Valuation concerns

[Lauz45]

We’ve had a wild ride so far in our house buying process, but we have our heart set on a particular house and have scraped together the deposit - we cannot go over this at all.

The issue is, it’s a beautiful house, single story extension room and it’s done to a really high standard, but it’s up for £280,000, and I can’t find any records of a house that’s sold for more than £260,000 on that street. I’ve seen photos of that house (sold April this year) and it’s more dated eg kitchen, and has a conservatory instead of the extension room. The street isn’t exactly in an affluent area.

Are the mortgage surveyors likely to consider the high spec finish and improvements as well as sold house prices? If not, I think we’re going to lose it :(

Sounds like the sellers have put value pnvthe house. Surveyors will consider the spec and improvements, and will compare to othef similar properties locally, not just on the same street.

If the mortgage people don’t think it’s worth the asking price, then you won’t be the only people not able to get a mortgage and they’ll have to consider dropping the price.

Even if someone comes along with a bigger deposit, why would they want to pay more than what the mortgage people say it’s worth?

Good luck!

Thank you both! Our broker said to not even worry about it, I hope he’s right!