I have been offered a fabulous property in Coventry. It is definitely BMV (Below Market Value). The vendor is about to be repossessed. They need £175,000. The property is immaculate, worth £200,000 + and would pull a rent room by room, of about £1200 pcm (per calendar month).
The question with this one is: will the mortgage work, given that more favourable rates are being pulled? A second question is: how will the surveyor interpret the property? They can be such an unknown quantity. Another Coventry house was assessed at £625 pcm. I’d worked out £865. After some work on our part the surveyor eventually agreed £1000 pcm!
Well, I’ve now made the £175,000 offer subject to survey.
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