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Found 21 results

  1. Hey, just looking for some advice/guidance....I have the opportunity to purchase a property at c. £110K cash (which I can do), its on the market for £150K, desktop valuation shows £149K, so definitely BMV. It is a 2yr old build surrounded by older properties, so at the top of the list in terms of value when compared to other local properties. There is no work/refurb needed, just a motivated seller - But, I dont want to leave all my cash tied up in the deal and therefore would look to mortgage the property at around the 6 month mark. My concerns:- How will I get t
  2. Hi all, A new member on here and my first time posting. I am one of the many people out there that is currently stagnant in the process of purchasing a property. I find myself in a new situation looking to purchase a second property, I recently received the Homebuyer Report back and the valuation of the property is significantly lower (12%) than what the market research that I have come across and utilised in this process indicates and what the mortgage lender surveyor has passed it at. I am yet to have a conversation with the surveyor to follow-up which I hope will shed mo
  3. Hi everybody, iv recently finished Renovating a property in hull that i bought 6 months ago, it was bought for 50k cash. the property was in a bad state. the improvements i made where to add gas to the property as it didnt have a gas connection and add a boiler and central heating system new kitchen new bathroom new flooring fix the damp problem new roof add double glazed windows to all windows painted and decorated there was a property on the same road a few doors down that went for 70k in august 2017 which had no gas as
  4. Hi Everyone After some advice and wonder if other investors have come up against the same issue and how they manged to get round to it. I am currently buying my 3rd investment property and the Valuation was completed last week. My broker called me today with the unfortunate news that the lender is not willing lend on the property and it is in a poor state of repair and has not been properly maintained and are deeming it 'un-lettable', therefore unwilling to give us a BTL mortgage. The property is very cluttered and does need a cosmetic update, however there is currently an owne
  5. Hello there, Re: How to calculate evaluation for a property that has been converted to flats when there are no other similar properties on the neighbouring streets I want to make an conditional offer (subject to building inspection survey) on a property that has been converted into a block of 5 studio apartments but I am hesitant as I don't know how the property would be valued by the bank. The property is based in Liverpool, postcode L7 and I will be using a mortgage. The gross income is £25,000 per annum and is fully tenanted. I have done the numbers and if my offer is accepted the
  6. Hello, I am planning to buy to let in Birmingham, hence I am looking for a good/trustworthy surveyor that will be able to (1) perform a solid structural survey, (2) give a fair valuation based also on local knowledge and (3) deliver the report in a timely fashion. A internet research returns only 2 potential candidates: - Marwood surveyors - Allcott Birmingham branch Has anyone had experience with any of them? Alternatively can you recommend a surveyor you were particularly happy with (here or private message) thanks in adv
  7. Hi, just a quick question. I am buying off plan at the moment. Completion due 1 year later. But exchange to be done in 28 days. My mortgage broker has adviced me not to exchange without a mortgage in place. Infact, they told me i cannot exchange without a mortgage in place. Is this true? I personally don’t think its true, as there are many people buying off plan. Second question is.... valuation of an off plan property? Nearer to the time of completion, i will instruct my broker to find me a mortgage. Which means, a surveyor will need to go to the property for a valuation. How can
  8. Hello all Can anyone recommend a surveyor/valuer in Sheffield, please? It's for a valuation for a remortgage. I was referred to Connells but apparently they don't cover Sheffield! And I'm looking for something a bit more authoritative than Zoopla... Many thanks
  9. I am considering selling my commercial property to a residential owner. My question is how to value. Obviously the annual rental value is part of the equation but how many years multiple on the rental would one use to reach a valuation? Thanks in advance
  10. Hi I have been made aware of an off market HMO opportunity in Coventry. The vendor is looking for a valuation of c.10 times the annual gross rental income. Is this reasonable?
  11. Hey everyone, I've recently moved up to Scotland and working on my first flip. Got what I think was a great deal on a property, added value and done what has worked for me down in England before where i'm positive I can sell for profit. The problem is, in Scotland (for those that don't know) it's the sellers responsibility to instruct a surveyor and get a home report (with valuation) before you market the property. This value significantly effects the eventual price the property sells for as lenders will only lend up to this value. So in short, has anyone go
  12. I am looking at an HMO in Hull. The numbers look good - 11% net yield . The asking price is 180,000 but when I look at Rightmove / Streetchecker the highest ever sale on the street is 100,000. The agent says that the seller can provide a RICS approved valuation on request. I am not familiar with this method of valuation . Does anyone have advice . Charlie
  13. Hi All, I'm interested to understand the strategy used by the majority (and minority for that matter) regarding valuations and the frequency of them. I've got a property letting at the moment, valued at £80,000, however the valuation was completed by a guy my mortgage advisor described as "ludicrously and famously stingy" and since then we've made some improvements, such as upgrading the 22 year old heating with a modern combi and upgrading the interior, largely with cosmetic changes. Obviously a re-valuation is going to be something I'll undertake in a couple of years to identify if I
  14. Hi Offer accepted on Ground floor flat (out of 2 flats), with a cellar used for storage. We have been going down the process for our first property and had the home buyers report back. There were 12 category 3's in need if urgent repair. 1 was about the boiler not having an up-to-date certificate which is not that bad. The main issues were: DAMP WET ROT BOUNDARY WALL IN GARDEN FALLING APART INADEQUATE SOUND INSULATION BETWEEN DOWNSTAIRS FLAT AND UPSTAIRS. ELECTRICS MAY NOT COMPLY WITH CURRENT STANDARDS AND NEED UPDATING. Damp: External walls, chimney breast, communal en
  15. Hi, I would like some advice regarding my consent to let property. Back in 2007 I bought my first property (bought for £106,000), it was a new build (off plan) one bedroom flat. In 2010 myself an my wife decided to buy a house together and due to not being able to sell the flat at a decent rate (valued at £85,000 - £97,000), decided to rent the flat out. The flat was changed from a 'residental mortage' to a 'consent to let mortgage' as The Norwich and Peterbough Building Society do not do 'buy to lets'. Since the crash of 2007 - 2008 I have expected the price to drop but gradually
  16. Hello, I have just got a Home Buyers Report and the valuation is exactly what I agreed to pay for the property. However I'm confident the property is BMV by approx 5-10k. How accurate are these valuations normally? Or do they play it safe and just go with what you paid like a banks valuation can often be? Thanks
  17. Hi all, I am in a bit of a pickle on my first property investment. The lender's valuation has come back £10k lower than my bid based on the prices of recently sold, similar properties in the area. Is there any first-instinct advice based on the above? Now for some more information: I can't make up the 10k shortfall and don't want to. The estate agent is going to contest the valuation today - he assures me that the valuation is accurate based on current prices. I see my options as 1) the valuation is contested and everything goes ahead as planned. 2) the valuation holds and I
  18. I bought a detached property, below market value, last year at £130k. I have a 75% LTV mortgage on a 3.75% two-year fix ending Dec 2016. I believe the property is worth in the region of £165-175k. What is the best way to get a better (60% LTV) mortgage? Any advice, as a first time landlord, is much appreciated. Thanks.
  19. The government announced that it will charge capital gains tax (CGT) on gains made by non-residents disposing of UK residential property, from April 2015. The charge will come into effect in April 2015 and apply only to gains arising from that date. Does anyone know how the value of your property will be determine on April 2015? Should a valuation of your property be assessed around this date? Any recommendations on the best way to do so? Thanks. DT
  20. Hi All, I have recently had an offer accepted on a 2 bed terrace house with loft room (no building regs, so couldn't be sold as 3-bed) for 375k However, after we commissioned an independent homebuyers survey, they have said that in their eyes, the property is worth 350k. They have also said that there would be damp problems (although not a great deal) that would need immediate attention. The bank has not been instructed yet, and I would like to now negotiate with the vendor for a reduction. But am a little worried about how to approach this, as we REALLY like the property, and wa
  21. Hi All Around 6 months ago I bought a buy to let property substantially below market value. (thank you RMP Property!) Purchase Price £73k Estimated Valuation now (6 month later) £115k I bought this property for cash with the view to remortgaging for the real value 6 months later. That day has now come and I am in the process of remortgaging to fund my next deal. Unfortunately the mortgage broker has come back to me after speaking to the lenders saying "Despite having owned and operated this property for 6 months the lenders will only consider the purchase price unless I have c
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