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What does a Remortgage Surveyor look for?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
4 replies 6.9K views
Danny_GDanny_G Forumite
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edited 30 November -1 at 1:00AM in Mortgages & Endowments
We are getting our property remortgaged, and a surveyor will be comming to our property to check it out.

It is from a bank

What things will he look for?

size of rooms? amount of rooms? wall structure?


and are your answers assumptions? or you know from experience ?
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Replies

  • pheadphead Forumite
    214 Posts
    Danny_G wrote: »
    What things will he look for?

    Depends what the LTV is. For 90% he will check everything. For 50% , the last one I did, he didn't even get out of the car and only checked that the property existed.
  • kingstreetkingstreet Forumite
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    General look around to establish the property is suitable security for the mortgage and that your estimated value is reasonable in the current market.

    He'll obviously take a view of the construction and age and point out any defects which may affect the security.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • The_JThe_J Forumite
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    Look for comparable properties that have sold recently and come up with a figure so far below that it makes him look like a retard.

    In my experience anyway.
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • dimbo61dimbo61 Forumite
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    Nice gentleman viewed our house and looked at general condition of property ( but its only 10 years old)
    checked out recent sales of similiar properties in the local area ( 2 houses , same design and size sold in last 12 months ) and valued property at same price I paid for it 6 years ago!!!!
    Came back with valuation we wanted and also local rental prices for house our size.
    This was a simple valuation and we have very good LTV
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