Can Planning Consent be used for Property Valuation for Re-Mortgage

madnessofthelaw

Hi All,

I have a question which is puzzling me, I hope to soon get planning consent approved to extend my 3 bed semi-detached to a 5 bed semi-detached.

Just by chance the timing is also such that I am looking to re-mortgage, I must point out that I am not looking to try and raise extra funds to do the building work (although this would be great).

My question is can / will planning consent that is granted be taken into account when a mortgage lender does a house valuation?

Obviously I know the planning consent makes the house worth more on the market but can it influence my target LTV (lower LTV attract lower rates).

Any advice or similar experiences would be great help.

Thanks.

p00hsticks

I'm not an expert, but doesn't planning consent expire after a few years (five ?) if the work isn't carried out ? If that's the case, then I can't see a mortage company considering the consent itself when valuing, as any added value that there might be immediately after the consent is obtained would gradually depreciate over the period until the consent expired, which is going to be sooner than ther mortgage term. Only when the work is actually
done is the potential added value locked in to the property.

Fuzzyness

p00hsticks wrote: »

I'm not an expert, but doesn't planning consent expire after a few years (five ?) if the work isn't carried out ? If that's the case, then I can't see a mortage company considering the consent itself when valuing, as any added value that there might be immediately after the consent is obtained would gradually depreciate over the period until the consent expired, which is going to be sooner than ther mortgage term. Only when the work is actually
done is the potential added value locked in to the property.

planning permission only last for 3 years these days and will fall away if not implemented in this time. you would need to either extend the life of the permission or reapply for a new permission.