I am due to have a loft conversion e.g. New attic trusses installed. I have decided to remortgage and free up some funds.
I have had a side extension since purchase in 2018, there is currently a working kitchen and bathroom. Internally we have gutted the property e.g. brickwork on show etc. The property is secure and water tight.
Nationwide have asked for a physical valuation before releasing any funds. Will the current 'building site' condition go against me / cause issues. I'm worried now!!!
I have had a side extension since purchase in 2018, there is currently a working kitchen and bathroom. Internally we have gutted the property e.g. brickwork on show etc. The property is secure and water tight.
Nationwide have asked for a physical valuation before releasing any funds. Will the current 'building site' condition go against me / cause issues. I'm worried now!!!
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sorted byQuestion is "if you sold it now, in the state it's in, is that a high enough figure to support your LTV?"
The surveyors coming out to value the property as mortgage security for Nationwide so I would think that the answer is yes .... the shell condition will have an impact on the valuation.
But having said that Id be thinking what was it valued at in 2018 / what loan to valuation % (LTV) did you have at the time. If youve only got a small mortgage at the moment you may be ok.
If your seeking a high LTV this time around Nationwide will get more nervous ....prices are probably falling in a lot of areas now ...so they are not going to want to lend a high LTV % of a high valuation price...the risk will be all theirs then.
At the end of the day the surveyor/Nationwide cant actually guarantee that you will actually finish the work....they will value it as whats its worth in its current state realistically.
If youre not actually living there at the moment it may be a good idea to meet the surveyor there to talk about what youre doing to the property ....may give him some reassurance....rather than just leave a key with the estate agents. (edited)
The rates at the moment are high and rising, with house prices slightly dropping.
It's not a good time to get a mortgage or remortgage.