Whose valuation will bank use after renovation ?

hopefully quick one

Say I do an renovation on an IP. Then ask for an independent valuation (for new dep'n schedule and updated valuation of property)
When I go to the bank and ask for an equity release on the IP, does the bank always send its own valuer ?
If their valuation is lower then what the valuation report I arranged, is there a way I can dispute/negotiate ?
Thanks =)

 

The bank will only use their owner valuers. They, or the broker as their agent, must instruct the valuer too.

 

Okay, in which case can I request the report from their valuer, will it have a depn schedule?
It'll save me getting a separate one done
Thanks for your time

 

Some brokers might share the reports. But they are technically not supposed to. The reports are the lenders property, even though you are paying for it.

A lenders valuation won't have the details you need for a depreciation report.

 

Banks have a panel of valuers they use and it is usually territorial meaning a valuer will work a certain area. You can order multiple vals to get different firms/valuers via a broker and pick the best one as they can vary by quiet a bit.

You can dispute val reports by sourcing similar (comparable's) properties that have settled within in 6 months. The chances of the val been amended upwards is slim bit have seen it done if the case is strong enough.

Depreciation reports are a totally separate profession so valuation report will be of little use for this purpose.

 

Thanks Colin. I shouldn't have assumed that because both are referred to as 'valuation' reports that they have the same purpose.