Valuations?

PeacefulSlumber

Hi

My husband and I are living in a property which we previously rented out to tenants so we have a BTL mortgage on it. We have permission from the mortgage company to live there temporarily but we want to stay permanently and need to change the mortgage to a residential one.

Problem is we have no real idea how much the property is worth. It's unique in our area because it has a self contained anexe on the side, which my father occupies and has a garden which is twice the size of anything else in the street and we have a swanky new garden office. We basically have nothing else to compare it to and none of the sites giving valuation guides seem to be able to take all our variables into account.

We are starting to look at remortgaging in the next few months, is it ok to call a few estate agents and ask them to value it or is there another way of doing it which will be more accurate and in line with what a mortgage company would value it at?

Thanks!

pcgtron

When I needed to provide my mortgage company a valuation for a remortgage, I asked my letting agent (Who also sell houses) what he would expect to sell it for, and then told the mortgage company that amount.
They still had to come and value it as it was to a new company, and they agreed with the Agent.

kingstreet

I wouldn't worry too much about the valuation at the moment. I'd be asking friends and relatives for a broker recommendation as many lenders are going to be put off by your "self contained annexe on the side, which my father occupies."

Pre-planning this now and getting some help with the valuation issue, may reap dividends later.

Did you get the BTL mortgage with the annexe in-situ, or did you add it afterwards? Does your father have any interest in the property?

PeacefulSlumber

Hi

Thanks for the replies. The annexe was in situ when we bought the property with the BTL mortgage 10 years ago and it thankfully caused no problems then. My father has no financial interest in the property at all, the mortgage is in mine and my husbands names. Dad pays a few of the household bills and transfers £200 to our account per month for board and keep but I'm not sure if this would be classed as rent or not. There is no tenancy agreement in place, he is just part of my household.

I hadn't even thought the annexe might put off a mortgage company to be honest! Another good reason to find a broker I think.

cevans65

The other thing you could do is get a survey done which would give you an idea of a realistic value. Estate agents don't value houses, surveyors and banks do.