price for new build

telford6258 · 19th April 2010, 21:31

HI We have just agreed to pay £150 grand for a house in sheffield and we have just had it valued at £140 grand off nationwide, now they are contesting this, I am just wondering if any other people have had there new build de-valued and what was the out come.

newhomebuyer- · 26th July 2010, 22:16

Hi, we are in the same boat! We reserved £10,000 higher than our valuation price. Before signing anything they told us that we shouldn't worry about our mortgage application or valuation as they would either honour the valuation price or challenge the valuation company (which now they are doing neither after contesting it for over 5weeks).

Now we don't know what we can do! They told us we can either take it or just back out and they will give our reservation fee back. But we don't want to just back out after putting so much planning and heart into our potential first home over the past 4month! Also we would lose thousands in our mortgage application, valuation and legal fees!!

What site did you reserve on and what type of property is it?

We feel so cheated about the whole situation and wish there is someone that can help us I know they have honoured a lot of undervalued properties in the past, but "that was in different economic climates though".

Also we just did some research and less than a year ago the house we are buying were sold for £30,000 cheaper!! I am sure the property market has not gone up that much!

Apparently all the other houses are valued alright, but I am sure there are many more people like us than they are letting on!

newhomebuyer- · 26th July 2010, 22:19

Quote:

Originally Posted by telford6258

HI We have just agreed to pay £150 grand for a house in sheffield and we have just had it valued at £140 grand off nationwide, now they are contesting this, I am just wondering if any other people have had there new build de-valued and what was the out come.

Just noticed you posted this a little while back. Have you heard anything since then?

Ginger22 · 6th August 2010, 21:24

Re Valuations of all properties nationwide. Surveyors are valuing down all properties in my experience. I have two specific personal examples and have heard generally that valuing down is happening throughout the country. It seems one of the ways that banks can keep their money. This is not just happening with new build. Also the lending institution will say that you cannot challenge valuation.