House Valuation

[pumpkinbump]

I own the property outright and am getting a small mortgage to buy the freehold.

Nationwide have arranged a valuation for this Friday. I am really worried about it, incase they undervalue it. It needs work and I am in the middle of decorating so everything is everywhere at the moment.

Can anyone tell me what happens during the valuation? How long is it likely to last?

I could well be wrong but I thought during a valuation the bank just drive past and check it has four walls and a roof. They don't come inside and open your cupboard (do they?). I also thought COVID valuations are "desktop" so they might not even drive past but base it on recently locally sold prices.

They may come in, at least they did it when we were selling our previous house last year, but that was just before the lockdown 1.0. The reason was not so much for decor but to get photographic proof that the property has a bathroom and a kitchen. We were told it was a legal requirement for domestic dwellings (the presence of such spaces, not the photo proof). I guess each valuation company will have a slightly different approach in terms of diligence, plus with the lockdown 3.0 upon us all bets are off.

Thank you both. So they don't really care about decor? I hope they don't care about mess either I was hoping for a desktop but it appears it's a physical valuation. The lady on the phone even asked if I had a ladder so the surveyor could look in the attic!

When our house got valued for remortgage in December, we had to open all doors, the person walked through and checked electric boxes as well.

All the valuation is for, is so the lender can be told if there is enough equity in the property, they could get their loan back from sale if you don't pay the mortgage!. I am surprised they are visiting if it's just a small loan. They won't care about your wallpaper 🙂.

When you say electric boxes, what do you mean? The meter? I was surprised too. I'm only borrowing 30k!

@pumpkinbump

When you say electric boxes, what do you mean? The meter? I was surprised too. I'm only borrowing 30k!

I'm not sure, they checked both meter and fuse box.

We had a valuation last year for a remortgage. Me and DH spent 2 days scrubbing, tidying etc.
The person stood at the front door looked along the hall (about 4 metres long) and went!
No problem was found.

Bit confused, you own it outright but are buying the freehold? If you own it outright you already have the freehold??

Anyhoo, don't fret about the valuation; they'll look straight past any mess and be interested in any obvious structural / damp issues and things which are costly to remediate. Other than that, has it got walls and a roof. Tick.
I'm also surprised its a physical valuation rather than desktop for only 30k. Actaully for that amount would it not be cheaper just to get a bank loan?

Sorry I meant there is no mortgage on the property. Was only in September I was made aware that actually, I didn't own the house at all! It's all been a bit of a shock. Let's hope they barely look at anything.

I went for a mortgage instead because the interest rates are really good compared to a bank loan.