH were adamant that they could not adjust the sale price. I even spoke to the gentleman who inspected my property and gave the valuation - his attitude was that for the price, I could get an equivalent house in Sheffeild or Rotherham, in a well established and desired area. Like it has been said already in this Thread - it is based on the so called 'expert opinion' of the valuers, but they are trying to compare the old properties with these New builds, in a brand new village/township. Even the house type plays a factor, because ours was a new house type and Waverley was only the second time that HH had built this style.
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Post by richardlisa on Nov 7, 2014 23:21:13 GMT
Cammtkd It was off the house price, I do know how much I paid for it. We got nearly all our extras for free because we had already sold our other house and wasn't part exchanging so they give you more. It is easy to find out what people paid it's on the internet. Richardlisa, Well done in negotiating that price off. But I am really surprised that your builder let that through. Now that top value will be registered and could potentially affect the sales price of all future sales of your house type and range. During my discussions with HH, Halifax and my solicitors - HH were adamant that they could not adjust the sale price. I even spoke to the gentleman who inspected my property and gave the valuation - his attitude was that for the price, I could get an equivalent house in Sheffeild or Rotherham, in a well established and desired area. Like it has been said already in this Thread - it is based on the so called 'expert opinion' of the valuers, but they are trying to compare the old properties with these New builds, in a brand new village/township. Even the house type plays a factor, because ours was a new house type and Waverley was only the second time that HH had built this style. It seems most houses have been devalued, I also know of a few people that had money knocked of the list price. So there is movement from the builders. Harron said they would pay my stamp duty as well, but when I check they had deducted it from the agreed sale price!!!
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Post by nightowl on Nov 7, 2014 23:52:19 GMT
Richardlisa, Well done in negotiating that price off. But I am really surprised that your builder let that through. Now that top value will be registered and could potentially affect the sales price of all future sales of your house type and range. During my discussions with HH, Halifax and my solicitors - HH were adamant that they could not adjust the sale price. I even spoke to the gentleman who inspected my property and gave the valuation - his attitude was that for the price, I could get an equivalent house in Sheffeild or Rotherham, in a well established and desired area. Like it has been said already in this Thread - it is based on the so called 'expert opinion' of the valuers, but they are trying to compare the old properties with these New builds, in a brand new village/township. Even the house type plays a factor, because ours was a new house type and Waverley was only the second time that HH had built this style. It seems most houses have been devalued, I also know of a few people that had money knocked of the list price. So there is movement from the builders. Harron said they would pay my stamp duty as well, but when I check they had deducted it from the agreed sale price!!! The vast majority of people I've heard from had no issues with valuations. The few who did seemed to get round it by incentives... For example thrown in extras which meant they could then use their own cash in the purchase to lower the mortgage requirement. You were the first person I'd heard from who had money off the top line to be honest. Interested to know when you bought as I know a couple who've bought the 3 storey terraces from Harron recently for over 200k top line and valuation went through, but sure they were going for about 170k just over a yea ago. That seems to indicate the markets doing fine at the moment. If lots were being undervalued, I don't see how the top line prices could have risen by 20 to 30k or no one would ever get a mortgage....
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Post by nightowl on Nov 7, 2014 23:55:06 GMT
Richardlisa, Well done in negotiating that price off. But I am really surprised that your builder let that through. Now that top value will be registered and could potentially affect the sales price of all future sales of your house type and range. During my discussions with HH, Halifax and my solicitors - HH were adamant that they could not adjust the sale price. I even spoke to the gentleman who inspected my property and gave the valuation - his attitude was that for the price, I could get an equivalent house in Sheffeild or Rotherham, in a well established and desired area. Like it has been said already in this Thread - it is based on the so called 'expert opinion' of the valuers, but they are trying to compare the old properties with these New builds, in a brand new village/township. Even the house type plays a factor, because ours was a new house type and Waverley was only the second time that HH had built this style. It seems most houses have been devalued, I also know of a few people that had money knocked of the list price. So there is movement from the builders. Harron said they would pay my stamp duty as well, but when I check they had deducted it from the agreed sale price!!! When you say they deducted it from the sale price (stamp duty), that must mean you had to pay it yourself then? As someone has to pay it?
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