What point do I get a revaluation?

amorris72

Hi all,

I would welcome your thoughts. I am keen to remortgage having recently come off a Long term fix. We are also in the process of having a big extension which i am hoping will bring the value of the house up to the point which will bring us into the 75% Ltv bracket. The key thing is I would like to move as soon as possible on the mortgage, but the extension is about 6 weeks off completion, as the roof is just going on.

The question is, at what point would the surveyors factor in the extension in the house value?
Does it have to be completely finished?

Let_Us_See

Yes, finished. Otherwise there is no guarantee it will ever be finished. Don't expect too much with the re-evalution, as often the overall cost of the extension is rarely reflected in final assessment.

Thrugelmir

amorris72 wrote: »

The key thing is I would like to move as soon as possible on the mortgage, but the extension is about 6 weeks off completion, as the roof is just going on.

The question is, at what point would the surveyors factor in the extension in the house value?
Does it have to be completely finished?

Nearly finished with the roof just going on?

Do you need the funds to pay for the work?

amorris72

Hi,

We have the money to finish the extension. We recognise that we probably won't get the full amount back on the extension - it's a 40k job, and if we make 20k on it i'll be happy as we'll be here long term and it is effectively doubling the internal space.