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Not Another HOP House Price Thread
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mrcee


Posts: 128
Joined: May 2010
Post: #1
06-10-2010 12:05 PM

Apologies for starting yet another house price thread however I noticed a number of banks have released good mortgage deals (yesterday for HSBC) at the moment for larger LTV.

I am just wondering what the going value for a 3bed victorian terrace in HOP is now. I have checked the usual sources:
http://www.rightmove.co.uk
http://www.houseprices.co.uk
http://www.ourproperty.co.uk

The results are inconclusive as there seems to be a number of properties in flight at the moment so land registry doesnt reflect the actual values yet particularly as i think there was a subtle increase around the much hyped east london line. Secondly because rightmove seems to have properties scattered at all kinds of price points.

If you know of anyone buying or remortgaging that have had a recent valuation it would be good to know what it came out at. I am trying to be certain before parting with the 300 fee the bank is charging me to get a valuation done Sneaky

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DerbyHillTop


Posts: 120
Joined: Aug 2008
Post: #2
06-10-2010 12:35 PM

We are in the process of getting one of such deals. The fee we had was 99.00 and only if the valuation is close to LTV will you be required to pay for the valuation fee. I am not quite sure but I think that you could walk away before paying 99 but after geting their standard valuation.
Our valuation over the phone was 5k more than the most recent sale in our road which was more than enough so we didn't need to pay for the valuation.

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ForestHillier


Posts: 490
Joined: Jul 2010
Post: #3
06-10-2010 01:27 PM

Well I have a good mortgage deal, it is a tracker and can never be more than 0.75% above the BOE rate, so at present Im paying only 1.25% in interest and there was no fee, then again I did take this out some 9years ago, sorry about maybe gloating, appears that with the state of the World at present, these wondeful deals were stopped, it even has a reserve pot of some 30k which you can use

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mrcee


Posts: 128
Joined: May 2010
Post: #4
07-10-2010 10:45 AM

Yes DerbyHilltop its one of the 2.49% above base rate deals however I am being charged the call-out valuation fee as not enough properties have gone through land registry and the computer calculation estimates its worth at 355k which seems a bit low (recent headlines today do not help the cause)

ForestHiller - you have done well

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Poppy9560


Posts: 273
Joined: Aug 2008
Post: #5
07-10-2010 11:25 AM

I am re mortgaging and the bank cover valuation and legal fees - I suppose it varies as to who you are re mortgaging with
It's only a 2 bed flat so can't help on valuation of house I'm afraid

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mrcee


Posts: 128
Joined: May 2010
Post: #6
07-10-2010 03:45 PM

Thanks Poppy,

its more the recent valuations estimates of 3bed houses in HOP i am after but i accept its quite personal.

Cheers

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shaman


Posts: 71
Joined: Nov 2009
Post: #7
24-10-2010 03:38 PM

Try zoopla.co.uk or mouseprice.com for free valuations.

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mrcee


Posts: 128
Joined: May 2010
Post: #8
25-10-2010 09:40 AM

Hi Everyone,

Just to update and close this thread, the issue is that zoopla, rightmove, house prices, hometrack, mouseprices etc all look at historical data which is fine however the issue with HOP IMO is the following:

+ Compared to other areas in london theres a smaller turnover so it takes longer to update the valuations

+ HOP/FH etc are made up of micro areas making generalised postcode valuations miss the mark

+ prices wrongly or rightly seemed to have stepped up a gear after ELL which is only 6months ago

+ it takes approx 6 months plus from a sale price agreed to the actual price hitting land registry


in short this means that all the tools were undervaluing my house so I took the risk and paid for a surveyor to come out to value the house which came in at 60k more than the automated tools!

In these difficult times my goal is not to borrow more because the house is worth more, its to pay the banks less interest due to a better LTV therefore in that sense its not the value i am bothered with its the result.

Luckily it paid off Thumbsup

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bebei


Posts: 30
Joined: Sep 2010
Post: #9
26-10-2010 04:57 PM

+ Compared to other areas in london theres a smaller turnover so it takes longer to update the valuations

--

There are so few properties coming on the market in HOP and FH. It took me almost a year to find one!

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CornishKK


Posts: 2
Joined: Nov 2010
Post: #10
03-11-2010 08:49 PM

We had our three bedroom Victorian terrace in HOP valued in April at 385k for remortgage purposes, I thought this was a bit excessive but wasn't going to argue. I think it's the Phil & Kirstie phenomenon.

We do live on one of the nicest streets of course. Wink

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