Podcast Summary
Mortgage valuations vs marketing valuations: Mortgage valuations are more conservative than marketing valuations, focusing on the lender's risk assessment rather than market value.
There can be differences between the values given by mortgage valuers and estate agents or marketing valuers. Neil from Liverpool shared his experience of having his property valued at £130,000 18 months ago, but when he considered selling it again, the mortgage valuer valued it at £118,000. Rob, the host of Ask Rob and Rob, reassured Neil that this discrepancy could be due to various reasons, such as changes in the property market or the specific purpose of the valuation. It's essential to understand that mortgage valuations are typically more conservative than marketing valuations, as they are primarily concerned with the lender's risk assessment rather than the property's market value. If you're planning to sell your property, keep in mind that you may receive different valuations from different professionals, and it's essential to consider each valuation's context and purpose. To have your question answered on Ask Rob and Rob, you can call 01380800035 or leave a recording at the property hub.netforward/ask.
Validate property value through research: Do your own research to determine property value, even if you've received a professional assessment. Gather information about similar properties in your area to make an informed decision.
It's crucial to validate property values yourself, even if you've received an assessment from a professional. The value of a property can change over time, and it's essential to do your research to determine its worth. It's possible that the original valuation was inaccurate, either due to the property being overvalued initially or the valuer being overly conservative during the second assessment. In either case, it's up to you to gather information about similar properties in your area and assess the value for yourself. If you feel strongly about the initial valuation, you may need to consider switching lenders. Ultimately, the key is to conduct thorough research to make an informed decision about the value of your property.
Valuation bias and tenancy agreements: Valuations can differ based on who requests them, with lenders often providing lower estimates to minimize risk. Tenancy agreements in PDF format, signed digitally, are legally binding but physical copies might still be preferred in some courts.
The value of a property can vary depending on who requests the valuation, and the answer can lean towards the high or low end of the estimated range. This is particularly common when dealing with lenders, who tend to provide lower valuations to minimize risk. Meanwhile, tenancy agreements in PDF format, signed digitally by both parties, are generally legally binding. However, it's important to note that while digital signatures are legally accepted, some courts might still prefer physical copies. To ensure a smooth process, it's advisable to provide tenants with a physical copy of the signed agreement as well. Additionally, always consult with a legal professional for specific concerns regarding property valuations or tenancy agreements.
Ensuring Authenticity with Digital Signatures for Tenancy Agreements: Use reputable digital signing services like EchoSign, HelloSign, or Signable for tenancy agreements to ensure authenticity, establish an audit trail, and save time and resources.
When dealing with digital signatures for tenancy agreements, it's crucial to ensure the authenticity of the signature. Using a reputable digital signing service, such as EchoSign, HelloSign, or Signable, can provide the convenience of digital signatures while establishing an audit trail, ensuring that the tenant's IP address is recorded, and the document is validated and sent back to all parties involved. This audit trail serves as incontrovertible evidence in case the agreement needs to be presented in court. While you may already have a system in place, utilizing a digital signing service can save time, resources, and provide peace of mind. Remember, if you have any property-related questions, feel free to ask at propertyhub.net/ask or 0138-08000 triple 035. Stay tuned for our property podcast on Thursday. Until then, have a great week!
