Home valulation for equity release

Get expert opinion. This is the place for new questions to be posted.
  • 1
  • 2
20 posts Page 1 of 2
User avatar
Steeddie
Posts: 57
by Steeddie » Tue Sep 19, 2017 10:44 am
Hi,
What do you have to use for valulation for equity release.
Online or local

I have had a local valuation at 80,000
And online valulation between low 58,000 to high 67,000

What do I do. I owe 47,000 on mortgage

Thanks
ghallie
Posts: 2
by ghallie » Tue Sep 19, 2017 10:55 am
Most equity release lender use home track for the initial valuation, although often will have it independent surveyor carry out a valuation, your local valuation is a good indication of your home value.
User avatar
kallis3
Forum Expert
Posts: 71806
Contact
by kallis3 » Tue Sep 19, 2017 11:39 am
I used a local agent, said I was looking for a quick sale due to possible redundancy and it was fine.
User avatar
Foggy
Forum Expert
Posts: 23578
Contact
by Foggy » Tue Sep 19, 2017 11:40 am
It depends on what your IP will accept -- some will use online valuations ( notoriously inaccurate), some will want a valuer to visit (some will even pay for this). If you could get them to accept the lower online value you would not trigger the release clause at all (assuming they use the usual Protocol methods) !
User avatar
Michael Peoples
Industry Expert
Posts: 15185
Contact
by Michael Peoples » Tue Sep 19, 2017 1:03 pm
On the lowest valuation an extension may not be requested so why not at least try that one.
User avatar
Foggy
Forum Expert
Posts: 23578
Contact
by Foggy » Tue Sep 19, 2017 1:12 pm
Michael Peoples wrote:
On the lowest valuation an extension may not be requested so why not at least try that one.


Bear in mind also that your valuation will be lower than the identical house next door that has had the benefit of upkeep and repair, whereas yours is likely to have been left to fend for itself for a few years.
User avatar
Steeddie
Posts: 57
by Steeddie » Tue Sep 19, 2017 5:28 pm
Foggy wrote:
Michael Peoples wrote:
On the lowest valuation an extension may not be requested so why not at least try that one.


Bear in mind also that your valuation will be lower than the identical house next door that has had the benefit of upkeep and repair, whereas yours is likely to have been left to fend for itself for a few years.



Thanks will see if Harrington brooks will accept the online estimate valulation. Also I will be allowed £10000 equity won't I because the IVA is interlocking with my wife. Thanks
User avatar
Foggy
Forum Expert
Posts: 23578
Contact
by Foggy » Tue Sep 19, 2017 5:53 pm
Steeddie wrote:
Foggy wrote:
Michael Peoples wrote:
On the lowest valuation an extension may not be requested so why not at least try that one.


Bear in mind also that your valuation will be lower than the identical house next door that has had the benefit of upkeep and repair, whereas yours is likely to have been left to fend for itself for a few years.



Thanks will see if Harrington brooks will accept the online estimate valulation. Also I will be allowed £10000 equity won't I because the IVA is interlocking with my wife. Thanks


Many IP's will allow £10,000 ( i.e £5,000 each) and I believe this is the correct approach. However, a few IP's do not follow this belief and will only allow the £5,000 on an interlocking pair of IVA's.
User avatar
Steeddie
Posts: 57
by Steeddie » Thu Sep 28, 2017 5:55 pm
Right guys,
Thanks for all your reply’s I have organised for 4 estate agents to come arround next week.
I have told them I’m being made redundant need a valuation for quick sale.

My question is will my IP contact the valuer to check on the valuation.
Obviously the estate agents are expecting me to sell so wouldn’t want them to know I never had any intentions of selling invade I start to get invoices. :roll:
User avatar
kallis3
Forum Expert
Posts: 71806
Contact
by kallis3 » Thu Sep 28, 2017 6:01 pm
No, they won't check but you do need to get at least one in writing.
User avatar
Foggy
Forum Expert
Posts: 23578
Contact
by Foggy » Thu Sep 28, 2017 6:13 pm
I have not heard of any checking -- but, as Kallis says, the valuations should be in writing -- which may be the brick wall.
User avatar
Steeddie
Posts: 57
by Steeddie » Thu Sep 28, 2017 8:05 pm
Ok thank you

Hopefully I get a low valuation :lol:
User avatar
Michael Peoples
Industry Expert
Posts: 15185
Contact
by Michael Peoples » Fri Sep 29, 2017 10:26 am
We allow our clients to pay for the valuation and then recoup the cost from the IVA. This is usually up to £100 plus VAT and if you are paying for the valuation then the surveyor knows what it is for and can value accordingly.
User avatar
Steeddie
Posts: 57
by Steeddie » Fri Sep 29, 2017 8:47 pm
Michael Peoples wrote:
We allow our clients to pay for the valuation and then recoup the cost from the IVA. This is usually up to £100 plus VAT and if you are paying for the valuation then the surveyor knows what it is for and can value accordingly.


Thanks will look into that
User avatar
Steeddie
Posts: 57
by Steeddie » Wed Oct 04, 2017 1:49 pm
Quick update,
I’ve had a couple of valulations with 1 being a recommended asking price of 65,000.
I owe 47,000 so if that is the case and Harrington Brooks accept that as the case and they allow 10,000 equity due to interlocking Iva there wouldnt be an extension correct.

But just spoken to Harrington Brooks yesterday about my annual review and I asked about the equity release and how it was calculated and she just said 5,000 and wouldn’t go in to much detail and I asked if it was 5,000 each and she said no 5,000 for the Iva. Just get a valulation and send it in and we will know more.

I’m confused any advice greatly appreciated.

Thanks.
  • 1
  • 2
20 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: kallis3, MerlinL14 and 17 guests