Further advance on mortgage question

Moneysavvyhopes

Hi,
This is quite a general question, me and husband bought a house 2 years ago. We bought it for just under £150’,000, and put a £45,000 deposit. We always wanted from the start to add a brick built conservatory to use as a dining space. We decided to do this after 7 months of owning the property, we spent £20,000 on a large mainly brick conservatory with plastered walls, under floor heating, wooden floor, full electrics. It’s a beautiful room which is used all year round as it’s insulayed and obviously due to 2 full brick walls it is never too hot or cold. We thought the build through very well and have a pelmet which has spot lights which covers some of the glass roof which makes it look more like a lantern roof.
Any way the reason I have given this detail is we originally got an unsecured loan to pay for this. We now want to get a further advance from our mortgage company to pay off the loan (it’s over 10 years) and they have asked us how much the house is worth. We have estimated £160,000. They have approved everything thing with underwriter but we now have to have a valuation to confirm the new value. I have had a few mixed opinions on whether this conservatory has added the £10,000 extra value, some have said conservatories add no value and others have said due to its quality it could be more than the £10,000 and not to worry.
I’d like to know others opinions and especially if you have had a similar situation. The reason I am worried is that the underwriter had emailed to say they are happy to borrow as long as the value is no less than the £160000 we estimated!
Thank you all!

davidmcn

I doubt anybody here can answer without knowing more about the market in your local area. It's entirely possible that the value has gone up to £160k anyway due to inflation, irrespective of the conservatory.

kingstreet

Look here for recent sold prices (last four months) of similar property in the vicinity (upto 0.5 miles) as this is the comparable data surveyors use to reach a valuation;-

http://www.rightmove.co.uk/house-prices.html