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House valuation
pollyanna24
Posts: 4,391 Forumite
If I buy my brother out of our property as is intended, how much of a survey will be done on the house? I will need additional borrowing from our present mortgage company and assume they will demand some kind of survey.
As I've lived in the house for 9years, I won't be getting a homebuyers report unless someone told me it was necessary - would this lower the value of the house if it's in bad condition or would the valuation by the mortgage conpany spot anything if its in bad condition?
There's nothing wrong structurally (as far as I know), just decor and think there is damp in my brother's room as the windows are all mouldy which I would like to point out to my brother that I should pay less to buy him out.
As I've lived in the house for 9years, I won't be getting a homebuyers report unless someone told me it was necessary - would this lower the value of the house if it's in bad condition or would the valuation by the mortgage conpany spot anything if its in bad condition?
There's nothing wrong structurally (as far as I know), just decor and think there is damp in my brother's room as the windows are all mouldy which I would like to point out to my brother that I should pay less to buy him out.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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It will depend on the lender. If you have enough equity they might just estimate the value based on a previous survey and market trends.
If they do ask for a survey it will be pretty basic. Just a guy walking around looking at your house. They will spot any damp issues and factor it into the valuation, the decorative state will be factored in too. If they spot any serious issues the lender may require further investigation before they would lend.Changing the world, one sarcastic comment at a time.0 -
The lender may or may not do a Valuation for mortgage purposes.
If the extra amount you wish to borrow is clearly well within the value of the property they may do a 'drive by' (just to check it's not burnt down!).
They are highly unlikely to do a survey.0
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