Do surveyours take a different view when valuating a property whether it’s remortgaging or buying?

Jb1990bo

As the title says, do people find that say if someone was buying your has and had it valued for their new mortgage would it be valued higher than say if you were planning on remortgaging your home?

Just after people’s thoughts on this as if when we remortgage and they value it at what we’ve been told it should sell comfortably for then it should push us into the next bracket for a better interest rate. We’re hoping for £165k as next door sold 12 months ago for £152k and didn’t have a small extension with utility and downstairs toilet like ours has, our garden is slightly smaller but in a better/nicer state but not sure if that would add any value. 

davidmcn

The value is the value. What might differ is the method of valuing e.g. whether it's a "desktop" valuation or somebody actually visiting the property - there tends to be more care taken when it's a purchase than a remortgage.

dunstonh

As the title says, do people find that say if someone was buying your has and had it valued for their new mortgage would it be valued higher than say if you were planning on remortgaging your home?

No. Lenders do set a valuation criteria to valuers but whether its a remortgage or a new purchase makes no difference to a lender as they are taking on the same liability either way.

Jb1990bo

Okay great thanks to both of you for clearing that up for me. Appreciated 

dimbo61

If you have added value by building an extension then the lender won't know unless they have been involved IE lent you the money with full planning permission and building regs and then revalued the property.
Most remortgages are done via a desktop valuation.
Most property purchases are done with a physical valuation from a rics surveyor and report.

Jb1990bo

@dimbo61 the extension was already built before we moved in but next door hasn’t got one so I was hoping that ours will be valued slightly higher to next doors because of it and then the percentage of house price rise in the last year. Was hoping that would be enough to see it valued at £165k to take us into the next ltv bracket. 

jumpedtheshark

We got a physical survey for a remortgage / product transfer when we disagreed with the proposed desktop valuation.  This was free of charge from the lender, who was our original lender.  The survey valued us higher than the desktop, and brought us into a lower LTV bracket.  (The facts might make this a little exceptional - we paid £30k below the homebuyer report value on a property in Scotland that had sat on the market for 7 months; the desktop was essentially an uplift on what we paid two years prior; we argued that we'd got a very good deal when we bought, and it was really worth more, and the physical valuation for our product transfer agreed with us).