Hi All,
I just wondered if anyone else has experienced anything like this. We bought our flat in March 2012 £152.5K it need a little bit of work, I've cleared the heavily over grown communal garden and had the original sash windows renovated (£5K spend). We need a little extra cash to replace the boiler and kitchen so I approached the mortgage company about additional borrowing (6K) with a view to over paying over the next two years to clear the extra money. It's all been approved and money will be transferred soon:j.
But here is the strange thing the most recent valuation valued the flat at £190K!!!!:eek: I really don't think we have added any where near that value and I didn't think prices were rising any where near that rate. I think the valuer has made a mistake but I don't know if we should tell the bank?
Has any one else experienced this? I expected the valuation to come in around £165K I thought banks were loathed to over value property these days?
I just wondered if anyone else has experienced anything like this. We bought our flat in March 2012 £152.5K it need a little bit of work, I've cleared the heavily over grown communal garden and had the original sash windows renovated (£5K spend). We need a little extra cash to replace the boiler and kitchen so I approached the mortgage company about additional borrowing (6K) with a view to over paying over the next two years to clear the extra money. It's all been approved and money will be transferred soon:j.
But here is the strange thing the most recent valuation valued the flat at £190K!!!!:eek: I really don't think we have added any where near that value and I didn't think prices were rising any where near that rate. I think the valuer has made a mistake but I don't know if we should tell the bank?
Has any one else experienced this? I expected the valuation to come in around £165K I thought banks were loathed to over value property these days?