House valuation for remortgage

MDL74

I wonder if someone could advise

We bought the house for £300k in the summer 2010. It was in a state of disrepair and have since spent at least £75k in refurbishing and improving inside plus also completely redoing the outside (front and back) so the house is unrecognisable.

I need the value of the house to be around £360k for LTV remortgage purposes. My question is, has anyone in similar circumstances had a revaluation increase to reflect what has been spent and what would be the best way of going about ensuring that the valuation that would be undertaken by a mortgage company when i switch deals, is accurate?

Thanks

Thrugelmir

A lender will appoint their surveyor to value the property. Much will depend on what value has been added to the property which may not correlate necessarily to the money spent.

kingstreet

The surveyor will look at the recent sales of comparable properties in the vicinity. Check those yourself before putting your estimate on the application.

MDL74

Thanks - i've spoken to the mortgage provider and been told that the valuation is done by a drive-by valuer although their valuation can be appealed - i've also valued our house at £380k (you never know). As we have a very new drive and garden this should be obvious to the valuer. Houses on my street have been sold for up to £500k in the past 5 years

Will hopefully find out by the end of next week

kingstreet

I'd go for a lender offering an internal inspection if your valuation is based on internal improvements. A drive-by may not suit your circumstances.

Moomum

We have just been through this, we bought a house two years ago and spent about 100k on it,. We are remortgaging and the mortgage company sent out a valuer who spent about half an hour in property, had a good look everywhere and asked if we had done work. Valuation came back £260 k more than what we bought for so was defiantly worth the valuer coming in rather than driving by. Woolwich and virgin both offer this.

mrchiggles

We had done quite a lot of work and got a new "undisclosed" valuation agreed on our house from Barclays at approx £80k more than we'd paid for it. We could probably have said it was worth more but went for the minimum we needed to get the LTV for the mortgage to be on the safe side rather than risk having to pay for another valuation or similar.

Some lenders make you pay the product fee again if you don't meet the LTV requirements for the mortgage you've applied for and others don't so worth checking...

opinions4u

It's very rare that the cost of improvemts adds anything like a similar amount to property value.