Valuation of a flat and storm damage

Michelle2014

We are looking to either remortgage or sell our shared ownership flat. We currently have a remortgage application processing with Nationwide and expect a valuation in the next few weeks. However, the block of flats was damaged in a storm a while back and the damage has not been repaired due to lengthy delays between insurance company, loss adjustors and Housing Association. The repair work is now agreed and a contractor has been appointed - but work has not yet started.

The damage does not affect our flat directly - we are on the third floor and damage is at ground floor level. Basically an insulating layer of the building came away during some very high winds (the first time anything like this has happened and we have lived here since 2006). Is this going to cause a problem with the valuation for mortgage purposes of our flat?

harvyedward

This won't affect your mortgage process.

Michelle2014

Thanks for the reply. Hopefully the valuation will go well!

Michelle2014

Well valuation is booked for tomorrow. Feeling very nervous. Will the surveyor walk round the whole building or will he just be interested in our flat?

eddddy

The reason for the valuer's visit is because the bank are asking "if we have to repossess the flat, how much would it sell for?".

And the overall condition of the building would impact that. (If you were buying a flat, you would probably take the condition of the building into account when deciding how much to offer.)

But if you explain to the valuer what you have explained here, I suspect everything will be ok.

Michelle2014

Thanks. It's been a real hassle with the storm damage. Guess we will have to see what the valuer says tomorrow. Building otherwise in good condition - communal areas all just been painted and external areas will be painted once storm damage fixed. Fingers crossed it goes ok.