Owning your own home

Sooooooo...
You're in dependent valuation consultant has come back and valued our place at £40k lower then the offer we accepted.

What on earth happens now...?

I think this is where you tell them to fuck off...

You pop the place back on the market. Tell them they can't bother you or your agent until they agree to pay the original price agreed.

Assuming the 'consultant' didn't flag up something that could genuinely cost £40k to put right.

I'd be livid, if I were you.

Problem being that our flat has sold for a record amount for the post code.
Their lender has said that the price offered and accepted is over the odds for a flat in the area.
His take on it is that our place is not worth the price they offered and we accepted because it doesn't have any outside space.

I am minded to withdraw and put it back on the market but the lender's valuation is now on the record for all other lenders to see.
There are no comparibles in the area at this price.
I think we might struggle with the same again if we withdraw and put it back on.

But even so... £40k less then the accepted ammount still puts it £25k under the valuation figure from 4 different estate agents.

Either way, they can get tae fuck if they think they're getting £40k less.

Just for clarity - and I may be getting confused here - but does the "Independent valuation consultant" provide the valuation which their lender uses?

Or has he provided one, at 40k under, and their lender has also created a valuation that matches his?

In any case you do, absolutely, have to tell the people who offered the asking price to get fucked.

this happened to me but I was the buyer, we agreed on half way. so £20k less in your situation.

That's it, the next guy is gonna have the same problem with your place.
Mine too, with no comparables.
We went forward as seller was keen to sell and we were flexible.
(Now broke)

Oh also because the lender will not lend enough and the buyer would have to cover the gap.

@ChainBreaker put the link up GODDAMMITT !!!

I was thinking about doing something along these lines, but not with something that buts almost right up to the walls (amongst the reasons why are that I've had the god-damn thing plastered, so there), but possibly something that attaches to both ceiling points, which would give a pretty substantial platform for putting (commodity) light fixtures on, rather than spending a gazillion pounds on a "feature" lighting system.

I'd put it back on the market out of principle. You cancelled viewings so you could accept the offer from these ungrateful cunts.

Tell them 'sorry, but LFGSS thinks the flat looks really nice, that the valuation is alright, so do one you fucking chancers'

You need to decide what you will accept and how desperate you are to get it done. Would you have accepted an offer at say, £20k less before this? If yes, and you want to / need to get it done then you can negotiate. If no, then fuck them off and get it back on the market.

In fact, get it back on the market anyway while negotiations are on-going and see what interest there still is. The sudden appearance of another interested party will concentrate their minds.

Trufax...

I'd be more concerned that my mortgage provider is happy with my solicitor choice. The estate agent can fuck off to high heaven when it comes to solicitor choice imo. Also, considering the seller probably is using the agent's solicitor then would you really want the same solicitor as the seller (#massiveassumptionsiknow)?

tesco mortgages have called

they said my remortgage application was deferred because my outgoings are "too low" for my income

you really couldnt make this sort of stuff up.

Tell them that you didn't feel comfortable mentioning the coke and hookers when you filled the form out/there wasn't a box that you felt fitted the type of expenditure.

too LOW?!?!?

Wut?

Been there, I was told by one lender that someone on my income couldn't live on 1,800 a month beer and brothel money.

This is 1,800 after allowing for bills, food etc.

I basically had to declare lifestyle expenditure of c.1,500 a month to make them happy.

We've had the place plastered - this has created rather an impressive quantity of dust.

Does anyone know of a cleaner who would be happy de-dusting the place?

They'd need to be ok with a post-building site type situation, in SE23.

So did their lender valuation and the 'independent valuation consultant' come back the same?

In any case their offer was sold to you as not reliant on finance funded by family, they chose to offer well over to secure on that basis. I would tell them to go fuck themselves for anything less than their offer.

It is massively snide to go about it in this fashion.

#humblebrag

What was the lenders valuation? Have you talked to the agent? I'd not burn my bridges but put it back onto the market. Pretend to the agent that time is on your side. See who blinks first.

Lender's valuation is in agreement.

As it see it, at the moment it isn't my problem it's their's.
So I sit tight and see how they react to the news that the bank will only lend to them on a valuation £40k below their offer.

But that said, I still don't get it.
They have a £300k deposit from the bank of Mum and Dad and are borrowing the rest from the bank, a relatively small mortgage and a HELLA good LTV.
The bank's lending an amount that is easily covered by the value of the freehold alone, so who fucking cares if it has a garden or not.

I genuinely thought that borrowing such a small amount on such a low LTV would mean the valuer would just drive past to make sure it existed!

Did they come up with the 2 values independently? seems a bit of a coincidence.

God they sound like the worst customers.