New valuation if only 7 months since last one?

Jjah

Hi all,

Just a quick question for those of you who may have been in my position...

I had a valuation in Sepember last year by my landlord bit at the time I could not get a mortgage so couldn't proceed.

I was told yesterday that it is looking promising.

Heartened by the theoretical green light by my bank, I am going to start the ball rolling again with my landlord.

I was just wondering if an independent estate agent would be used again to value the property with it only being 7 months since it was last valued and the property is still as it was

The market seems to be pretty much the same as it was in September.

Anyone been in the same situation?

Thank you.

G_M

If you are applying or a mortgage in order to purchase your rental, your mortgage lender will do a new Valuation. Even if it is the same lender as you applied via 7 months ago.


Or are you referring to an informal valuation (by estate agents) to help you and the owner decide what price you're willing to agree.........?That is entirely a matter for you and he to decide.

Jjah

It would be a new valuation arranged by my landlord that I am wondering about.

The last one was conducted by an independent estate agent on behalf of my landlord.

Thanks

G_M

So the LL had an EA round to give an informal 'guess' at the value. The LL then offered to sell to you at that price?

* did he just get the one EA round? Or 3?
* did you get a valuation done too? Or just accept the LL's?
* did you agree a price?

Whether you and/or the LL choose to get an updated opinion as to the property's value, is up to each of you.

Are you happy to pay whatever the EA suggested 7 months ago? Was it a fair price?

Whether the LL is still willing to sell at the price suggested 7 months ago, or will want an updated 'guess' by one or more EAs, is up to him........ No one here can tell you what the LL will do.

Jjah

The LL used just one local EA's valuation in September which was fair and agreed.

It would just be convenient if it remained the same as it was such a recent valuation and would make the application quicker too.

:-)

G_M

well if both you and the LL are happy to proceed on the price that EA quoted, then you can!


Of course, if you apply for a mortgage, your lender will instruct a surveyor to do a proper Valuation, which may or may not come up with the same figure.