Mortgage Valuation as guide to selling price

[LittlePickleHead]

I have a couple of quick questions I'm wondering if anyone can help with.

We extended our 2 bed flat in London a couple of years ago to make it 3 bed, 2 bath with direct garden access (and added on about 220sq ft). It means it's not a particularly common layout/property type and certainly the only property on our street like it.

After the build we needed to remortgage. The estate agents valuations varied wildly from £425k (ridiculously low for our area) to £550k. The mortgage valuation was a drive by, but came in at £500k which was fine for our remortgage purposes.

My questions are:

• We are thinking about selling at some point in the next six months and I'd like an idea of current value. If I use the mortgage valuation in the nationwide house price calculator is that likely to give an accurate indication of current value? I'd rather be realistic than rely on the estate agents given how variable the valuations were last time.

• Will the mortgage valuation be officially recorded anywhere (e.g. if we sell, will the next valuer be able to access it as part of decision making process).

I do realise things may change in the next few months in the property market, but want to first of all work out if a move is feasible.

Thanks!

I think you can only gauge current value by comparables but if there are no true comparables, I appreciate its hard. You'd have to come up with a best guess.

To answer your other question, most big surveyors record any valuations (either for remortgage or selling purposes) on a central database which again, most valuers subscribe to. So yes, ordinarily, surveyor now will be able to access previous valuations.

Thanks, that's helpful to know that the valuation should be recorded.

I realise it's a hard property to value hence the range of valuations. My instinct says £550k and the nationwide calculator agrees with that.

I know until we go on the market we'll have no idea whether anyone will want to buy at that price, but I'd rather feel like I have some logical method to working out what it's worth.

Note that the Nationwide valuation for remortgage is a regional valuation rather than closer to the comparables. It is was useful for us for our recent remortgage as it gave us a more favorable LTV. Our house is ex-council with the rest of the rd about 50/50 private owned/council.

The surrounding roads are all privately owned houses that if our house of the same sqm2 was on those rds would have cost another £100k-£150k. These more expensive houses have brought the NW valuation average to be higher for all houses in the area including our ex-council houses. NW valued it at £330k but the last house on our road about 4 months ago sold for £300k so I wouldn't expect much more than that for ours.

You mentioned that your house is the only with the extra space on your rd so not easy to compare but I would look at houses sold within, say, 1/4mile radius that have the same sqfootage and compare those prices.