Valuation for re-mortgage - What to do and what to expect?

rebeccak

I'm currently re-mortgaging and have someone coming round in the next few days to do a valuation. Tbh, the place isn't in the best condition but, given that I haven't got the time (or money) to re-paint, re-decorate and repair, is there anything I should be doing in the next few days to prepare? I'm planning to clean/tidy but am wondering if superficial things like hiding all clutter so it looks like it's more spacious, nice room aromas or anything like that will wash with a valuer or can they see through all that anyway?

It's a very old building and some of the problems relate to that:

There are (old) cracks in some of the walls - When I bought the place, I got a full structural engineers report which said that they were old cracks, no signs of ongoing subsidence etc - Should I bring this subject up with the valuer - or would he ask me about the cracks anyway?

There's also a wall that has what I think are condensation marks on it - There isn't an ongoing problem (ie no new ones have appeared) but I can't get rid of the marks (short of re-painting). Will he have equipment to test whether there is any ongoing damp problem or would he just look at the wall and conclude that there was?

How long do valuations usually take and what do they involve? Will he tell me on the day what his valuation is or how soon am I likely to find out?

The more I think about it, the more I don't think it's going to go well...

elizzi6767

I had a valuation for a remortgage on the 23rd through Halifax. I had painted and the house was spotless but all he did was look at the boiler, then went in each room and put a machine on each wall then went outside and tapped the walls with a screwdriver.

I got the valuation back today and he said "houses in this area sell between 75-95" so not a very clear valuation in my opinion and considering some houses in my street have less bedrooms i dont think hes done very well.

elizzi6767

Meant to add, it was completed in less than 15mins.

ExpertAdvice

Most of these basic valuations are quite superficial and done very quickly.
In fact some of these surveys are drive through where the survey just views the property from outside!!!

The surveyor conducts survey on Lender's behalf and the purpose is to ensure that the property offers sufficient security in the event of repossession and also the rebuilding cost for buildings insurance purposes.

SeanCo

ExpertAdvice wrote: »

Most of these basic valuations are quite superficial and done very quickly.
In fact some of these surveys are drive through where the survey just views the property from outside!!!

The surveyor conducts survey on Lender's behalf and the purpose is to ensure that the property offers sufficient security in the event of repossession and also the rebuilding cost for buildings insurance purposes.

Quite correct, viewing the property is primarily from the perspective of making sure it isnt falling down or haa non standard features e.g. concrete construction. Most of the work involved is looking at the sale prices price for comparable properties and then combining both sets of data to come to a reasoned valuation.