Right, I did ask for a "forced sale" or 3 month sale basis but the valuer said there was no such thing in RICS valuations red book but referred to market value and "special assumption " of sale being made within 3 months!. All technical stuff but the value was considerably lower than what I was expecting. Around 15-20%.
Hope this helps, let me know if you need anything else.
I.P accepted this no problems. My issue was more to do with 85% LTV which I had to argue and appeal as the IVA firm insisted on using different formula. In the end a letter was sent to all creditors to seek their interpretation but no reply so it went through. Lots of stress though..
Cheers. Got my mortgage statement, hopefully have secured loan settlement figure tomorrow and Just need to sort valuation and CF have said they can work it out any of the listed above info.
Must be good lol
Don't want to spend £100 if they not going to use it.
CF said they will contact me soon and if they say I need to do a 12 month extension will it be ok for me to ask to see how they calculated my equity
Started a DMP sept '09
IVA since Dec '11
Completion Certificate Dec '16
Hi
when i done mine i just told the estate agents i was thinking of moving to Austrailia and needed a quick sale price. not one of them questioned it and didnt have any problems, i asked for the amount in writing as i said my mortagage companany was going to see if it was beneficial for me do do it know or to wait.
I am with CF after transferring from JPG, am at month 57 and not heard from CF regarding equity release so rang them this afternoon - they said all I had to do was submit a mortgage redemption figure and they would do an online valuation and let me know if I needed to do the extra 12 months. Suspect that I will as my house was valued at 185,000 at beginning of IVA and outstanding mortgage is 154,000. After nearly five years my house needs completing repointing in some parts which has caused penetrating damp and it also has internal effervescent patches which will require fixing. Still reckon the valuation will come in over 185 thou - just checked Hoopla which states its value is 192,000 although don't know what online tool CF will use.
Sorry Headbanger forgot to answer your question. I have had very little contact from CF since transferring from JPG, although on the few occasions that I have phoned them they have been very helpful and polite. Am a bit bemused about the online valuation - like you I was wondering how to get a realistic 'forced sale' valuation - will wait to see what they come up with!
