We instruct our valuers to value all new properties (flats, houses and maisonettes) on an 'as new' basis.
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 table
| 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 |
|
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.
Once the valuation report is ready, we'll upload this to the document store. You'll then be able to find it on NFI Online by going to the case home screen, then clicking the 'Case Documents' tab.
We offer a free standard valuation on our products.
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 residential inspection methodology.
Additionally, the Valuer will request a copy of the fully completed UK Finance Disclosure Form from the sales team 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
It’s important to keep opening times in mind when considering the turnaround of New Build valuations. Many developers close their on-site sales offices on a Tuesday and Wednesday so often it won't be possible to book valuations for those days. Additionally, it is relatively common for site sales teams to hold late opening days on a Thursday, meaning some sales offices may not open until early afternoon which may impact the booking of New Build valuations.
