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How does the bank calculate the value of the property I am buying or remortgaging and if I disagree can I appeal this figure?
On most occasions the bank will instruct an independent surveyor to value the property and they will provide a figure which the mortgage lending will be based on. The surveyor may also use a desktop valuation process where the valuation is carried out electronically as opposed to physically. If you disagree with the figure, provided you can supply comparable evidence to show that very similar properties have sold for more recently (normally within the last 3 months) most lenders have an appeal process which can be followed.
Do I need to tell my mortgage lender that I’m going to let my property?
Yes, you will need your lender’s permission before you can let your property; they may have special conditions that you need to comply with or need to be added to the tenancy agreement. Most lenders will give permission when you apply to let out your property.
I can’t afford my lease extension, what can I do?
We fully appreciate a lease extension may feel like an unnecessary outlay however with the right financial advice it will result in your property being more valuable when you come to sell it. We are able to link you with our financial services director, who will talk you through how you can finance this extension.
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