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Posted: Sat Feb 28, 2009 9:12 am
by niallj
Hi, just started the iva road and wondered if I have to have my House valued if so what does this sort of valuation cost,going of the houses on my street its looks as though I will owe more than the house is worth, any advice would be great.
Posted: Sat Feb 28, 2009 9:28 am
by Julie
Hi - yes you will need a valuation, we just had an estate agent to come around ( pretended we were considering outting it on the market).
There will be a clause in your IVA for you to try and release any equity, normally during year 4. If there's no equity, the IVA will probably run for a further year.
Do you jointly own the house?
Posted: Sat Feb 28, 2009 9:41 am
by kallis3
If it's for the IVA application, the company you use normally arrange that for you, ours did and it didn't cost us.
Posted: Sat Feb 28, 2009 9:45 am
by Julie
Thats interesting Jan - we had to arrange ours. Not that I'm surprised witht he IP we used !
Posted: Sat Feb 28, 2009 10:33 am
by kallis3
Payplan sent a local estate agent round, who valued it the same as our building society had done 12 months before.
They then did a 'drive by valuation', which valued it the same and charged us £65! As they had been told about the IVA they wanted to make sure they weren't losing out!
I assume Payplan will send another agent round when it comes to the equity release.
Posted: Sat Feb 28, 2009 10:35 am
by Adam Davies
Hi
I think most companies will expect you to get the valuation yourself and it will be as Swans Girl stated.
Payplan seem to have a good systyem in place though.
Regards
Posted: Sat Feb 28, 2009 10:38 am
by kallis3
That surprises me, I thought they would all would be the same.