EQUITY..

[noshiela]

Thank u so much for the advice, hope it works out.. have another valuation booked next week.. can I suggest what price I'm happy with to the valuer?

[Foggy]

Thank u so much for the advice, hope it works out.. have another valuation booked next week.. can I suggest what price I'm happy with to the valuer?

A lot will depend upon what reason you gave them for a valuation. If you are getting a free one from an estate agent wgho thinks you are planning to sell, tell them you are looking for a quick sale. If you are paying for one you can be more open -- but they will still value at market value. Remember not to "pretty up" the property as you would normally do when selling !

[noshiela]

Hiya foggy, I've had my 2nd valuation done today - valued at 150,000 this time rather then 160,000

What do u think?

[Foggy]

£150,000
85% LTV = £127,500 x 45% = £57,375
Less £49,000 = £8,375

I would use those figures to argue no equity clause trigger then base the offer on the remaining payments only ( no extra 12 months).

Assuming they calculate things the same way, they should agree to put the offer forward.

[noshiela]

Should I leave them to work it out or should I point this out to them when I send the paperwork

[Foggy]

I would just tell them that, on a valuation of £150,000 the equity clause would not be triggered, so no extension woud apply. If they disagree they will come back to you and give you their calculations ( if they use a different method ) .

[noshiela]

Thank y so much for your help, this whole thing is driving me barmy