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Landlord having property valued for re-mortgage ?

(10 Posts)
curlyclaz13 Wed 27-May-15 10:58:20

Our Landlord is having the house valued as he needs a new mortgage, he has assured us he isn't selling but realistically is it more than likely ? We have moved three time in the last 3 1/2 years and been here since September so the timing would be right for him to get it valued now ready to sell at the end of our year. Having never owned a house do you have to get a valuation for a new mortgage ?
Really don't want to move again yet. And before anyone suggests it we can't just buy a house.

Shetland Wed 27-May-15 11:02:16

We've just had our BTL valued for a re-mortgage - we have no intention of selling, it's just that our current mortgage deal came to an end.
It's perfectly plausible, though I can understand your concern.

HelenF350 Wed 27-May-15 11:03:26

Yes you usually have to get a house revalued to remortgage. Some lenders will do a paper exercise based on previous value but some will insist of a valuation survey, especially if it is a new lender.

HelenF350 Wed 27-May-15 11:04:02

I should add that this is no guarantee that the landlord won't sell.

basketofshells Wed 27-May-15 11:05:56

Yes, we had to have a valuation for remortgaging. Hopefully you'll be fine smile

patterkiller Wed 27-May-15 11:08:55

We have done this for a remortgage with no intention of selling. We reassured our tenant but her MIL scared her witless that there is no reason to value a house of your not selling, she admitted to having sleepless nights over that period. That was three years ago and she's still there. Of course there is no guarantee they are not selling, however to get any remortgage on a property it does need to be valued. So their reason is very valid.

Pico2 Wed 27-May-15 11:20:59

Yes, you do have to get a house revalued for a new mortgage. For selling it would be an estate agent valuation, typically x3. But a mortgage valuation would be some sort of surveyor.

specialsubject Wed 27-May-15 11:21:50

why would he lie to you?

if you have a fixed term tenancy then you are staying whether or not he sells.

no guarantee he won't sell, he doesn't have a crystal ball about his circumstances any more than you do. But perhaps you could negotiate a longer tenancy which means you are secure even if he does sell.

PotteringAlong Wed 27-May-15 11:22:57

Echo everyone above, perfectly normal to get a house revalued for a new mortgage

curlyclaz13 Wed 27-May-15 12:41:25

Thank you all for the reassurance, he has said it would be a surveyor but we left the keys with the estate agent who arranged the letting. I appreciate it is no guarantee he won't sell but I do feel a bit better now !

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