Remortgage Valuation

[lee12345]

We are about to start the remortgage process, including a transfer of equity to remove a ex partner & add my fiancé. My question is about the valuation that the lender will do. I bought the house at high price when houses prices had risen. We've been here 5 years & have decorated & property is in good condition. The only major thing that needs work is the Garden. It's not in a great state, it's a small garden, but we need quite a bit of work done & also our neighbour is currently renovating his garden, the fence between our gardens is down & it all just looks a bit of a mess. In terms of the valuation for a remortgage, does anyone know how much this could affect us? I'm unsure of how much detail the valuation will go into as it is just a remortgage & we have equity in the property however borrowing an amount extra to buy out ex partner.

Are you staying with the same lender? If so, they probably won't even come out to the property, it will just be a desk top valuation.

If you're remortgaging with a different company, they will probably come out but wouldn't attach much weight to the garden etc unless its really detrimental to the overall condition of the house.

When we had ours he walked in the door and said great just checking the house exists and went home.

Thanks for you replies. The mortgage will be with another lender. The house itself is absolutely fine, it's just the garden which needs the work, which unfortunately isn't in our budget anytime soon.

It's quite likely that it will be a desk top valuation, but you won't know until you begin the process. The 'computer' makes the decision as to what type of valuation is needed.

We recently remortgage (new lender) & it was a desk top valuation - but rather than a valuation, we put in estimated property value and it just came back approved. We were conservative with our valuation (looked at sold prices of similar sized houses in the area.) It as it was the start of covid & obviously not sure what would happen to house prices, so put it slightly lower than we thought the house was worth, but still be in the same LTV bracket.

Is the garden just needing sprucing up rather than anything major needing doing?

I don't think it will particularly affect a valuation, just saleability if you were looking to sell.