Curb Side Valuation

dunnc64_2

Hi All

I am in the process of remortgaging with Natwest and also getting extra borrowing from them. They advised that they only require a curb side valuation to proceed. I have advised that I would like a full valuation as I dont believe a curb side valuation will give the true cost of my home as I have had a lot of interior work done and I believe my home is worth more than houses in my area because of this.

Can any one please advise the benifits or downfalls of getting a curbside valuation if possible?

Kind Regards

Dunnc64

payless

only really an issue if you are borrowing close to max LTV of a product

The actual value is not so much as an issue if you still get the product you are after

benefits-- I guess they aren't charging you a fee !

dunnc64_2

Hi

Thanks for your reply. I am trying to borrow 95 percent LTV and I got charged £65, they wanted another £250 ish for a full valuation.

Would you know what a curbside valuation involves?

thanks again.

dunstonh

valuations for mortgage purposes may not even include a visit. Some can be software valuations now based on databases. Curbside valuations are drive bys mainly. Make sure the property exists and nothing nearby detracts from its value.

As payless says, its fine unless you are pushing the limits of borrowing.

dunnc64_2

Thanks Dunstonh

When you say the property exists what do you mean? I have believe my property is worth £150 k, I have looked and other properties in my road are up for sale at this, and I believe my property is a lot bigger etc.

Any further help would be appreciated. Thanks

dunstonh

When you say the property exists what do you mean?

They are making sure there is actually a house as you say there is on the plot of land. They dont want to lend on a house that was knocked down or fell down 20 years ago and is now just wasteland.

I dont know if its a myth but I have heard it mentioned from a couple of different places that sometimges google earth is used. Albeit, off the record.

I have believe my property is worth £150 k, I have looked and other properties in my road are up for sale at this, and I believe my property is a lot bigger etc.

You have to be careful here. Not saying this applies to you but in general, most people have an inflated view of their property value. They are also not necessarily placing a value under the same criteria. A valuer may have the criteria to be cautious in light of falling house prices in that area.

Your best bet is to wait and see what happens. I the lender is willing to accept a more detailed valuation arranged by you then at least you have an option if the basic valuation doesnt come out as you want.

dunnc64_2

Thanks again

Natwest asked me how much I value it at so I researched firstly and gave them this figure. My home is a lot bigger than the houses in my road as it is an end Semi.

If this gets declined on the curbside valuation,natwest have advised that they want £290 for standard valuation. I know I can get a valuation cheaper, how do I find out how to use a surveyor who is on Natwest's panel of surveyors , and I am allowed to do this?

Thanks again

dunnc64

chappers

Think you are panicking about nothing, if they were concerned that the valuation was to much of a risk LTVwise then they would not be doing a curbside valuation, I would wait and see. Remember the valuation is only for their lending purpose and with them doing a curside valuation so long as the valuation is in the ball park I'm sure they will be happy.
Two years ago I bought a second property which I am now developing, the valuation was under the price we paid for the property and the mortgage company were still happy(that was acommercial loan/valuation mind and they are always valued below true value).