General Chat, Products & Comps <
13/06/2013 at 20:39
So we are going to remortgage shortly to try and borrow more money to get a third dormer upstairs, split a large room and add a bathroom. Being able to do this, however, all depends on the valuation. Does anyone know if when someone comes out to do the valuation if they know what you have said you think it is worth? I genuinely think it is worth what I have said but am getting a bit nervous now and want to get on with it and explain the work we have done and money we have spent since buying.
I know it is a pretty specific question so if anyone knows the answer I will be delighted!!
13/06/2013 at 20:42
When I have had valuations done by estate agents, they have had an idea of the value before they even came inside. What you have spent is probably irrelevant, it depends more on the current market.
Good luck, hope it's good news for you
13/06/2013 at 20:48
No basically they look on zoopla or similar and get a rough idea of the prices. The price on zoopla is well under as there's been 2 repossessions here so they have gone for pennies, we got 2 estate agents out who valued it at what we thought and then the surveyor came and I told him the 2 estate agent figures and he said the mortgage companies go in line with previous sales and he would try to value it as close to that as possible but he couldn't promise, we didnt get near the estate agent valuations
13/06/2013 at 20:50
I know what we have spent wont matter as such, it is just that we go it cheap so the last sale price for it is low so I am hoping that wont affect it. I have a spreadsheet of all houses sold in the surrounding streets over the last few years so am hoping I am on money but just doubting it all now.
13/06/2013 at 20:51
I was always doubtful as to whether anyone actually ever came out. Certainly when we have ever moved no one ever came round when we were there to look inside. They always just agreed with the valuation. Good luck, we'd love to convert our loft to a giant master suite!!
13/06/2013 at 20:55
Thanks ladies. CP when the valuation came out lower what did you do, did they make you are revised mortgage offer?
13/06/2013 at 20:58
When we did it we got extra added to the mortgage and they came out afetr we had staretd the work and actually said the value as being much higher than we expected, so sometimes it can be positive
13/06/2013 at 20:59
We got another mortgage company who came back with the same , so we had planned to take money back but have just gone with the better rate and terms, we are saving £200 odd a month but haven't taken money back iyswim
Cheers QI fingers crossed!
13/06/2013 at 21:42
Our valuation came out exactly as we wanted - the surveyor did ask us why we thought it was worth the valuation we were aiming for, and we told him about other house prices locally. I think this is your best strategy as your house's value depends on the local market, and this is what they will benchmark against.
13/06/2013 at 21:45
Thanks, SL it is good to know they engaged with you because I will have my powers of persuasion and justification on full blast !!
Thanks CP, I will need to formulate a back up plan ...
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