I'm currently looking at switching my mortgage and will obviously need to get an independent valuation as part of the process. An exact carbon copy of my property sold last month i.e. exact same square footage, view, general condition etc. Would I be safe to assume that my property can be valued at that price at a minimum? I'm just thinking about my LTV as I'd be relying on this valuation to get under a certain LTV threshold.
Don’t worry, valuers haven’t a clue! They will sign any sheet with the sale agreed price as they always do, no matter how ludicrous. Why they’re even used is beyond me, just a total unnecessary cost.
Had mine valued a week ago. They basically look around the area for similar sized properties. They give 3/4 examples and suggest a price in and around those. Assuming the house you mentioned wasn't widely or of line with prevailing valuations you shouldn't be too far off
Ours asked us what we told the bank it was worth. Said he'll have a similar or higher figure. Barely looked at the house
Exactly, I don’t even know why they bother visiting the house. Whatever you paid is usually the number.
They will ask you what ltv you need to get to....also just watch the rebuild cost they give & make sure your home insurance is sufficient for it as that might cause an issue for drawdown. If it's not, your insurance co can update it for you.
Bank supplied valuer for my remortgage asked me what I'd told the bank. Valued it at that. Suspect that if its not a smoking hole in the ground or you're not looking for much beyond a previous PPR sale you can all but specify what you want.
They visit because they want to insure that it is not a rented property and to ensure it hasn't got an obvious structural issue.
If they meet tenants or see an illegal extension or subsidence etc alarm bells will ring.
I had a valuer around during the week, as looking to move to a lower loan-to-value ratio.
Contrary to some above comments, I found that he took a proper look around the house. Took measurements of the house and garden. Took a look at all the rooms. Obviously noted the number of rooms, but also downstairs toilet, en suite etc. Noted that the kitchen was relatively new, and new wardrobes. And took some photos.....basically all the points which seem relevant to arriving at a valuation.
He mentioned another property currently for sale/under offer in the estate, so clearly this will be the starting point for the valuation, but adjusted relative to the above points.
Does the report include rebuilding cost of the property?
It should yes.