I recieved a letter from my IP (McD) asking me for various items to see about equity in my property. I have the mortgage statement and I also have the "Declined" screen shots of a mortgage application. What I dont have is the money to pay for a valuation. McD has said that they will pay for any expenses regarding quotes, but the companies I have spoke to have either requested the money from me (which i dont have) or they wont invoice McD.
What I find annoying is that the house values are based on house sales based in my area which are gathered by Zoopla and other websites to get an average price to put on my house. Why can not IP's do something similar? Surely it would make sense for them to see what is left on your mortgage and deduct it from the average house price in your area?
Does anyone have any idea on how to get an acceptable valuation for little or no layout? Thanks.
Why not ask McD if you can pay this upfront and deduct it from your monthly IVA for this month?
I personally didn't pay, I went to a local estate agent told a little white lie (oops) I told them I needed to move out the area as quickly as possible due to work, they came they valued and they emailed me a sales pack. I forwarded said email to IP and all was done. I know some people aren't comfortable doing this but needs must and I was ok with it.
If/when I sell my property I will definitely use that estate agent for their efficiency alone.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I just told a couple of local agents we were thinking of moving and they came out to give a valuation - I then asked them to email me the valuation along with their sales info so it made them think I was interested and they put it in writing for free. I didn't like doing it but needs must.
Personally I would not recommend using an average local area price as per Zoopla - initially ours was done that way and was over valued and put us into equity. It was only when 2 agents both quoted the house price as much less that our IP agreed no equity and no extension.
A true valuation based on the condition of the actual house concerned is always best in my opinion and makes sure your house doesn't get over valued.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
It's like also asking for 2 mortgage applications that have been declined. Of course they will get declined, I'm in an IVA. Do some people actually get accepted?
We have just gone through the same. We got quite a few local estate agents valuations (also told a little white lie) and sent in the lowest 2.
I was shocked though when I got a phone call from a local surveyor saying they'd been instructed by my IVA firm to carryout a 'mortgage style survey'.
The surveyor wouldnt say much to me as I was not the client, as I hadn't instructed them. So I pointed out every single defect, whilst this was a little embarrassing I didn't care as I would never see the bloke again.
Great news when the valuation came through £5k less than the estate agents.
As there was less than the 15% equity rule, we didn't have to add the 12 months on, which was a massive relief as we are already in a 6 year IVA. [:D]
There's more to life than money....but it does help!!
64 payments made. Full and final with payments made to date accepted on 26/05/15 completion certificate received 17/06/15
I have 2 agents coming on Wednesday, so hopefully they will be favourable. One even asked what value I was expecting, hmmm let me think. Lets plant a figure in to their head.
I had to do the same in aug of 2014, I went on to rightmove and on there they give you a free valuation by estate agents in the area you ive in. I done a zoopla research on the rough price on property,got a lady to price my house up saying it was a quick sale due a divorce she gave me a 10 grand shortfall on my house . hence then did not have to pay equity into iva. it worked for me on 2 month after I received cert.
all the best
Get a valuation based on a forced sale ,it is completely different to the market valuations in your area .In my own experience I told the local agent exactly why I wanted the valuation ,he charged me £40 came in with a valuation £20.0000 less than he would have put it up for sale normally for and saved me an extra year of payments ,remember it's what they could reasonably expect to get for a very quick sale not what it's worth on a good day on the open market
Well, they have been and the figures are in. I owe iro 66.5K on my mortgage. Both estate agents offered to market my property for £69950. They said they will email me the valuations. Hopefully this will be ok and my IVA will end at year 5. Fingers crossed.
Ok, I think I may be in a bit of a pickle so if somebody could please advise me.
As you are aware, my property is valued at £69,950. I have just looked at my mortgage statement and may see a problem.
Before we entered our IVA, we used our mortgage reserve account which is just under £13,000 in debit. Our current outstanding mortgage balance is just over £54,000, which gives us £15,000 equity based on our valuation of £69,950 BUT total cost of repaymenht in full is £67,500.
Which figure will be used to decide if I continue on to year six?? The £54,000 figure or the £67,500
completion certificate received 17/06/15 
