Remortgage Valuation for Leasehold Extension

lmkm

I am planning to extend my lease in about six months when I'll have owned my flat for two years. I'll be paying for it by remortgaging and I'm not entirely sure of the process - I have lots of info for the remortgage process and the lease extension process, but having trouble marrying the two together!

What I've gathered so far:

1) Initially, instruct a solicitor.
2) Instruct leasehold extension valuation.
3a) Solicitor deals with freeholder, back and forth, etc. hopefully no LVT needed.
3b) Re-mortgage process (with a new provider).

I'm assuming 3a & 3b can happen relatively simultaneously once we have an idea of how much the extension will cost (we'll probably add in a bit more to do some stuff around the house - we got a very good deal originally so have a lot of headroom to play with).

My questions on the re-mortgage process are:

- Does the leasehold extension valuation put an overall value on the flat as well as the extension, or just on the extension?

- Can I use the leasehold extension valuation to support the remortgage valuation, or will need a separate/additional valuation?

- If I did get a separate/additional valuation myself (because I'd like to know going in what the vale of the flat is, I have a vague idea, but want confirmation) would this suffice for the remortgage or would the mortgage company want another valuation by their surveyor?

Thrugelmir

This website maybe of assistance to you.

http://www.lease-advice.org/calculator/

If I did get a separate/additional valuation myself (because I'd like to know going in what the vale of the flat is, I have a vague idea, but want confirmation) would this suffice for the remortgage or would the mortgage company want another valuation by their surveyor?

Lender remortgaging would want the security for the debt inspected and valued. As it's a flat. General condition of the entire property will come into play as well.