What affects a revaluation?

lucie_1985

We have already been approved in principle for a remortgage to increase our loan based upon the increased value. We purchased our flat 2 years ago in London and per Nationwide's house price index it has already been valued at significantly more than we bought it for. Given that we are borrowing more we will, however need to have a valuer come out to see it. It's in perfect condition although we haven't actually done a great deal to it - the increase is purely London based. My query is in relation to how it will actually be valued though? As I said, there aren't really any obvious improvements and the residents that bought in the same phase as us aren't selling as they're either in a similar position or bought as investors and have sitting tenants. The closest comparison is the 2nd phase of building (50 yards away), also built by Berkeley homes. Given the "regeneration" in the area these are a LOT more expensive - when we bought the area was a little......dicey. These flats, for the same number of bedrooms have 70% of the square footage but are almost double the price we paid. Would a valuer use these asking prices as a comparative or would their "newness" prevent it?

lucie_1985

No one had similar experience? I have the brochures for the new flats to show the valuer - which states the square footage etc. The amount I entered as my estimate was the lower value that the EA gave if we wanted a quick sale - which is still more than we paid. This broadly aligns with the price of the new flats, scaled up for square footage and then reduced by a 1/3rd to account for newness/prudence etc....