Remortgage with no internal valuation

kaysterg

Hi - I wonder if anyone could give me some advice

My brother and I want to remortgage the property he owns outright to pay off my debts and for us to jointly buy a property in Florida as an investment.

The problem we have is we cannot get into the property to do a valuation as my brothers ex wives grandmother (who is in her 90's) lives there and although we have tried to ask nicely the ex family refuse to let us in while she is alive. My brother owns the property which he bought from the grandmother 3 years ago - it is ex council. We don't want to take legal action to access the property as he is disabled and we would like to avoid as much stress as possible for him and the grandmother.

Is there anywhere we can get a remortgage from just doing a drive by or would our only option be a homeowner loan? The land registry documents show the value of the property in 2005 which is much less than what we want to borrow but apparently this is not good enough which I cannot understand as there can't be many properties in the UK that would have gone down in value.

Many thanks for any advice on this

dwsjarcmcd

There are lenders who operate on an 'automated' valuation based on the type of data to which you refer, and don't require a physiscal visit. There are others who value based on 'drive by' valuations. I think your best course of action would be to find a mortgage broker and explain your dilema. They should then match your mortgage requirements to those who operate in either of the above ways. One word of slight caution would be that this will restrict your choice of lender meaning you may not get the very best deal.

David

nej

Surely if your brother owns the property, and the lady is a tenant, then he has every right to enter the property, providing he gives sufficient notice?

apk1

Of more concern would be that your brother's ex grandmother would need to sign a declaration to waive any rights over the property, so that the mortgage company could reposess the property if necessary, if you can't get access to the property, I doubt if you'll get this signed.

MortgageMamma

What a nightmare!

Firstly I think you should assert your rights as your brother is the owner of the property, what have they got to hide? why won't they let anyone in? I think that is being plain unreasonable and I would not stand for that

Dependent upon the loan to value i.e. the loan amount opposed to the value of the property there are some lenders who would do a drive by valuation, but what really needs addressing here is the fact the property is tenanted, which most residential lenders would not be happy with.