Valuation

barbedhook

My house is leasehold on a 999 term I recently had it valued and on the report the valuer put the remaining term on the lease was 85 years. Is there a reason for this? Or should I get in touch with them

Thrugelmir

Has it had an impact on the valuation? What was the purpose of the valuation? 

barbedhook

It was valued at more than I thought the purpose was for my equity release lifetime mortgage and I have had the offer through. I’ve looked at the lease and it is definitely 999 years.

davidmcn

Had anybody told the valuer what the length of the lease was? Usually they won't know (or not for sure anyway) so they'll just assume it's mortgageable - if there's something potentially adverse then it's up to the solicitors to check that the valuer wouldn't change their opinion.

barbedhook

He asked me how long the lease was and I told him there was 980 years left on 

kingstreet

They automatically put on the lender's shortest acceptable residual lease term and recommend the solicitor establish the real situation. Countrywide surveyors always do this on Nationwide valuations.

barbedhook

Thanks that explains it I thought there must be a reason for it