Remortgaging - who does the valuation?

kurgyb

We are due to remortgage next year. We have a 15% deposit (bought last year).
We got a good purchase price and have done a lot of cosmetic updating to the house. Estate agents locally value it at 10- 15% more than we bought it for. However market increase according to various websites is 1.8% increase.

If the mortgage company send a valuer how can they accurately value it without knowing the condition we bought it in and no local knowledge?

Thanks

bigadaj

This expends on what you are prepared to pay for.

A full internal inspection will cost you some money but might raise the valuation, the surveyor will look at recent sold prices of similar properties in the area, and modify these up and won dependent on the state of your property.

Standard valuation might be simply a desk search, next stage is a dive by valuation.

You need to ascertain whether you are close to a step change in ltv, if not then little point in paying more for an inspection.

Be very wary of local eas as they will over value to win a commission, knowing that the price will need to be dropped to be sold. Also cosmetic updating looks good but rarely translates into a higher sale price.

Thrugelmir

kurgyb wrote: »

If the mortgage company send a valuer how can they accurately value it without knowing the condition we bought it in and no local knowledge?

Thanks

They will know the price you paid for it.