BTL survey while ripping down conservatory?

fivesmaster

So we are currently applying for a btl mortgage and survey for this is being done tomorrow but we are in process of ripping down our conservatory which is falling apart, as it would not increase rental price....will this be a problem???? am worried about survey ....to be honest I am not sure what the survey is for...help!

shays_mum

They just come to survey how much of the value of your property they are willing to lend on, in my case only went for 50%.

My btl needs work & the mortgage valuation (survey) reflected that.

I would just point it out that you're getting rid & making good as conservatory is crap. Should not affect the survey afaik.

fivesmaster

cheers, much appreciated...any other thoughts from other posters? great forum this.....

G_M

I doubt it is a survey. It will be Valuation carried out by a surveyor.

This is to help the lender decide what theproperty is worth and whether/how much they are willing to lend.

A surveyor will not be putoffby works in progress as long as he is satisfied they are being done properly (ie not a cowboy doing stuff that will leave the property unsafe or unsaleable).

He may provide a valuation subject to a condition (ie that everything is made-good/re-inspected when the work is finished).

fivesmaster

thanks, yes I think it is a valuation. We are going in at 70% ltv, but am concerned now this will change due to conservatory being ripped down....

fivesmaster

So the valuation was done yesterday, only took 15-20min. Does anyone have any idea how long it will be before bank then releases funds for mortgage? I heard that surveyor has to report back to bank on same day.....any ideas thanking you in advance!