Valuation plucked out of thin air

[flanagaj]

I didn't twig at the time, but the valuation performed by the mortgage company valued our plot at 250k (bit of a shock, given I paid 350k) and they valued the house at 950k.  It's a 200m2 property.

I didn't think too much of it and went and purchased the site insurance / self build warranty on the basis of the figure from estimators online.  Namely 350k.  

I then get an email today from the conveyancing solicitor telling me that Hanley want the site insurance and structural warranty increasing from 350k to 700k.  No problem, I said, it will only be a few quid.   Cut a long story short, it's another £2800

Moral of the story, make sure you push back against any overinflated valuation of the rebuild cost.  700k to rebuild a 200m2 with an attached garage is a complete joke, but I am not sure if there is anything I can do about it.

[nod]

Valuations should really be changed to best guess Land Especially 

[Mr Punter]

10 hours ago, flanagaj said:

700k to rebuild a 200m2 with an attached garage is a complete joke

 

I don't think it is.  Get a main contractor, demo and prelim costs, overheads and profit and it may be fairly close.

[Russell griffiths]

To knock down a burnt out shell of your house, then get the foundations inspected then re build your house to the spec it was using a principal contractor to do the whole thing will be £700,000 all day long. 
 

just because your going to build it cheaper using your head and a bit of carful planning doesn’t mean the insurance company can do it like that. 
 

if you suffer a total loss you don’t want to be under insured. 
 

have you had a quote to build the whole thing with zero involvement from you, it bet it will be £600,000. 

[flanagaj]

11 hours ago, Russell griffiths said:

To knock down a burnt out shell of your house, then get the foundations inspected then re build your house to the spec it was using a principal contractor to do the whole thing will be £700,000 all day long. 
 

just because your going to build it cheaper using your head and a bit of carful planning doesn’t mean the insurance company can do it like that. 
 

if you suffer a total loss you don’t want to be under insured. 
 

have you had a quote to build the whole thing with zero involvement from you, it bet it will be £600,000. 

450k