www.iva.co.uk

Hi there

I have been in an IVA for nearly years (due to end December 2020) and I have just had the email to say i need to arrange a Mortgage Redemption Statement and a House Valuation to identify if there is equity in our property.

Before I arrange the house valuation I wondered if any of you had any advice of what I could say to the estate agent valuing my property to make them value on the lower side not giving away that I am in an IVA. Could i say we are after quick sale for relocation purposes or something along those lines and that I need it in writing for my work and in that would value it on the lower side for a quick sale.

I would be interested to know if any of you have completed the house valuation process and how it went.

Many thanks in advance
sosilly

That's what I said to mine. I had no problems.

Thank you. Do you know what kind of percentage lower they value for a quick sale.

Did they put it in writing for you?

Thanks
sosilly

It depends on the local markets, but estate agents I have dealt with in the south west often used to up a valuation by about 10% in order to attract offers nearer the actual value A) to entice the seller and B) to build in wriggle room.

Thanks foggy

So do you think if similar houses in the area are selling for approx £155,000 do you not think they will value for about £140,000 if the seller has asked for a va;ue to attract a quick sale.

Reason I ask is, I am in an interlocking IVA with my husband so we are allowed to have £10,000 equity between us (i.e £5,000 each) which I have confirmed by our IVA provider.

If they value at over £140,000 then we are going to be over the £10,000 allowed equity which I would like to avoid if at all possible.

Is it a big no no saying to the estate agent we selling for financial reasons

Thanks
sosilly

You can say what you like to the estate agent, as long as he / she gives an 'open market value' and makes no mention of forced or rapid sale in his estimate.

Remember also, he is valuing your house -- the others have been primped for sale, yours hasn't.

If the valuation is that close, it may be worth considering paying a RICS surveyor for an independent valuation, who will not be considering sales figurtes and commissions.

Thanks for your comments Foggy

I will obtain a normal valuation first and see what kind of valuation figure they come back with first and if need be I could go down the Surveyor route.

Thanks again
sosilly

Fri Sep 04, 2020 8:51 amsosilly wrote:

Thanks for your comments Foggy

I will obtain a normal valuation first and see what kind of valuation figure they come back with first and if need be I could go down the Surveyor route.

Thanks again
sosilly

If you want to check how you compare as well, have a look at Rightmove and Zoopla -- they list the For Sale ads and prices, but also list the past actual sales prices in the area.

Thanks foggy

I have done that. Houses similar on our estate (looking at rightmove) are selling for approx £155,000 and I need the house to be valued at £140,000 not to go over the £10,000 equity. I wasn't sure if you said to estate agents you want a quick sale for relocation purposes whether they would value that low.

If the IVA was extended for a further 12 months, do you pay the full amount you have been paying (subject to I&E) or do they calculate another amount depending on the equity available.

Thanks
sosilly

Tue Sep 08, 2020 5:22 pmsosilly wrote:

If the IVA was extended for a further 12 months, do you pay the full amount you have been paying (subject to I&E) or do they calculate another amount depending on the equity available.

Thanks
sosilly

The payments for the extension year are based on your I&E and is often the same, or similar, rate to that during the 5th year --- it should bear no relation to the equity amount.

OK thanks again foggy