Remortgaging during renovation

IH23

Hi we are currently completing a loft conversion but it is significantly delayed. My current mortgage's fixed rate ends in July where I will go onto a standard rate. I'm wanting to remortgage and release equity to fund further renovations and to get the amount I need the loft conversion needs to be included in the valuation.

Current state of the loft- externally  the new dormer needs rubber cover installed, ridge tiles and the windows. From what I understand I wont get a mortgage without the roof being completed.

Internal work that needs to be completed- insulation, electrics, new bathroom, plumbing, new stairs and plastering.

Structurally other than the stairs it's complete.

My question is at what point would the surveyor consider the loft room in the valuation. I'm assuming once stairs and insulation is in, that way they can get feel for the space or could it before this point? I'm assuming that the bathroom wouldn't need to be done but as long as the room space was defined.

What about building control inspections, would the surveyor ask for stages to be approved before it was considered.

I've got another builder lined up so I'm trying to time this as quickly as possible so I don't lose my slot.

Would be good to hear from others experiences or if there are surveyors on this forum?

K_S

@ih23 Depending on the lender you're with, you could perhaps chance a further advance / additional borrowing as those often (not always) go through on an automatic indexed valuation.

There's unlikely to be a definitive answer to your question as it depends on a subjective assessment by the valuer as to whether the property is habitable (ok) or whether the funding is effectively for development (not ok).