How does a valuer determine value for a Remo?

Looking to remortgage and raise some additional capital in order to clear some debts. Had the valuer come out today to do a valuation. Was here for literally 2-3mins and that was it? Last couple of properties on the street sold for £140k and £142k in 2021. None of the others have sold recently. They're all similar (3 bed terraced). Are the valuers mainly basing it on similar properties sold in the area and just looking around for any glaring damage to the property? Kind of worried it'll undervalue and due to our credit this lender is our only hope really.

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  • amnblog
    amnblog Posts: 12,378
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    Yes - valuers mainly basing it on similar properties sold in the area and just looking around for any glaring damage to the property
    I am a Mortgage Broker

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  • fergie_
    fergie_ Posts: 152
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    Was it the bank's valuer? Or yours?

    If the valuer is doing a mortgage valuation for the bank, they are looking at what the property would realistically sell for in the near future - this is usually a fair bit less than what an estate agent would suggest on a good day. 

    Remember that 2021 was when the market was still rising - it is starting to turn now. Hopefully they give a figure that works for you.
  • housebuyer143
    housebuyer143 Posts: 3,147
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    In my experience, I have put down a realistic value on the form and the surveyor has always come out and then agreed with me and valued it at that.

    They will find 3 recent comparables from sold property very close to yours similar in size. If you look at sold property in the last 3 months similar and near to yours it will give you a good idea. 
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