House Purchase ~ Property & Contents Valuation Dilemma

The bank is happy with the valuation as the property has well dropped in value since I first stated negotiating. Mortgage was granted at 90% ... so all above board.

My biggest issues are reduced salary and the reduction in the mortgage term. I know I can afford the mortgage on my reduced salary but I don't need the added pressure of having my repayments increased because of a reduced term.

Can I make up the shortfall? At the moment I don't know what the shortfall may be so I can't answer that.

Update .... EA provided a written valuation for my records ....

I am the proud owner of a collection of antiques, valuable paintings and a mobile home.

The antiques were binned, as were the 'valuable' paintings and the mobile home ended up in a skip.

The EA in question is a sitting Councillor. The valuation was the best work of fiction that I've ever come across.

But who was I to argue .... a valuer 'valued' the items in question.

No wonder our country is in the state it's in.

"But who was I to argue .... a valuer 'valued' the items in question.

No wonder our country is in the state it's in. "

And do you see your own part in this? These things won't happen if people refuse to go along with them.

mf

I did express my concern to my solicitor. He told me that once the written valuation was provided that he had no problem with it.

The line I got was a recognised valuer valued the items at the level he did and who was I to argue otherwise.

I don't know what the gains were for the vendor in all this .... something to do with CGT but I do know that if I were to argue the matter it would have cost me more in stamp duty. I wanted to push for a reduction of the contents valuation to lessen the costs to me but that wasn't going to happen. The valuer provided a valuation to the full purchase price I was paying and that was the end of the matter.

The valuation letter was cleverly worded but the advice I got was once it was provided I had done my part.

"But who was I to argue .... a valuer 'valued' the items in question.

No wonder our country is in the state it's in. "

What I said above still stands ..... the professional advice I got was to accept it.

This is a general statement. Not directed at OP or any posters.

Where is the sense of any level of personal responsibility in many of these responses?

The man said. The man made me. The man allowed me. Oh yes, my favourite, everyone else is doing it.

So long as the individual plays pass the parcel and requires connivance and the ability to shift responsibility on to other people, our country will remain in the state its in.

mf

JohnOB said:

Update .... EA provided a written valuation for my records ....

I am the proud owner of a collection of antiques, valuable paintings and a mobile home.

.

Click to expand...

So did you buy the house by the sea and is the sale finalised and bank gave mortgage etc? You can grow your own veg and enjoy a lovely view. Give us a happy ending!

JohnOB, good lock with your purchase.I'm trying to hang on to what I've got (joint owener left / intends to sell possibly) Could you PM me you solicitors details if that OK? I could do with a decent one!!

"Paper never refused ink" comes to mind with EA grossly overvaluing, leopards don't change their spots, i could be here all night ....
Hope it works out anyway

fizzelina said:

So did you buy the house by the sea and is the sale finalised and bank gave mortgage etc? You can grow your own veg and enjoy a lovely view. Give us a happy ending!

Click to expand...

Yes I bought the house by the sea, sale went through, bank very happy.

I'm busy rebuilding walls and ditches at the moment.

When I give up the rat race I'll be growing my own, have my own animals, have a comfortable spot overlooking the sea so I can dig into all the books I'm planning to read. Have a bit of telly and broadband and I'll want for no more.