Author Topic: First Time Seller! - Questions re Mortgage Valuation  (Read 531 times)

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First Time Seller! - Questions re Mortgage Valuation
« on: August 10, 2021, 01:35:16 pm »
I am a first time seller (eeek). My Flat I bought in 2015 for £155,000...... I have just sold it for asking price £180,000 but I am hearing some horror stories of down valuing! I have a surveyor coming on behalf of the lender next week and am worried this will happen to me.

What sort of things do these people look for? in terms of comparable the last flat that sold in my block was for £160,000 in December 2020, there is a similar block to ours in the neighbouring road however prices in that road are cheaper for some reason!

Anyone I can pm too would be greatly appreciated... this is all new to me :)

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Re: First Time Seller! - Questions re Mortgage Valuation
« Reply #1 on: August 19, 2021, 05:06:10 am »
Given your property has gone up in value £25,000 in six years that's just 16% or 3% rise per year, I dont think the valuation will down value it.
Unless................  you have poor leasehold terms such as doubling ground rent or have cladding or fire safety works required and a big bill of several thousand is coming.

I hope it all goes through OK and steer clear of any leasehold home next time!
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