House II

[rainfx]

Looks like we're priced out around here.

- Pottered around in town earlier; nothing less than 250k.  Nothing of any note, anyway.

- Landlady got back to us today.  The good news is that she's happy to extend the tenancy on as long as we need.

The bad news - she's expecting 275k for the flat.  She's getting valuations done, but it's not sounding

Comments

[ruthytoothy]

Depends whether the "valuations" are being done by estate agents, or surveyors. I'm guessing it'll be estate agents, and if so I'd take 'em with a pinch of salt, as when we put our Bolton house on the market the agents reckoned we'd get about 70k more than we actually did! If you're seriously considering buying the flat, I'd get your IFA to recommend a surveyor who your potential mortgage lender would use (that way you don't have to pay 2 sets of survey fees) and get a mortgage valuation. If you present the landlady with the true value in black and white, she'd be very unreasonable if she still wanted significantly more than that. Plus, unless you have a hefty deposit put aside, you'll only be able to pay roughly the price that it surveys up as it, due to lender's limiting your borrowing to 95% of value (or similar, depending on the mortgage deal etc).