Understanding valuers report

ElbongoAlonso

Hi all,

We are keen to purchase house. It is on 2 acres.

It has a fairly big building on the land. This building has a B1 classification, which is now E class under the streamlined planning. 

We have had to valuers visit the property. They have deemed not able to value due to non residential elements. 

We want to understand how/what valuers make their decisions on. Is it what they see or what the building classes are. Do they have access to this information?

Why we are perhaps more confused is what each has stated for the reason. 

The last states that they are unable to value due to:'Outbuildings were seen to be used for commercial purposes' 

The first states that 'the building is only 43% residential and needs be at least 50%'

It's worded like it is considering the building in question. We have debated whether they have meant property as a whole. 

Is it what they see in current use? We have tried to state future use. That being an extension/auxiliary of residential use which didn't work out. 

Many thanks 

ACG

If the valuers are for the mortgage lender, then really you need to be checking the property fits the lenders criteria. 
2 acres would rule some lenders out, outbuildings would rule others out. The use of those buildings might be further issue.

ElbongoAlonso

ACG said:

If the valuers are for the mortgage lender, then really you need to be checking the property fits the lenders criteria. 
2 acres would rule some lenders out, outbuildings would rule others out. The use of those buildings might be further issue.

Thanks 

They have said why they deem it not appropriate. Due to outbuildings were seen to be used for commercial purposes. 

I am keen to know whether the valuers assess on what they see on visit, or decision are made having knowledge of building classes. Perhaps both. 

ACG

I think you are looking at it from the wrong angle. 
First and foremost - does it fit the lenders criteria? If it doesnt, then it does not matter on what the outbuildings are used for or the classes. 

Lenders do not usually (as far as I am aware) use classes as a reason to lend or not. 

If it fits criteria, then yes what they see will play a part as may the classes. 

But every lender has their own view. I think really you need to speak to a broker because this is one of those things that will take up a lot of time. I suspect you might end up needing to use a small/medium sized building society but could be wrong.  

But if nothing else, before you make anymore applications (and carry out any more credit checks) - you need to find out if the property is within criteria.