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. The valuer can consider these elements as Sustainable or Unsustainable. Below you can find 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 or fittings etc) |
| Modern amenities/design (new kitchen/bathroom fittings etc) |
Affordability or 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 have quick 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. We can do this 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 (opens in a new window) by going to the case home screen and clicking the 'Case Documents' tab.
We offer a free standard valuation on our products.
The valuer will make an appointment via the sales team when visiting a new site. Once on site, they will request access to value the property. If access is available, they'll inspect the property in full. This is per the usual residential inspection method.
The valuer will request:
- a copy of the UK Finance Disclosure Form completed in full 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 as part of the wider valuation process.
The valuer will follow the process above where access isn't available to the property. This could be due to build stage or health and safety reasons. If they haven't attended the site before, they'll inspect the show home. This is so they're familiar with the quality of the build. The valuer will return a nil valuation to the lender if the UK Finance Disclosure Form isn't available. This will be the case 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. In these instances, it won't be possible to book valuations for those days. It's common for site sales teams to hold late opening days on a Thursday. This means some sales offices may not open until early afternoon which may impact the booking of New Build valuations.
