Mortgage house valution surveys

[ChimpMaster]

Out of curiosity, does anybody know if its worth getting your house re-valued at the end of a mortgage deal if you feel there's a good chance its increased in value - not just due to market changes but if you've made significant improvements? I was going to raise it with my broker (still another year to run on our deal) but I calculate that even a £20k increase in value would be enough to get us from the 83% LTV we started with to below the 75% threshold and getting a better deal. I take Zoopla with a big pinch of salt but its showing a general increase of around that much in our area after only one year and thats before considering some of our improvements.

Zoopla valuations cannot be relied on for anything except a good laugh. You can actually 'claim' your house on Zoopla and then ask them to put a specific value on it, so long as it is at least somewhat realistic of course.

Certainly worth having a valuation done when applying for your re-mortgage, in fact a new lender will insist upon it. You should come up with evidence of the work you have undertaken to improve the value of the house. Hopefully that'll put you in a better LTV position.

[SueEllen]

If comparable houses have sold locally, valuation surveyors are doing the same search on Zoopla to get a value as the estate agents will have done. Then adjusting for condition or extensions etc.

They definitely do not use Zoopla.

There is are websites surveyors use one of which you can use but it ain't Zoopla. (I had a good conversation with 2 when I was doing a remortgage.)

Zoopla's algorithm is not refined enough so it cannot work out that if 9 properties on a street are exactly the same then there shouldn't be a 200K price difference in their predicted price.

[SueEllen]

Out of curiosity, does anybody know if its worth getting your house re-valued at the end of a mortgage deal if you feel there's a good chance its increased in value - not just due to market changes but if you've made significant improvements? I was going to raise it with my broker (still another year to run on our deal) but I calculate that even a £20k increase in value would be enough to get us from the 83% LTV we started with to below the 75% threshold and getting a better deal. I take Zoopla with a big pinch of salt but its showing a general increase of around that much in our area after only one year and thats before considering some of our improvements.

Yes.

In my case I was told to do certain things in my homebuyers report and then when I remortgaged these things need to be checked as they could reestimate the loan to value. What they are specifically interested in depends where you live but generally they are interested in kitchens, extra bathrooms, addition of central heating, changes in layouts, extensions and parking.

Zoopla cannot take these things into account hence in my area properties may have been brought cheaper but have had loads of work on them putting them at the same or higher price then the properties next door or across the street, are estimated as being a lot cheaper in Zoopla.

[wysiwyg]

They definitely do not use Zoopla.

There is are websites surveyors use one of which you can use but it ain't Zoopla. (I had a good conversation with 2 when I was doing a remortgage.)

Zoopla's algorithm is not refined enough so it cannot work out that if 9 properties on a street are exactly the same then there shouldn't be a 200K price difference in their predicted price.

mouseprice?

[TheCyclingProgrammer]

mouseprice?

According to that website, our house value is £337k (we bought it for £301k a year ago). Consider me skeptical.

Of course, if it really was worth that much we'd almost be on 70% LTV.

[wysiwyg]

According to that website, our house value is £337k (we bought it for £301k a year ago). Consider me skeptical.

Of course, if it really was worth that much we'd almost be on 70% LTV.

In / around London +10%/year is not strange. Mine is *apparently* at +25% in 2 years. A bit scary TBH

[Lightwave]

They definitely do not use Zoopla.

There is are websites surveyors use one of which you can use but it ain't Zoopla. (I had a good conversation with 2 when I was doing a remortgage.)

Zoopla's algorithm is not refined enough so it cannot work out that if 9 properties on a street are exactly the same then there shouldn't be a 200K price difference in their predicted price.

I should have been clearer.
They are mostly looking at sold prices, which ultimately come from the land registry.
Estate agents use Zoopla or whatever to access and collate this data.
Surveyors are looking at the same data.
Yes, they may use different portals.
When I put our last house on the market, one of the estate agents took me through all the data he'd used as a baseline for his price estimate. Sold prices for various properties in a radius and also some asking prices for things that had been unsold for too long. It was quite interesting, but a local agent got me £60k more, even if it took a little while.
The better salesman will get a higher price I suppose.

[Lightwave]

Zoopla valuations cannot be relied on for anything except a good laugh. You can actually 'claim' your house on Zoopla and then ask them to put a specific value on it, so long as it is at least somewhat realistic of course.

.....

People down the road from my new house ought to claim theirs, and have Zoopla re-value it as a 6 bed house rather than a building plot. I think that would shift the postcode average quite a bit, as there are only 4 houses in the postcode!

[vetran]

only +£70K in a year

[Martin@AS Financial]

quick query

mortgage initiated house valuation surveys, is the surveyours remit to give a valuation of the house or is it more like "purchase price is £X is it at least worth that much?"

There are 3 different types of survey you can go for - Taken from the Royal Chartered Institute of Surveyors:

Survey level one: RICS Condition Report

Shows the condition of the property, offers guidance to legal advisors and highlights any urgent defects. Typically the lowest priced of the surveys, it is aimed at conventional properties and newer homes.

Survey level two: RICS HomeBuyer Report

Includes all the features of the RICS Condition Report, plus a market valuation and insurance rebuild costs. It also includes advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice.

Survey level three: RICS Building Survey

Essential for larger or older properties, or if you’re planning major works. The most comprehensive report provides you with an in-depth analysis of the property's condition and includes advice on defects, repairs and maintenance options.