Hi we have just paid payment 55 and are at the re-mortgage bit of the IVA I am seeing different things about valuations including the fact that it should be a forced sale valuation that you ask for and not a market value is this true
A forced sale valuation would be lower and could mean the difference between an extension and no extension. Most IP firms are happy with forced sale but check with your own to be sure.
If you get a free valuation from a local agent they could inflate the price to try and get the sale and this in turn could cost you an extra year in payments. Not worth it.
Hi Michael, does that mean you should be up front with the agent when booking a valuation? Are they likely to refuse to come out if there is no chance of a sale?
We would advise our clients to be up front and pay for the valuation. The costs can be deducted from the next IVA payment as it is a reasonable cost of the arrangement and for us a rule of thuimb is about £100 plus VAT for the valuation.
We also allow our clients the benefit of a paid valuation at the expense of their IVA, but most of them seem to manage to get them from local agents with little bother.
