u/Wide-Tumbleweed-1828

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Hi all,

I have recently submitted a mortgage application to HSBC through my mortgage broker for a lovely two bedroom leasehold that I had an offer accepted on, however I heard from my broker today that it has been downvalued.

The downvaluation is 18k less than what my offer was, which is a real shame because it was a really nice place! The EA is pushing for a new lender application, which I don't think is worth the credit score search just for them to potentially say the same thing.

As a FTB, I did not even know this could happen, the property was originally listed for offers over 135k and I had the offer accepted at 138k. Moving forward from here, I don't know if it's worth just pulling out completely as I doubt they will drop it by 18k.

Has anyone been in similar situations?

Thanks for reading!!

EDIT:

The EA is now liaising with my advisor to appeal the valuation, but in my opinion, I don't see that changing anything. They've also asked me to try a different lender, which I don't think is a good idea as I now know that's its only worth 120K. Ultimately, I will need to go back and renegotiate.

Hi all,

Just more making this post so that I can understand what the hell is going on here!

For context, I live in an apartment block of around 40-50 flats, and around a few months ago the landlord was personally asking everyone to tell the letting agents that they were moving out as the landlord "wanted to regain the properties from the letting agent" I did not do this, as it sounded incredibly suspicious.

Fast forward to two days ago, the whole building received S21's on the same day, bar the people that have signed onto their own private contract (I feel like they may be doing this to try and skate around the new laws, as I have seen them post new properties in the building on open rent with a 6 month minimum tenancy, which I thought was illegal from today) they have also asked some people to sign onto their private tenancy, I for which was not one of those people.

I can't really understand why, I have done nothing wrong, and tried to ask why, to the response that I've done nothing wrong, they just need the flat back. Why would they be renting some flats out via private and getting rid of tenants in the others? It doesn't make sense.

Also, there is some incredibly dodgy stuff going on, as there is a building on the same grounds (owned by them) that they are renting out flats also but are continuesly denied for planning permission to do so (you can see this on the government website)

So where I stand now is that I'm looking to buy a property, which I was going to do anyway, but it will not take 2 months to find and close on a sale, that is completely unrealistic.

I don't know if it's worth fighting this to court or not to stay longer, as the potential of any ccj would not get me a mortgage, so perhaps that isn't the smartest move.

Thanks for reading!!!