Hi my mortgage advisor has asked for an desktop appraisal or valuation letter from an ARLA ealsate agent on a letterhead.
The letter is solely to say this type of property in this road will fetch approximately £800- £950 mer month.
We are getting the house renovated and our stumbling bloke appears most agents want to do a 45min tour of the home with photos and 360 virtual tours etc but we are not at that stage of development and obviously this would take time up on both sides especially with the run up to Christmas.
My mortgage advisor said we just need someone to look at the spec of the property and compare it identical properties in the area and rhen give a letter to that effect saying its semi detached house 3 story new build 9 years old 4 bedroom 2 ensuite one spectate family bathroom the usual description and to say the property will fetch £800-£950 or there abouts.
There is a property nextdoor which is my neighbour who rents so there is a comparison as it is a competed renovation and identical to my home .
Anyone know of an arla registered estae agent who could just write this on a letterhead and email please respond or any help for the right direction.
An estate agent will harass you for the business when the property is ready. You could use the services of a property surveyor for a desk top market appraisal. It will probably cost you a couple hundred pounds. This is standard for any mortgage company.
Its not standard. I’ve never had to provide such an evaluation. If you are looking at using an agent to rent your property, I’m sure they would help. If not, then I agree a property surveyor might be the best option.
Karl11
Mortgage companies will do stress test calculations to ensure the rental income can comfortably service the mortgage. Some will use their own surveyor and charge you. Some will even offer it for free as a part of the mortgage deal and others will get you to do it.
I had an arla registered estate agent appraise mine as I was informed it would be useful for application, submitted to lender, they did their own and returned a slightly lower figure of £50 less, did all the stress testing calculations and continued with mortgage application. In hindsight not really worth arranging it unless your planning to use an agency for some services.