house valuing "scam" (easylife)
Discussion
I've just had my house valued by the prospective purchaser's valuer, a "respected" firm in gosforth, newcastle. the bloke was here for all of 3 minutes (yes I did count 
)and that was it!!! Now I happen to know that the company I work for would have charged £280 + £150 admin for that!!!! All he did was have a quick shufti in the lounge, study, master bedroom & kitchen - as if that puts him in a position to state the property is structurally sound!
I can't help thinking this is a bit shoddy - whaddaya reckon?
)and that was it!!! Now I happen to know that the company I work for would have charged £280 + £150 admin for that!!!! All he did was have a quick shufti in the lounge, study, master bedroom & kitchen - as if that puts him in a position to state the property is structurally sound! I can't help thinking this is a bit shoddy - whaddaya reckon?
We had our house valued a year or so ago for a re-mortgage. We had to pay £115 (paid back if we went with the deal) The bloke was on site for 8 minutes. Spent a while before hand looking for the property as our road "was not on his map" It has been there for 10 years! Having looked aroound he suggested a value. My wife suggested he was talking bo!!ocks So he said he would pop into town and look in some estate agents windows to get a feel for the area! Utter sh!te in my opinion. The alleged "expert" clearly knew nothing about the area at all. Total waste of time & money really.
Jon H
Jon H
Not that I am speaking in defence of valuers but once you have added travelling time, travelling costs, possible research, secretary's time in typing up the report plus overheads it soon mounts up. Even though the valuer may only be there for a few minutes there is more work involved.
Many people are under the misconception that the valuer does a full survey - not so - they are only checking that the purchaser is paying the right amount for the property. Protecting the lender's interests and ensuring nothing fraudulent is occurring.
Many people are under the misconception that the valuer does a full survey - not so - they are only checking that the purchaser is paying the right amount for the property. Protecting the lender's interests and ensuring nothing fraudulent is occurring.
Any time I've a valuer round (for re-mortgage etc) they've been in for 1 or 2 minutes then ask me what I've told the building society or bank I think it's worth. Then, surprise, surprise when I get my response from the bank they tell me the value is just as I predicted !!. Why didn't the tosser just stay in his office and give me a call "Hi there I have to value you your house - how much is it worth then - OK thanks I'll use that value "
Nonsense.
Nonsense.
When I bought my house four and a half years ago the surveyor came up with a value of 215,000 - 30,000 below the agreed price. I wasn't best pleased but as the mortgage was 195,000, it didn't stop us buying.
However, I take your point about knowing the area - I mean, I know Isleworth ain't exactly Richmond but it's not next to a slagheap. I would think a six bed house with two garages anywhere in the M25 would be worth way more than what I paid for it, not less.
However, I take your point about knowing the area - I mean, I know Isleworth ain't exactly Richmond but it's not next to a slagheap. I would think a six bed house with two garages anywhere in the M25 would be worth way more than what I paid for it, not less.
The person who valued the house I bought last year didn't even come inside. Just did a "drive-by" - apparantly this is to ensure that the house exists and the mortgage company are only interested in knowing if it is worth the amount they are lending. I was borrowing £100k for a £145k house, so even if it was only "worth" £120k, the C&G still have their liability covered. 4 months later, it's worth £160k!! Crazy housing market... don't know how first time buyers can do it anymore.
miniman said: The person who valued the house I bought last year didn't even come inside. Just did a "drive-by" - apparantly this is to ensure that the house exists and the mortgage company are only interested in knowing if it is worth the amount they are lending. I was borrowing £100k for a £145k house, so even if it was only "worth" £120k, the C&G still have their liability covered. 4 months later, it's worth £160k!! Crazy housing market... don't know how first time buyers can do it anymore.
they can't! I should know im trying to sell 2 x 1 bed houses.....NOTHING!
miniman said: The person who valued the house I bought last year didn't even come inside. Just did a "drive-by" - apparantly this is to ensure that the house exists and the mortgage company are only interested in knowing if it is worth the amount they are lending. I was borrowing £100k for a £145k house, so even if it was only "worth" £120k, the C&G still have their liability covered. 4 months later, it's worth £160k!! Crazy housing market... don't know how first time buyers can do it anymore.
We're upto £220,000 for a three bed semi with a garage in a "non estate location". I bought it in 1999 for £95K!
They want £115K for a one bed house in Thame now and £125K for a two bed maisonette.
rich-uk said:
miniman said: don't know how first time buyers can do it anymore.
We can't
Here here. Hey rich, wanna go halves on a double garage with space out back for a couple of tents?? I should just about be able to afford it.
Oh no, spoke to soon. The price just increased...
...and again...
rich1231 said: Alun, though prices are high money is cheap so the monthly repayments are likely to be at their lowest in living memory. Its too simplistic to just complain about prices. £115k on a good discounted rate is only £350 to 400 a month.
and if the intrest rate starts moving up then trouble starts and after the discount period the repayments rocket
Excellent idea
Alun, though prices are high money is cheap so the monthly repayments are likely to be at their lowest in living memory. Its too simplistic to just complain about prices. £115k on a good discounted rate is only £350 to 400 a month.
Yes, but you can't borrow enought to buy (4.5 tims your annual salary at the most), so ven if you could afford the repayments on the cheap interest rates, no lender will give you enough to buy 1st time unless you earn a shitload...
Fatboy,
this is going to sound very harsh but there is no automatic right to own property. Individuals are able to make a judgement based on circumstance on whether they can afford to purchase or rent in the current market conditions. Money is very cheap at the moment and likely to get even cheaper. There is no way to keep prices down when this and other factors are introduced.
this is going to sound very harsh but there is no automatic right to own property. Individuals are able to make a judgement based on circumstance on whether they can afford to purchase or rent in the current market conditions. Money is very cheap at the moment and likely to get even cheaper. There is no way to keep prices down when this and other factors are introduced.
Money going to get cheaper ? Not the historical trend. The problem with the market ATM is that the whole model is predicated on FTBs being able to buy and propping up the property ladder. Take them away and the ladder falls over. Make no mistake we're in a bubble and it's going to burst soon-footfall at London agents is already at a 10 year low ATM, the figures only look good because prices are sooooo high.
I heard that new mortgage business (50%+)was due to existing homeowners buying additional properties to try and offset the decline in pensions from the stockmarket downturn.
Its all going to turn sour soon when new taxes start taking chunks out my paypacket - NI, Council Tax and any other tax the govt can push through.
First time buyers aint got a hope
Its all going to turn sour soon when new taxes start taking chunks out my paypacket - NI, Council Tax and any other tax the govt can push through.
First time buyers aint got a hope
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