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  • Mortgages & Finance

    Mortgage on cash purchase

    if I buy a house with cash that is BMV (with a 4 week old rics report backing this up). What’s the chances that this would have any impact when I come to finance it in 6months time?

    Would the valuer then be more likely to agree with the previous report? Or is it a case of a report done 6months ago is no longer relevant?

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    Daniel, the original report will be out of date by then.  You will need a new report, which will hopefully show an increased valuation, in keeping with the market valuation.

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    Hi Daniel,

    This was discussed fairly recently here:

    Revaluation - bought cheap, but no work done 

    The bottom line is this:  If you don't add any value via refurbishment or development, its likely that the valuer will value it at, or close to, what you purchased it for 6 months ago.

    Caveat:  It really depends which valuer you get on the day, how well they know the area, what research they've done, and what "risk parameters" they are working to.  Because of Brexit, many valuers are being extra cautious with valuations, so always best to plan for the worse and then be pleased if the outcome is better than that!

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    Hi Daniel,

    Valuation reports are valid for up to three months in most cases so assuming whomever does the valuation in six months’ time and is not the original person who did it then that should be fine.  I confess that not much is known about desktop valuations but if I were you I would be asking my broker to make sure it is a person doing it and not a computer so that there isn’t an algorithm in the background that MIGHT have access to old valuations – but that kind of breaks the three month ‘rule’. 

    So you should be fine based on just waiting six months.  Also, it sounds like you commissioned the original survey and you are under no obligation to provide that to the next valuer.

    I hope that helps,

    Cat

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