Re-Mortgage Valuation While Work Being Carried Out
Discussion
Morning All.
We're in the process of re-mortgaging and I have just received a phone call to book an internal valuation in 2 weeks time. My only concern is that we are in the process of having some internal works done on our house (knock through, plastering, painting and decorating) so our house is and will be a bit of a mess when the valuation is carried out.
Is this likely to have a negative impact on the valuation, or am I being paranoid?
We're in the process of re-mortgaging and I have just received a phone call to book an internal valuation in 2 weeks time. My only concern is that we are in the process of having some internal works done on our house (knock through, plastering, painting and decorating) so our house is and will be a bit of a mess when the valuation is carried out.
Is this likely to have a negative impact on the valuation, or am I being paranoid?
Wait for the valuation or wait for the work to be done?
Can't wait for the work as has already started. Valuation is currently booked for 2 weeks time, by which time it will just be a case of painting and decorating to be finished, but house will still be a bit of a mess.
Do you think I should postpone by 2 weeks, by which time everything will be finished and the house will be back to normal.
Can't wait for the work as has already started. Valuation is currently booked for 2 weeks time, by which time it will just be a case of painting and decorating to be finished, but house will still be a bit of a mess.
Do you think I should postpone by 2 weeks, by which time everything will be finished and the house will be back to normal.
tleefox said:
Wait for the valuation or wait for the work to be done?
Can't wait for the work as has already started. Valuation is currently booked for 2 weeks time, by which time it will just be a case of painting and decorating to be finished, but house will still be a bit of a mess.
Do you think I should postpone by 2 weeks, by which time everything will be finished and the house will be back to normal.
As I said, it shouldn't be an issue but it could be.Can't wait for the work as has already started. Valuation is currently booked for 2 weeks time, by which time it will just be a case of painting and decorating to be finished, but house will still be a bit of a mess.
Do you think I should postpone by 2 weeks, by which time everything will be finished and the house will be back to normal.
The valuer will value what he sees on the day, not what work you are going to be doing. He doesn't know how long the property has been in that condition, nor when it will be completed? If you can wait till the works completed then I'd do that.
How close are you to the LTV threshold of the product you are applying for?
Yes it does make a difference.
I was carrying out a huge refurb on a recently purchased house and required additional funding when extra works become apparent. Had a revaluation carried out during the week that the roofers had removed all the tiles and felt ready for replacement.
The surveyor (same one who carried out the original 3 months prior) gave a valuation £100k less than I paid for it, on the basis that it had no roof! This was despite the fact that I had a gang of roofers on scaffolding replacing it!
So yes - they can only value of the condition on the day of survey, irrespective of what it may be like in a few days times.
I was carrying out a huge refurb on a recently purchased house and required additional funding when extra works become apparent. Had a revaluation carried out during the week that the roofers had removed all the tiles and felt ready for replacement.
The surveyor (same one who carried out the original 3 months prior) gave a valuation £100k less than I paid for it, on the basis that it had no roof! This was despite the fact that I had a gang of roofers on scaffolding replacing it!
So yes - they can only value of the condition on the day of survey, irrespective of what it may be like in a few days times.
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