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Posted: Sun Jun 14, 2015 11:52 pm
by luckyalf
Hi, does the 5th year equity release 85% rule mean that after the house has been valued, no further reduction will be made for a forced sale, or should a further 10% be deducted to reflect a forced sale. This could make a massive difference to me, so any anecdotal evidence would be greatly appreciated. Thanks in anticipation
Posted: Mon Jun 15, 2015 7:54 am
by Foggy
It depends upon how you get the property valued. If the valuer knows you want a quick sale he will value accordingly and the 85% will be taken from that figure.
Posted: Mon Jun 15, 2015 8:51 am
by ilikewatch
When I got my valuation I told the estate agent that I was shortly likely to be offered a relocation from my work, and if I accepted would need to complete the sale within 3 months - I also told them that my outstanding mortgage was £x and that I would only need to achieve this amount if I sold.
I also made sure that I "saved up" a large amount of refurbishment work and undertook this at the time of the valuation, this had the effect of reducing the valuation, rather than doing the work prior to the valuation which would have increased the value of the property.
Posted: Mon Jun 15, 2015 10:08 am
by lifenoteasy
ilikewatch - best laugh so far today:)