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The flat I want to buy has been valued £150,000 over the Zoopla estimate?

I recently approach my landlords in regards to buying the flat that I am renting. The quote for my flat on Zoopla ranged from £292,000 £310,000. Confident on this estimate I approach my landlord who was happy to sell after getting some valuations from estate agents. In total we had three agents value the property who produced a value range of £400,000 to £450,000. However, £150,000 over the Zoopla estimate seems to be extreme. I'm seven months into a three year lease on this property and I'm really confused on how to move forward as my initial budget was £300,000. My landlord had no intention to sell the property before I approach them but obviously after seeing the gains they can make they are now keen to sell. I really want to purchase this property and long-term had no plans of moving out. Is there any way for me to negotiate? Is there any leverage in being a sitting tenant? Also I want to know how to tell if the valuation from the local agents are correct?

Asked on Apr 20 2014, House Prices in London | Report content

Answers (2)

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  • The Zoopla Estimate can be unreliable. Even estate agents estimates can be very unreliable. But if you are in London then it is very likely that the price is far higher than you first thought. Unless your landlord is very foolish you are unlikely to be a sitting tenant. So you just have to accept that London prices are far higher than you can afford.

    Answered on Apr 20 2014, Report content
  • If you are purchasing using a mortgage like most of us have to then your mortgage provider will send a RICS Surveyor round to approve the value. It's there job to put a tick in the box that says this house is worth atleast what you are paying for the property. My point is if the surveyor thinks the house is overvalued it will shoe up then, basically the bank themselves wont pay more than a house is worth, just to let you know. The best indication on price is recent sold prices and also the zoopla quote may be low as the house was bought on the cheap years ago and they have simply done a percentage mark up from that price.

    Answered on May 6 2014, Report content

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