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Remortgage - Valuation

When you remortgage and the lender instructs a valuation does the valuer look at Zoopla, what factors do they take into consideration? My current lender says that according to their House Price Index my property has gone down in value making my loan value lower therefore good rates are not open to me. However similar properties are being sold in the same area for much more money than what my bank are saying mine is worth - I am very confused?

Asked on Feb 16 2011, House Prices in Bromley | Report content

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  • When a surveyor values a property they will be taking into account,condition,location and market trends. The basis for there valuation however is dominantly comparable house/flat sales in your area. They will often seek advice from local agents and house price information as part of this and then offer their opinion on price. If you feel it is too low look for evidence surrounding you in terms of sold property and ask if you have the right to appeal or challenge the value.

    Answered on Feb 17 2011, Report content
  • A survey carry’s out the valuation on behalf of the lender, to determine the current value. I’m of the opinion that a surveyor can often give two values, one for an achievable selling price and one for the a remortgage figure. Trying to determine why a surveyor feels a property is worth a certain figure is about as easy as trying to figure out the meaning of life; there are essentially hundreds of reasons as to why, yet its impossible to actually pin point the exact one. You can of course provide comparables, you could even meet the surveyor however there is no guarantee you’ll get the figure your looking for.

    Answered on Feb 17 2011, Report content
  • A survey carry’s out the valuation on behalf of the lender, to determine the current value. I’m of the opinion that a surveyor can often give two values, one for an achievable selling price and one for the a remortgage figure. Trying to determine why a surveyor feels a property is worth a certain figure is about as easy as trying to figure out the meaning of life; there are essentially hundreds of reasons as to why, yet its impossible to actually pin point the exact one. You can of course provide comparables, you could even meet the surveyor however there is no guarantee you’ll get the figure your looking for.

    Answered on Feb 18 2011, Report content

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