Perceived Value V Actual Value of property.

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    Perceived Value V Actual Value of property.

    The freeholder is building additional flats above us to the same size as existing flats. I keep hearing a benefit will be, well this could increase the value of your property as they will look to sell with a mark up.

    I appreciate that the newer flats will attempted to be sold at a higher cost as they are new, and this could make my flat look more attractive if it's sold at the same time at a lower price, but from a mortgage company valuation point of view would they see additional value ?

    The reason I ask is that my property was valued £15k less than what I paid it when I attempted to go through to a new mortgage company (in the end used my existing mortgage company who don't revalue the property again but use the percentage increase in property prices, so I had a more reasonable LTV).

    Is it possible to contest mortgage company valuations - I live very close (5 min walk) to a train station on a main line (not enough to hear the noise) which makes the value of the property more attractive compared to other properties in this area... is that taken into consideration of the valuation ?

    Thanks

    #2
    it is for the lender to offer you what they see fit to offer you by way of a loan. Higher LTV normally means more expensive borrowing

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      #3
      You could ask estate agents revalue your flat but I won't go to the mortgage company and if there are building works - that is a risk so I could see why the property was downvalued

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