Hello if my company insist on me trying to remortgage. How will my property be valued ? Recently a similar property soldfor 200k. However mine is in need of updating and repair. Can you advise
I got a local one out who did it for free as I fibbed and said I might be being made redundant and so would need to downsize. They sent it me in writing as well.
Bear in mind that IVA companies have a habit of using companies such as Zoopla who tend to over value houses.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A lot will depend upon how much equity there is likely to be. If near the £5k trigger it might be worth investing £100 on an independent valuation yourself ( some companies, like McCambridge Duffy, will allow this to come out of the IVA pot) .. it could save you 12 months in the long run.
If you know you will be way over £5k, there is very little likleyhood of getting a remortgage and you will get a 12 month extension instead, so the actual figures are immaterial.
That said, some firms will try to bully you into a secured loan ( check what they can and can't do under the terms of your own arrangement) and one, at least (no idea which) has found a company which does offer a remortgage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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.
Some IVA factories will simply use Zoopla valuations.
As Foggy says if you think challenging it and getting a real valuaiton will help prove you have less than the minimum amount of relevant equitable interest (usually £5k) then you should look into this.
Failing which you will probably find your IVA is extended by one year.
Thank I am waiting for my IVA company to contact me however if my property is valued around the 180000/181000 mark then I would just fall short of the 5.k. Zoopla estimates seem much much to high. The company I am with is Harrington brooks not sure if any one has experience with them.
Last edited by key310865 on Mon Aug 08, 2016 5:05 pm, edited 1 time in total.
Zoopla estimates are too high - you need to sort your own out and present that to your IP company.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We paid a local estate agent and told them why we needed a lower (but realistic) valuation, we were only just over. The £5k threshold. An average was then done with their price and ours. I think it was about £50/£60, but it did save us an extra years payments so money well spent as far as I'm concerned!
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
Hi does anyone know of any reasonably priced independant valuers in Brighton/Hove area . I looked on line and 1 surveyor is looking to charge £390 and another £220.
thanks
Kieran
That's what we did Lisa - and didn't have to pay for the valuation.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
