Woolwich Valuation problems

bethg2009

I applied for a re-mortgage with Woolich and they have been to carry out a valuation survey today.
I had the property valued at £145,000 last January.
I'm in the middle of renovating the whole of the property at the minute so it quite literally looks like a building site.
I've just had a look on Woolich tracking service and it's come back that they need to discuss my valuation.
He really didn't seem to ask me any questions or seem to envisage what it will look like when it is complete, so if he comes back with a lower valuation that I've already stated to the bank, can I challenge his price and decision?
The house directly opposite me sold in February last year for £158,000 and a smaller property on the street sold for £118,00 in November (no garage/drive/utility)

bethg2009

And it's my blinking advisors day off tomorrow another day of stress and worry!!!

Kynthia

Did you check whether they consider what the property will be once you've finished the works as I thought they based their valuation on the condition on the day of the survey? Therefore mid-works is not usually the best time to get a valuation.

kingstreet

Valuation is based on current condition, so some works in progress may make the property value less, or the property unsuitable security for a mortgage.

ACG

bethg2009 wrote: »

He really didn't seem to ask me any questions or seem to envisage what it will look like when it is complete, so if he comes back with a lower valuation that I've already stated to the bank, can I challenge his price and decision?

Its not his job to envisage how it will be when its done, its his job to value it as it stands at the time he visits. Effectively once he walks out of that house you may never do another thing on it - as they do not know you, they can not just take your word for it.

You can challenge it yes but i would be very surprised if you would have the decision overturned, i think i would be looking for alternatives rather than waste what could be weeks and potentially money having another valuation done.

lee111s

Probably best sticking on the SVR you're on at the moment until the works are completed. Once it's finished, then apply for your remortgage.

bethg2009

Ok so, got valuation through at £110,000.
Been reading up a little and trying to find the index linked valuation, problem being I only know that the property was purchased in 1974 for £23,000 and mortgage paid off in 1978, it had never been valued until last year January and came back for £145,000.
Based on index linked valuation does anyone know what it might come back at?
If it comes in higher than e-surv's valuation will Woolich use the lower independant valuation?
Thanks

kingstreet

If Esurv have been out to value for Woolwich, Woolwich will take the surveyor's value alone.

bethg2009

kingstreet wrote: »

If Esurv have been out to value for Woolwich, Woolwich will take the surveyor's value alone.

Drats :mad:

So what is likely to happen now? Will i need to re-apply or might they come back and just offer a lower amount?

I'm new to all this, don't ever want to do it again!!

kingstreet

If you have applied for a product with a set maximum loan to value, they will offer you the maximum LTV based on the valuation.

Otherwise, you may have to pick a new product, to keep the same mortgage amount.

Bantex_2

Why are you remortgaging?