Page 1 of 1
Posted: Tue Nov 18, 2014 4:51 pm
by belgarion
i am in my last 6 months and got my house valuation done and sent this with my mortgage redemption to freeman jones it shows that there is not enough equity in the property i rang today and they say they have to do an online valuation and compare the 2 to see if i should extend by 12 months does this seem right or does it sound like they just want to extend by 12 months i dont understand why they need to do an online valuation with realtime (or something like that) but if i did an online with zoopla it woundnt be accepted i had some one come to my house view and value it on first hand why is this not enough?
Posted: Tue Nov 18, 2014 5:02 pm
by Foggy
Most IP's require at least two valuations to arrive at a decision.
Posted: Tue Nov 18, 2014 5:06 pm
by belgarion
ok but the wording is 1 valuation and 2 re morgage attempts and as i say if they can use online valuation why cant i?
Posted: Tue Nov 18, 2014 5:08 pm
by Foggy
Well -- if 1 it says insist they stick with 1. Online valuations are guesses at best and usually err to the high side for an average dwelling.
Posted: Tue Nov 18, 2014 5:14 pm
by belgarion
i agree but zoopla have it valued around the same as i had it valued but if the one freeman jones use is much higher i am going to be forced to extend even though i had it valued first hand
Posted: Tue Nov 18, 2014 5:23 pm
by Foggy
With the wording you have I would fight it if that happens.