Landlord valuation

[Ellaoaklands]

Hi, we’ve been living for rent for about 10 years now. Recently my landlord asked me how long I’m planning on staying, I said we’re not planning on leaving anytime soon. Then a couple days ago he said he’s bringing an estate agent to do a mortgage valuation. What could this mean? Does he just want to remortgage the house or do something else.

He is going to sell it. You don’t need an agent to enter to do a mortgage valuation.

Could be many things. He may be looking for borrowing against the property, or to sell it. If he asked you how long you intend to stay, my guess would be that he is looking to sell it.

Owning property that is rented is nowhere near as viable as it used to be.

Sorry OP I think it's mostly likely he's looking to sell

There are changes to the law coming later this year stopping non-fault evictions, so if the plan was something like "rent for now and then sell just before retirement" they’re probably thinking it's best to get it sold now while they can

I think if he was remortgageing he would need a valuation from the building society or bank.
If he is using an estate agent I would imagine he wants to sell the property or increase the rent.

Hi, thank you for your responses. He asked how long we will be staying in May and he mentioned to lot worry and he was thinking about the future. A couple days ago he told me about this and I asked if he was going to increase the rent and he said no (he increased it in March 2023). Well I was thinking he was just going to remortgage it hence the mortgage valuation. Can anyone tell me why he would need a mortgage valuation if he was going to sell it and not a property valuation.

Maybe he’d like to increase his loan on the property to buy another one so is having it revalued. Why don’t you ask him?

Mortgage valuation could be a white lie when he's actually having it valued for sale. Even if so, inviting one agent round to value won't necessarily lead to a sale. Eg he might decide the price doesn't justify selling.

No one can give you a definitive answer, all I can say is I think you're running at an increased chance that he will try to sell soon. He sounds like a considerate chap, I think it's a good idea to ask him where this might be heading.

An estate agent doesn't do a mortgage valuation, it will be a surveyor. I assume he is looking to remortgage to a better deal.