Down to my last 5 payments, not sure if I will have to do another 12 months ?

[khorat]

Paid last payment today,£20,000 owed ,£20,000 payed back , still waiting for news on equity release, call gt today

[mole]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by khorat

Hi ,last payment done ,still waiting for news on equity , sent morgage papers to gt in April still not heard anything, should they give you advanced notice if you have to do 12 more mouths or can they just surprise you ?

That is ridiculous, with cleardebt, I scanned my paperwork and emailed over to them. I was contacted 2 hours later to be told my property was excluded from the agreement. All done.

[khorat]

Gt have just called back and yes I have to pay 12 more payments , I feel so down,12×£321

[Carl.ph]

I am due to get 2 valuations soon to see if there is equity in my property, I have a few questions please:

1. Do estate agents charge for valuations? If so what would be a rough guide?

2. When they attend should I ask for a "forced sale" valuation? Would this be normal practice to do or do I just let them get on with the valuation and say nothing?

Thanks in advance....

[Michael Peoples]

It is a pity Khorat that you got the extension as the equity situation was borderline.

Carl. I cannot speak for other firms but we normally allow £100 plus VAT as a cost of the valuation and this can then be deducted from the next payment. A 'forced sale' valuation is fine and if you are paying for it the valuer will usually provide what is needed. If you get a 'free' valuation then the valuer may up value to get the property on the books which could cost more in the long run.

[Carl.ph]

Thanks once again Michael for your quick response...

[khorat]

Is there any alternative s other then doing another 12 mouths iva

[khorat]

Is it possible I can appeal against my 12 mouth extension

[Foggy]

You could ask for them to reconsider, but I doubt you will get anywhere. If they were going to err on the side of kindness they would have already done that.

Do you agree with the figures ?

[Michael Peoples]

If the equity is there then the extension is automatic. It might be difficult now to get a new valuation showing reduced equity.

[khorat]

Is it possible I can appeal against my 12 mouth extension

[Carl.ph]

My situation is that I have a secured loan against my home as well as a mortgage, how would I fair with the equity release situation?

[khorat]

Is it possible I can appeal against my 12 mouth extension

[Foggy]

Carl, the secured loan would be added to the mortgage to give outstanding secured balance against the property and would reduce any equity available.

Khorat, repeating the same question will not elicit a different response to those already offered. There is no formal right of appeal, only discussion and negotiation.

[Carl.ph]

Thanks Foggy for your response, so to clarify we would provide 2 valuations plus the latest mortgage statement and latest secured loan statement then my IP would work out if any equity would need to be released.....