We instruct our valuers to value all new properties (flats, houses and maisonettes) on an 'as new' basis.
Please note: the requirement for an up front proof of EPC rating is not required for a New Build application. An EPC will not be available until after the property is completed.
We now have quicker timescales to carry out New Build valuations. We’ll use information from earlier site visits to value New Build houses which have suitable warranties and are of traditional construction, without the need to visit the site.
New properties may include a New Build premium. These elements can be considered by the valuer as Sustainable or Unsustainable. Here are some examples of each;
| Sustainable | Unsustainable |
|---|---|
| Better energy efficiency | Any first occupier benefit that doesn't transfer to future purchasers. (choice of finish/fittings etc) |
| Modern amenities/design (new kitchen/bathroom fittings etc) | Affordability/scheme premium |
| Section 106 benefits on site (new school, local shops, amenity areas etc) | Certainty associated with new home occupation (completion/move dates etc) |
| Developer brand value | Part exchange and other bespoke first occupier/purchaser benefits |
| Limited maintenance requirements and benefits of long term warranty |
Valuation reports are valid for a period of 90 days. Please be aware that a mortgage offer must be issued prior to the valuation report expiring.
Valuation process
When visiting a new site, the Valuer will make an appointment via the sales team. Once on site the Valuer will request access to the property to be valued. If access is available, the property will be fully inspected as per the usual inspection methodology.
Additionally, the Valuer will request a copy of the fully completed UK Finance Disclosure Form from the sales team. They'll also request this along with floor plans for the property and confirmation of the property’s position and surroundings within the development. The Valuer will also request details of comparable on-site sales transactions as part of the wider valuation process.
If access isn't available to the property due to build stage or health and safety reasons, the Valuer will nonetheless follow the remainder of the process above. If the Valuer hasn't previously attended that particular site, they'll inspect the show home to familiarise themselves with the quality of the build. In all cases, if the UK Finance Disclosure Form isn't available the Valuer will return a nil valuation to the lender until they've received this document.
UK Finance Disclosure Form View our construction criteria