Hi everyone,
In the process of buying a house. Just got the valuation back from the bank. The appointed EA has put an off the wall rebuild value. Looks like all he did was take the floor area and multiply it by the value on the SCSI website, add a bit for garage then round up to the nearest 100k! Floor area and build cost are not linearly related. Can I challenge this value? It's going to make the insurance ridiculous. Will the bank require that I insure the house for the value the EA said? Any advice welcome.
In the process of buying a house. Just got the valuation back from the bank. The appointed EA has put an off the wall rebuild value. Looks like all he did was take the floor area and multiply it by the value on the SCSI website, add a bit for garage then round up to the nearest 100k! Floor area and build cost are not linearly related. Can I challenge this value? It's going to make the insurance ridiculous. Will the bank require that I insure the house for the value the EA said? Any advice welcome.