Valuations When No Comparables

70sthrowback

Hi all,

does anyone know how a surveyor reaches a valuation when there are no comparables? When we bought our current house the surveyor said it was really difficult to value it as there were no comparable houses, they agreed with our offer price and so we didn't have any mortgage issues and everything went through. Its a 3 bed end terraced cottage with 3/4 acre of land which is very unusual where we live.

We are currently extending the house to 5 bed (double storey extension) and when completed will look to remortgage and hopefully get a lower LTV. Given the experience last time, how does a surveyor reach a valuation? As I have checked and there is nothing like our house sold in the nearby area? We have spoken with our local EA who are a small family business and so were able to have an honest chat about a possible future valuation, so have a figure in mind.

It would only be a factor if we were just missing out an a different LTV band, but if the surveyor is way off this, how could we appeal? Probably not is the answer, more interested than concerned.

Thanks in advance

lee111s

It's a surveyors job to decide a value. If there's no comparables then the house will be valued based upon its own merits.

MortgageMamma

Why don't you phone a few local chartered surveyors up and have this conversation with them? If you find a helpful one make a note of their name and number as you could then use them in future. A little bit of time chatting with surveyors could alert you to things you hadn't considered. What area do you live in?

70sthrowback

thanks lee111s, understood. So to the other part of my question, if I don't agree with their value, I therefore assume there is no appeal process as I cannot back up my opinion with evidence?

70sthrowback

cool thanks MortgageMamma good idea. Its Leeds.

Like I said, it would just be a bit gutting if I really narrowly missed an LTV bracket, just wondered if I would be able to up them by a £1000 or so in anyway to hit it.

MortgageMamma

One question you could ask is, if there are no comparables in your particular area perhaps a similar town or village with similar amenities could provide an estimate. I am in East Lancashire so not a million miles from you. If you call


Colleys surveyors on 0345 602 22 22
Countrywide surveyors on Tel 01332 916187

they are the town main big ones.

You may however get more sense from a local firm

Sanderson Weatherall Leeds
No reviews · Chartered Surveyor

25 Wellington St · 0113 221 6000
Open until 17:15
Website



Directions




Knight Grindrod
No reviews · Surveyor

275B Otley Rd · 0113 293 0600
Open until 17:00

Website

Directions





CONNORS SURVEYORS LEEDS
3 reviews · Chartered Surveyor

128A Low Ln · 0113 258 9009

70sthrowback

excellent, thanks for that.

getmore4less

One way they will do it is look at non comparable houses and do a would yours be worth more or less to a set of typical buyers.they will also spread the net wider to capture more examples.