Mortgage valuation on property with stalled renovation

Giggidy

We are looking at potentially offering on a property that ticks most of our boxes but parts of the house has renovation work that is half completed. Kitchen extension built but old kitchen still in tact, old useable bathroom downstairs but no bathroom suite upstairs. Several rooms have been stripped and would need plastering, skimming, flooring but electrics done and fairly new central heating. Houses usually go well over the asking price here, but we are considering going in £20k under (house is overpriced for the area with all the work it still needs doing) and EA has mentioned they have one or two offers already in this region.

My question is, when the mortgage valuation is done, will the surveyor value the property based on what it will be worth once the work is done or in it's current state? Will they put conditions on the morgage? The house is habitable and we would be doing the work over time with our own savings. Even if we didn't get this house it would still be good to know going forward in case we find another property like this and what to consider before offering.

Thrugelmir

Valuation will be current state. The lender will need to know that the property can be sold quickly if the need arises as well. Expect a conservative valuation. As finishing a project is often where the cost over runs occur.