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Landlord Wants To Re-mortgage, Will He Need A Valuation?

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My landlord is coming to the end of his discounted mortgage deal and will need another one. If he changes mortgage provider will he need a valuation survey and will that involve the surveyor coming inside the property?

I am asking as my landlord has unexpectedly given me notice to leave claiming he has a buyer. I don't see how he found a buyer as the property isn't even on the market and no one has been to view.

All the letters for his mortgage come here and I forward them on to him. I suspect he needs to re-mortgage and wants me out as if there is a survey with me in situ he will be in trouble if the lender finds out the property is let.

Cheers.

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Do you have a contract with your land-lord?

He might need a valuation, it entirely depends on the mortgage company and the 'equity' left in the property (usually).

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Do you have a contract with your land-lord?

Yes, it was the normal assured shorthold tenancy that has now turned into a periodic tenancy and I have just been given the normal two months notice.

He might need a valuation, it entirely depends on the mortgage company and the 'equity' left in the property (usually).

Mortgage is 180K, property is worth approx 200-220K (hard to tell the value, it failed to sell with an asking price of 240K two years ago).

The landlord's current fixed rate mortgage deal ends about two weeks after the end of the notice he has just given me (mid December).

I figure he can't have told the lender the property is let as the lenders letters all come here rather than to his current address.

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At those figures he will most certainly need a valuation.

I dont think he is bothered about the mortgage lender currently with as long as it being paid most of them probably dont care, although his buildings insurance is likely to be invalidated.

He will be more worried about the surveyor putting down that the property is tenanted to the new mortgage company as he would only be able to get 75 % in that case, meaning no dosh.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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