Getting value of houses in an area

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Rutigur

Guest
I'm considering purchasing a house that needs a bit of work done to it and will be adding an extension also. I'm in a good position to do the work at cost price. The particular road the property I am considering is a road that I previously had not considered as the houses are more expensive than other parts of that area (i.e. its a housing associates house and not a council house like we had been looking at).Basically, I saw the price was decent and went for a look in curiosity and am interested.

I expect to pay 317.5k for it, and to put 30k into it for extension and modernisation. I asked the agent what a top notch house on that road could fetch and she assured me that it could get anything up to 400k. How can I verify this? I'm sure that she has given an optimistic estimate in an effort to ensure me that this is a bargain, but I doubt she is a million miles off either (I would have guessed 360-370k myself).

There are no other properties on that road for sale so I don't have a point of reference so any advice would be appreciated as I have to act fast as the asking price is 310k so this will be a once-off bid of 317.5k job that needs to get in early, and if that doesn't do it I think that'll be game over on this one. Is there anyway I can find out what some other houses on that road have sold for recently?
 
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EAMONN66

Guest
not unless you can ask another estate agent who has sold one recently. the land registry cant help as their records only record the mortgage amount not the purchase price
 
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Rutigur

Guest
Does that mean that I can go to the land registry and find out the actual mortgage amount and then make an assumption that the mortgage was at most 95% of the actual purchase price and then work out the purchase price by adding 5% onto the mortgage amount?

How do I get in touch with the land registry - is it one office for the whole country or is it broken down into regional sections etc.?
 
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onekeano

Guest
Might sound a bit silly, but why don't you just call to 1 or 2 houses and ask? In my experience neighbours will have a very good idea of exactly how much the houses on the road make - and it could be an easier and more accurate way of trying to figure out what the Loan To Value ratio of a purchase was.

Roy
 
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EAMONN66

Guest
Does that mean that I can go to the land registry and find out the actual mortgage amount and then make an assumption that the mortgage was at most 95% of the actual purchase price
yes you can get the folios of any registered (most) properties for a fee of about 2.50 each and this lists both the ownership and mortgage histories since registration. the land registry will only post out the details to you, but if you go to a law searchers, they can get them online and print you a copy for a fee for a bit over the land registry fee.
i wouldnt think you can assume that a mortgage is automatically 95% of the price especially in the non-ftb brackets
 
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