House Value

jonnypetrie

I bought my house a couple of years ago. The home report value for the house was £140,000, I bought the house for £127,500. I've been told a house is only worth what people are prepared to pay for it, which makes sence. I'm at the stage of getting a new mortgage, and If I were to get the house valued again would the valuer just look at what I paid for the house and base it on that, or use the previous valuation of £140,000 as the base to work from?

hamster2013

they should base their valuation on what similar properties have sold for, or are on the market for nearby on in the region.
not on the previous valuation, which was many years ago.

so your sale price has influenced the price in the region, so you would expect them to take that into consideration, as they would for the valuation of your neighbors property.

G_M

Depends how much you want to borrow.

If you are borrowing well below the previous valuations, they may do a paper excercise. After all, as long as it is worth more than the £75K you are borrowing, they will not care.

If you are borrowing more, then their valuation will be based on today's prices. They will ignore what you paid. And what it was valued at in the past.

they will either send round a surveyor to check condition etc, and then value it based on current prices in the are

or may just do the latter excercise without the survey (or with a 'drive-past' survey to ensure the property is actually standing).