Rds1983 Posted November 18, 2020 VT Supporter Share Posted November 18, 2020 My FIL forwarded an interesting article about how crazy the market is at the minute and how prices are not aligned to valuations with sales collapsing. Don't know how genuine the numbers are as it's the Mail but thought I'd share. https://www.dailymail.co.uk/news/article-8952055/Property-market-panic-lenders-slash-thousands-pounds-value-homes.html Link to comment Share on other sites More sharing options...
AlwaysAVFC Posted November 19, 2020 Share Posted November 19, 2020 After thinking it would be the new build holding us up. It looks like that will be ready early part of December. Still waiting on a management pack for our sellers purchase. 1 Link to comment Share on other sites More sharing options...
tinker Posted November 19, 2020 VT Supporter Share Posted November 19, 2020 Be really tempting for sellers to up the price on agreed sales to try and split the stamp duty savings. The Daily mail report is all about tbe SE. Link to comment Share on other sites More sharing options...
Demitri_C Posted November 19, 2020 Share Posted November 19, 2020 1 minute ago, tinker said: Be really tempting for sellers to up the price on agreed sales to try and split the stamp duty savings. The Daily mail report is all about tbe SE. If mine did that i would have pulled out. Link to comment Share on other sites More sharing options...
tinker Posted November 19, 2020 VT Supporter Share Posted November 19, 2020 8 hours ago, Demitri_C said: If mine did that i would have pulled out. You would lose out on your half of the stamp duty. Suppose it depends on how much the new house is wanted . Link to comment Share on other sites More sharing options...
Demitri_C Posted November 19, 2020 Share Posted November 19, 2020 Might as well go for another property thats worth 10k less then Link to comment Share on other sites More sharing options...
Rds1983 Posted November 20, 2020 VT Supporter Share Posted November 20, 2020 21 hours ago, tinker said: Be really tempting for sellers to up the price on agreed sales to try and split the stamp duty savings. The Daily mail report is all about tbe SE. I suspect stamp duty has generally just been added on to sales from the off. It's a hyped up sellers market at the minute. Link to comment Share on other sites More sharing options...
darrenm Posted November 20, 2020 Share Posted November 20, 2020 Currently faced with whether to have a survey or not. Our mortgage company did their own survey for valuation but the LTV is only 50% so they wouldn't care about anything apart from would it be worth half of what it is being sold for. The house is 20 years old, obviously really good condition and all local issues will be covered on solicitors searches. Trying to justify a homebuyers survey for £500+ but struggling while everyone's telling me I need one. Would everyone always have a survey? Link to comment Share on other sites More sharing options...
tinker Posted November 20, 2020 VT Supporter Share Posted November 20, 2020 2 minutes ago, darrenm said: Currently faced with whether to have a survey or not. Our mortgage company did their own survey for valuation but the LTV is only 50% so they wouldn't care about anything apart from would it be worth half of what it is being sold for. The house is 20 years old, obviously really good condition and all local issues will be covered on solicitors searches. Trying to justify a homebuyers survey for £500+ but struggling while everyone's telling me I need one. Would everyone always have a survey? They will produce a list of issues most of them small that some buyers use to negotiate a price reduction. Probably better paying a good builder / electrician / central heating to take a look around and see if there's any issues . 20 years and a boiler about spent and electrics would probably need upgrading , or a new fuse board existing wiring should be ok. Link to comment Share on other sites More sharing options...
Genie Posted November 20, 2020 Share Posted November 20, 2020 4 hours ago, Rds1983 said: I suspect stamp duty has generally just been added on to sales from the off. It's a hyped up sellers market at the minute. New houses by me added the exact value of the stamp duty to their prices the same day the “saving” was announced. 1 Link to comment Share on other sites More sharing options...
Genie Posted November 20, 2020 Share Posted November 20, 2020 (edited) 1 hour ago, darrenm said: Currently faced with whether to have a survey or not. Our mortgage company did their own survey for valuation but the LTV is only 50% so they wouldn't care about anything apart from would it be worth half of what it is being sold for. The house is 20 years old, obviously really good condition and all local issues will be covered on solicitors searches. Trying to justify a homebuyers survey for £500+ but struggling while everyone's telling me I need one. Would everyone always have a survey? I would. Previous house we bought had a broken boiler waiting for us when we walked in. Survey will also check for other things like quality of the wiring, sockets, signs of damp, wood rot in the loft etc. If done right it’ll pay for itself as it might unearth some things you can use to get the price down a bit, or save you from buying a house full of expensive horrors. Edited November 20, 2020 by Genie Link to comment Share on other sites More sharing options...
Demitri_C Posted November 20, 2020 Share Posted November 20, 2020 1 hour ago, darrenm said: Currently faced with whether to have a survey or not. Our mortgage company did their own survey for valuation but the LTV is only 50% so they wouldn't care about anything apart from would it be worth half of what it is being sold for. The house is 20 years old, obviously really good condition and all local issues will be covered on solicitors searches. Trying to justify a homebuyers survey for £500+ but struggling while everyone's telling me I need one. Would everyone always have a survey? 100% yes Darren. Its the biggest investment of your life. Why take a risk for a extra £500-£1000 ? Lets just say they find some japanese knotweed? Would have been the best money you spent. Link to comment Share on other sites More sharing options...
Mandy Lifeboats Posted November 20, 2020 Share Posted November 20, 2020 1 hour ago, darrenm said: Currently faced with whether to have a survey or not. Our mortgage company did their own survey for valuation but the LTV is only 50% so they wouldn't care about anything apart from would it be worth half of what it is being sold for. The house is 20 years old, obviously really good condition and all local issues will be covered on solicitors searches. Trying to justify a homebuyers survey for £500+ but struggling while everyone's telling me I need one. Would everyone always have a survey? Yes. Final answer. If it finds any significant faults you may be able to renegotiate the price. It could save you money in the long run. 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted November 20, 2020 VT Supporter Share Posted November 20, 2020 1 hour ago, darrenm said: Currently faced with whether to have a survey or not. Our mortgage company did their own survey for valuation but the LTV is only 50% so they wouldn't care about anything apart from would it be worth half of what it is being sold for. The house is 20 years old, obviously really good condition and all local issues will be covered on solicitors searches. Trying to justify a homebuyers survey for £500+ but struggling while everyone's telling me I need one. Would everyone always have a survey? Buying a house is probably the biggest purchase you will ever do in your life and one that can easily go very wrong if there's underlying issues you don't know about. Unless you're experienced enough to spot any issues yourself why wouldn't you pay a fraction of the house price to have someone more qualified (albeit not perfect) take a look at it for you? Worst case they find nothing, you're out a grand but have piece of mind... Although that might actually be the best case scenario. Link to comment Share on other sites More sharing options...
tinker Posted November 20, 2020 VT Supporter Share Posted November 20, 2020 1 hour ago, Genie said: I would. Previous house we bought had a broken boiler waiting for us when we walked in. Survey will also check for other things like quality of the wiring, sockets, signs of damp, wood rot in the loft etc. If done right it’ll pay for itself as it might unearth some things you can use to get the price down a bit, or save you from buying a house full of expensive horrors. Did the seller pay for the central heating repair? A friend of mine had his repaired in exactly the same circumstances , seller paid . Link to comment Share on other sites More sharing options...
Genie Posted November 20, 2020 Share Posted November 20, 2020 2 minutes ago, tinker said: Did the seller pay for the central heating repair? A friend of mine had his repaired in exactly the same circumstances , seller paid . No, seller was a nightmare. It was a couple who were in the process of divorce and were playing silly buggers constantly. We spoke to the solicitor but he said it was a lot of trouble to try and prize money out of them (especially in their circumstances). As it turned out I got a new part fairly cheap and a mate of mine fit it so what initially looked like a complete disaster was patched up without too much outlay. It did serve as a lesson though to get a proper survey done in future. 1 Link to comment Share on other sites More sharing options...
tinker Posted November 20, 2020 VT Supporter Share Posted November 20, 2020 A recent example of a home buyers report I had on a house I was selling for someone, recommended a drain inspection, a roof inspection and a structural survey of the house. The purchaser proceeded to drop the agreed price by £5k. Sale fell through. The problem with home buyers reports is they are thorough but offer only questions and no answers, the answers come at further expenditure and someone has to pay for a builder, electrician or plumber to quote, I cut the middle man out. Home buyers reports are in my experience pretty useless. A survey from a expert in a particular discipline is better or a tradesman who can actually rectify any issues is far more value. Link to comment Share on other sites More sharing options...
darrenm Posted November 20, 2020 Share Posted November 20, 2020 5 hours ago, tinker said: They will produce a list of issues most of them small that some buyers use to negotiate a price reduction. Probably better paying a good builder / electrician / central heating to take a look around and see if there's any issues . 20 years and a boiler about spent and electrics would probably need upgrading , or a new fuse board existing wiring should be ok. See the thing is I am fairly experienced in those things. I'm got C&G 236 1 and 2 electrical installation and I've always done my own plumbing. I fitted our replacement boiler (and got a GSR fitter to check it and sign it off for building regs) so I know what to look for. The boiler in the new house is a combi which means it's not original. And the wiring will be fine in a 20 year old house unless there was new circuits for extensions etc which there isn't. The stuff I wouldn't be able to spot is roof or building issues which I wouldn't have thought was much of a risk in a 100% original fairly modern house. 3 hours ago, Demitri_C said: 100% yes Darren. Its the biggest investment of your life. Why take a risk for a extra £500-£1000 ? Lets just say they find some japanese knotweed? Would have been the best money you spent. Wouldn't care less about Japanese knotweed the wife though... Link to comment Share on other sites More sharing options...
darrenm Posted November 20, 2020 Share Posted November 20, 2020 I've just read a full homebuyers report for someone else's house. I was more in depth when I viewed the house. I think I might be better just going back round myself and asking to check the boiler over. Link to comment Share on other sites More sharing options...
Demitri_C Posted November 20, 2020 Share Posted November 20, 2020 1 hour ago, darrenm said: I've just read a full homebuyers report for someone else's house. I was more in depth when I viewed the house. I think I might be better just going back round myself and asking to check the boiler over. This is a terrible survey If you see the one i got its so in depth Link to comment Share on other sites More sharing options...
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