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Rental valuation for remortgage dispute
propertynerves
Posts: 3 Newbie
Hi,
We are remortgaging our current residential property and letting it to buy another property to live in. The amount that we can borrow against our let to buy is dependent on the valuer's rental valuation. We have actually let our property already for £1295 pcm through a letting agent, but obviously the tenants have not signed a short hold tenancy agreement yet because we haven't exchanged contracts on our new property so don't know when we will be able to move out (they have paid an application fee and completed the paperwork). However, the mortgage company's valuation came back at £1150 pcm which means we cannot borrow as much as we need so we may not be able to afford to buy our new residential property. They say that we need evidence of four comparable properties that have let for the higher price to give to the valuer to consider. Does anyone know how I can get this information online without having to contact (and plead with) local estate agents to give me this information (although I will do this, if necessary!)? It is very frustrating as it was only on the rental market for less than a week before it let so it obviously isn't an unreasonable price, plus the total valuation they gave for house was extremely high.
I hope that this all makes sense; thanks in advance for your help.
We are remortgaging our current residential property and letting it to buy another property to live in. The amount that we can borrow against our let to buy is dependent on the valuer's rental valuation. We have actually let our property already for £1295 pcm through a letting agent, but obviously the tenants have not signed a short hold tenancy agreement yet because we haven't exchanged contracts on our new property so don't know when we will be able to move out (they have paid an application fee and completed the paperwork). However, the mortgage company's valuation came back at £1150 pcm which means we cannot borrow as much as we need so we may not be able to afford to buy our new residential property. They say that we need evidence of four comparable properties that have let for the higher price to give to the valuer to consider. Does anyone know how I can get this information online without having to contact (and plead with) local estate agents to give me this information (although I will do this, if necessary!)? It is very frustrating as it was only on the rental market for less than a week before it let so it obviously isn't an unreasonable price, plus the total valuation they gave for house was extremely high.
I hope that this all makes sense; thanks in advance for your help.
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