Note:
you don’t need to provide proof of the EPC rating upfront for a New Build application, as an EPC won’t be available until after the property is completed.New Build valuation information
We instruct our valuers to value all new properties (flats, houses and maisonettes) on an 'as new' basis.
We now have quicker timescales for carrying out New Build valuations. We'll use information from earlier site visits to value New Build houses with suitable warranties and traditional construction, without the need to visit the site.
New properties may include a New Build premium. The valuer will consider whether these elements are sustainable or unsustainable. Some examples include:
Sustainable
- Tick icon Better energy efficiency
- Tick icon Modern amenities and design (new kitchen and bathroom fittings etc)
- Tick icon Section 106 benefits on site (new school, local shops, amenity areas etc)
- Tick icon Developer brand value
- Tick icon Limited maintenance requirements and benefits of long term warranty
Unsustainable
- Cross icon Any first occupier benefit that doesn't transfer to future purchasers. (choice of finish or fittings etc)
- Cross icon Affordability or scheme premium
- Cross icon Certainty associated with new home occupation (completion or move dates etc)
- Cross icon Part exchange and other bespoke first occupier or purchaser benefits
Valuation reports are valid for 90 days. A mortgage offer must be issued before the valuation report expires.
Valuation process
When visiting a new site, the valuer will make an appointment through the sales team and request access to the property. If access is available, the property will be fully inspected using the usual inspection methodology.
The valuer will also request:
- A fully completed copy of the UK Finance Disclosure Form from the sales team.
- Floor plans for the property
- Confirmation of the property's position and surroundings within the development
- Details of comparable on-site sales transactions.
If access isn't available to the property due to build stage or health and safety reasons, the valuer will still follow the remainder of the process above. If they haven't previously visted the site, they'll inspect the show home to familiarise themselves with the quality of the build.
If the UK Finance Disclosure Form isn't available, the valuer will return a nil valuation to the lender until they receive it.
UK Finance Disclosure Form View our construction criteria