www.iva.co.uk

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

et an independant valuer for quick sale

How was it valued when you started the IVA?

It's pretty much the same process at the end as I understand it.

But I would reiterate, it's a "QUICK SALE" valuation you want.

Estate agents tend to over-value properties to attract sellers so use an independent valuer who is not associated with any estate agent.

Tell the valuer it's a quick sale (or forced sale) estimate you want. The state of repair of the property should be taken into account by any valuer.

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.

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.

See http://www.iva.co.uk/forum/topic.asp?wh ... 471#624663

Zoopla's estimate of my house is so wildly inaccurate it's a joke!

If my house was worth anything like they said I'd have sold it long ago, paid off all my debts and had a massive deposit for another place!

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.

Zoopla estimates are too high - you need to sort your own out and present that to your IP company.

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!

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

Most estate agents will give you a (paid for) realistic valuation. If they know it isn't for sale purposes they won't inflate the value to hook you.

It might be possible for you to 'pretend' you are thinking of selling it and they will confirm the valuation in writing together with their terms.

An e-mail should suffice. Why don't you try that in the first instance?

That's what we did Lisa - and didn't have to pay for the valuation.