Home Value for Mortage

bullit822000

We have just purchased a property that the last owner had changed from a three bedroom flat to a one bedroom flat. They did this by removing stud walls to make an open plan area. The home report and the value of the property has therefor been based on a one bed flat. Since purchasing, we have reinstated the stud partition walls and the flat is now a three bed flat again. Our current mortgage deal ends in October and we would like to have the property revalued, as now a three bed, we feel the value will be higher than what we purchased for. What do mortgage companies accept as proof of value, do we need to get another home report carried out? Thanks for any help.

RelievedSheff

They will likely send someone round (RICS Surveyor) to do a valuation.

ACG

They will probably need to send out a surveyor as a desktop valuation wont pick up on the changes. 

MortgageCustomer90

Valuation is usually based off Sq Metre of the property, so unlikely adding stud walls changed the value

ACG

MortgageCustomer90 said:

Valuation is usually based off Sq Metre of the property, so unlikely adding stud walls changed the value

Im not sure thats quite true. 
But the bedrooms will need to be a certain size as a minimum. If you have 3 box rooms, you are probably not adding any value as there will be no demand. 

2 double bedrooms would be far more in demand than 3 box rooms. 

bullit822000

Thanks, do mortgage companies normally send out their own surveyors to value, or is that an expense that i should be allowing for?

bullit822000

ACG said:

MortgageCustomer90 said:

Valuation is usually based off Sq Metre of the property, so unlikely adding stud walls changed the value

Im not sure thats quite true. 
But the bedrooms will need to be a certain size as a minimum. If you have 3 box rooms, you are probably not adding any value as there will be no demand. 

2 double bedrooms would be far more in demand than 3 box rooms. 

Thanks ACG.

The new layout will provide 2nr double rooms and a single room.

Do mortgage companies normally send out their own surveyors to value, or is that an expense that i should be allowing for?

ACG

The lender use their own surveyor, but it might be a desktop valuation which probably would not be much use to you. Some will pass on the cost to you, some will include a free valuation. 

RelievedSheff

bullit822000 said:

Thanks, do mortgage companies normally send out their own surveyors to value, or is that an expense that i should be allowing for?

That depends on the mortgage product that you choose. Some include a free valuation others do not.