Mortgage Company valuations on equestrian properties?

[ElleSkywalker]

Morning,

A while ago some one mentioned in a thread about what mortgage companies value equestrian buildings/land etc as as I know it differs wildly from estate agents valuations!

Am looking at a house and have been told that the mortgage company will value house, stables (3 and tack room on concrete base) and land separately and add together. The land is 3 acres a but they will apparently only value 2 acres?!

Anybody know roughly what I might be expecting the stables/land to get valued at? for example the stables 20 years old in good nick and to replace would be maybe 20k
+ will they go for this price or less as old? Also will the 2 acres be 7k each as going rate per acre for large plots or will they be more like 30k as that is what a pony paddock of 2 acres is more likely to fetch?!

Can anyone help?

Fish and chip crisps for all xx

 

[YorksG]

As far as I remember when we bought this place, and again when we re=mortgaaged for essssential work on the house, the building society didn't add the value of the land or buildings in at all. So it was just the value of the house

 

[Goldenstar]

As far as I remember when we bought this place, and again when we re=mortgaaged for essssential work on the house, the building society didn't add the value of the land or buildings in at all. So it was just the value of the house

Us too, it was fifteen years ago so might be different now .

 

[*hic*]

Almost two years ago the house I'm sitting in now was valued at £0 by the mortgage company's surveyor. They took no account of the barn with six internal stables, loo, kitchen, office and tackroom, the six additional external stables, the hay barn, the tack room, the eight+ acres, the admittedly tatty sand school and lunge pit. They just looked at the house and the work that needed doing to it and decided that the work was as expensive as the possible value of the house.

We did get a mortgage on it but it was a huge fight and the mortgage company still took no notice of the "equestrian facilities".

 

[Polos Mum]

Depends on mortgage company - HSBC/ First direct will lend on anything up to 12 acres if it's for residential use (ie you don't want to run it as a livery yard)
Valuation methodology is down to the chartered surveyor the mortgage company uses. Typically they value is as a standard house (as they have a wider range of buyers to flog it to if you default and they have to auction it off) BUT garden is pretty valuable, so when we bout ours 5 months ago acre 1 = £15k, acre 2 £10k and additional acres after that at £7 each, stables at £3k each, school £20k (cost £25 to put in) - house - based on equivalent houses in the area at the same size.

So get on rightmove and find similar house in the same post code = whatever you come up with
3 acres = c.£30k
stables = £9k

This worked for the house we sold (12 acres and 7 stables) and the house we bought (10 acres, massive outbuildings and 15 stables)

TBH I don't hold much value in what the surveyors do - the valuation for the house we bought said it was 4 bedrooms (there are 5!) and they said it was in a fair state of repair (I wouldn't have left my dog in it for 2 hours - let along moved in with all the damp/ mould/ missing floors !!)

 

[ElleSkywalker]

Thanks all they have definitely said they will include stables etc in valuation so will do as polo's mum suggests and have a look for other houses in area. Have already been on mouse price but nothing has sold in the hamlet for years!