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Hello All,

 

Quick bit of background: I am moving out of London (with, it seems, the rest of London) down to Brighton.

We feel we have made a fair amount of money on our 2 bed flat, and would like to release equity to fund a deposit on a new property, plus, if we can, a further BTL.

I have a mortgage advisor and he is setting me up on a 75% interest only BTL mortgage based on quite a high (but not ridiculous) valuation, and is sending the surveyor round asap.

 

So, my question is as follows:

How do I make sure the surveyor comes round and values the property at what I would love it to be valued at?

I have no experience of this and don't know the procedure at all....

 

I'm guessing that it needs to be really presentable, but do you recommend I get the scented candles out? Or perhaps prepare a light avocado salad for us both to enjoy?

 

Any help would be greatly appreciated.

 

Charlie

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Hey Charlie,

 

this is one of my favourite topics, mostly I guess because I've done something similar to what you've described a couple of times.

 

I remortgaged in January to extract equity, and also being in London the value I gave my mortgage broker seemed like a silly amount.

The value I gave came after having asked a couple of Estate Agents around to value the property.

I took the lower of those valuations.

 

The surveyor who came to value the property was in my house for maybe 10 minutes.

He had some fancy giszo that sent lazer beams between sets of walls, to determine the sq footage I imagine.

He didn't ask anything about the work we'd done on the property, certificates or anything.

 

Our guy classed our property as a 3-bed, even though we have a 4th room that could be used as a bedroom.

We currently use it as an office and in hindsight had it been dressed as a bedroom that may have meant it would have been classed as a 4th bedroom.

If you have any rooms like that, might be worth presenting them differently.

 

My only advise would be to make sure that the property is nice and tidy, and if possible have lots of light coming in.

My viewing was in the winter, so I just turned on a few additional lights.  

 

I guess you could try dropping a couple of hints about having Estate Agents view it and confirm your price, but I'm not sure surveyors would take any notice.

 

Best of luck ... and let us know how you got on.

 

K.

Check out my property journey here:  http://diytopropertyinvestor.co.uk/

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Hi Kylie,

 

Thanks for that - I have been following a few of your posts, and was hoping you'd respond!

 

I have one room as a nursery. Do you think it's worth getting a bed in there, so it's REALLY obvious?

 

I was also told by my broker that it might be worth leaving a few letters we have had from the agents that valued it out.

And failing that - getting all Derren Brown and putting subliminal messages all over the place....

 

Out of interest did you get higher then you had planned for?

 

Charlie

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Hi again,

 

 

 

I have one room as a nursery. Do you think it's worth getting a bed in there, so it's REALLY obvious?

 

I think this depends on the size of the room, and where it is located. Our additional room is downstairs in an extension that we did, so not part of the original 3 bed footprint.

If your nursery is part of a traditional footprint, ie. 3 bedrooms upstairs, then you should be fine.

 

In our case it's quite funny as the box room upstairs is much smaller than the added room downstairs, and still the new room didn't qualify - I'll definitely be dressing the room as a bedroom if/when we ever sell.

 

 

 

Out of interest did you get higher then you had planned for?

 

This is an interesting point.  Something I never knew until my mortgage broker told me is that surveyors typically will never go above what you quoted on your application, even if they think it is worth more.

We got exactly what we asked for, but I think we could have got more had we put a higher figure on the application.  I didn't actually need any more so no big deal.

 

I only know of 2 instances where properties have been valued over their application price - it's not very common at all.

I've even had a proprerty under-valued recently ... and that seems to be a lot more common.

Check out my property journey here:  http://diytopropertyinvestor.co.uk/

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Hi Charlie,

 

Interesting post.

 

I used to be a mortgage broker myself and can confirm the above statement by Kylie that surveyors never really go above what is required on the mortgage application even if the property is worth more than is on the application form.

 

I would therefore always recommend going as high as realistically possible on the application figures, you never know your luck the surveyor might be feeling all kind and friendly on the day of the valuation.

 

Some lenders don't even bother sending a surveyor round to even see the property in the first place, especially if it is quite easy to perform a desk top valuation. This is normally the case if someone has bought a property in recent years and not done a lot to improve it.

 

Good luck with it all and I am sure you won't have too many problems as you currently live in a prime London location which will always attract a premium.

 

Speak soon.

Click below to find out more about my work at RMP Property

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Hi Charlie

 

Some good suggestions about 'dressing the property', which I support - having beds in rooms that could be described as bedroom is a good idea to try and get the extra bedroom premium.

 

A different angle from me though and one that worked the last time I had a revaluation done only 2 months after buying a property is this:

 

Get market comparables of recent sales of similar properties in the area...same street or within 1/4 mile and within the last 6 months if at all possible - Zoopla and Righmtove for this. If this is insufficient enough to support the valuation you seek, repeat this process for sold STC properties again on Zoopla & Rightmove. Finally, if this still does not get you supporting info then look at on the market properties too. If nothing else look for the pattern in prices as actually sold, sold stc and up for sale should at least show the market trend - being up!

 

If you have undertaken any work then I would also produce a schedule of works listing all that you have done along with expenses allowing for a labour cost if you have done the work yourself in addition.

 

Meet the valuer on site if possible and at least present them with this info written out so they can take it away with them.

 

They have access to all the behind the scenes data (including other valuations) in any event but you are simply helping them along by showing them your own research.

 

If none of this supports your valuations then get a boatload of scented candles, have the coffee maker whirring away and just be nice and friendly instead ;)

 

Good luck!

Richard W J Brown a.k.a. The Property Voice

Property Investment Strategist

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Amazon best-selling author Property Investor Toolkit & #PropTech, YPN Magazine columnist & PODCAST host

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All,

 

Thanks for all this info - really helpful.

 

I think by me going on mortgage comparable websites, i forgot to check the box that says no marketing, because all of a sudden i am receiving letters from estate agents asking if i want to sell, complete with pictures of comparable properties they have just sold for ridiculous prices. 

Instant research - and the one time that marketing trash has actually become useful!!

 

Now wondering if I should have just gone with an enormous valuation and waited to be knocked down... would this have been a game to play?

 

Thanks again.

 

charlie

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