Equity release timescales

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Eggs are ace

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Post by Eggs are ace » Tue Jul 14, 2015 12:09 am
Hi everyone,

Month 54, all documentation sent to IP as requested, so mortgage redemption statement and house valuation......... We have been waiting nearly a month and not heard anything back, anyone any idea what sort of timescales are appropriate for an IP to get back to us to tell us either way about equity release/12 month extension?

I have chased them and been told my case is in a queue!
 
 

luluj

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Post by luluj » Tue Jul 14, 2015 4:44 am
I would be chasing fortnightly ... it needs to be addressed timely do you know where you stand and whether an extension was going to be imposed.
Keep pushing them ... fingers crossed it won't be long.
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Foggy

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Post by Foggy » Tue Jul 14, 2015 7:45 am
I agree and would be chasing regularly, queue or not. This is an important part of being able to get on with your life.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Tue Jul 14, 2015 8:34 am
Given that this has to be obtained from month 54 I suppose in reality they have up to 5 months in which to say whether it will be extended or not.

However, in reality the fact they have a backlog is not your problem as this is an Individual arrangement subject to a legal agreement.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Jul 14, 2015 12:07 pm
I would chase daily until they get so annoyed they look at it just to get rid of you!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Eggs are ace

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Post by Eggs are ace » Tue Jul 14, 2015 5:56 pm
Cheers everyone,

I'll pester them I think
 
 

dancer

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Post by dancer » Tue Jul 14, 2015 8:33 pm
Those who shout loudest usually get moved to the front of the queue!!!!!!!
 
 

Eggs are ace

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Post by Eggs are ace » Mon Aug 03, 2015 12:13 pm
More than 6 weeks of pestering to try and find out about the equity release thing, I cant see that there will be an extension to the IVA due to the equity(even says in the IVA agreement that it is thought that the property will be excluded due to there being no equity), but it would be nice to have have this confirmed...........

GGGrrrrr!!!
 
 

Helen.k

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Post by Helen.k » Mon Aug 03, 2015 12:21 pm
we got ours back within a couple of weeks, saying we had equity and had to pay an extra year. So we had our house independently valued, emailed the IP the figures as soon as the estate agent gave us the new quote, and we got a reply back that same day to say there was in fact no equity!
getting there ....

Got there!!
IVA started 27/10/2010
final payment 27/10/2015
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Off the register 5/8/16
 
 

Foggy

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Post by Foggy » Mon Aug 03, 2015 6:10 pm
Send a letter, by recorded delivery, along the lines that, if you do not hear within 14 days, you will assume that there is to be no need to attempt equity release, nor will there be any extension, as anticipated when the agreement was drawn up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Eggs are ace

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Post by Eggs are ace » Tue Aug 04, 2015 4:42 pm
Got reply back this morning........

No equity = no 12 month extension

Totally made up, but its only what was stated in our agreement, its just nice to see it in black and white.........it did take more than 6 weeks though after submitting the mortgage redemption and house valuation

now for our next issue.........arrears...........
 
 

kallis3

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Post by kallis3 » Tue Aug 04, 2015 4:45 pm
Great news on that - hope you get the arrears sorted out quickly.
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Foggy

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Post by Foggy » Tue Aug 04, 2015 4:52 pm
One down ... one to go :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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