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Hi All,
been a long time since been on here, we are now in our final year and at the time to get valuation and redemption figures, so I have a question, the estate agent has supplied a valuation estimate between an upper and lower value, which figure would be used or would the average value be taken.

Thanks in advance

Personally I would use the lower figure but I suppose your own IP may have a different view.

Thanks for the prompt reply Michael, that would be great if the lower figure used, by my calculations the lower or average figure would give us under £5000 equity and should be able to conclude on five years, BUT if highest figure used we would be around £200 over the 5K.

Did you ask the agent for a valuation or for a marketing value (price to offer for sale) ?

Agents build in a wriggle room for offers in a For Sale price, so the lower value would be nearer the mark.

Fingers crossed then they use the lower figure.

We had a bit of a game even getting a valuation, the first estate agent refused when they asked us what was the valuation for ?. luckily the next one we tried did not ask BUT there letter does say marketing valuation

It is normally better to pay for a valuation and let the valuer know what it is for. A 'forced sale' or restricted realisation valuation would be lower than an open market valuation and could save you a year's payments.

We allow up to £100 plus VAT for the valuation and the client deducts the cost from their next IVA contribution. This means you do not have to make up stories to get a valuation and also the agent gets paid for their work and time.

I agree with Micheal. An agents "valuation" for a sale will be higher than they actually expect to get (and the real value is what someone will pay, not what the agent asks).

Well I hope that is taken into account as we have already sent it off, just waiting for the written redemption figures, which I now have verbally hence being able to make my calculation.