Equity query

TrickyDicky101

Chivas69 wrote: »

My point being it was not a £190,000 asset!

Their point being it was (and backed up by their professional valuer's opinion).

Chivas69

There we go then! No point me even posting on here! TrickyDicky knows they're legit!
Has anybody else had any experience of this happening to them?

Tixy

Have you been through all the paperwork and the agreement with your parents?

I would assume it would say in there what happens in the event of a sale? It would make sense that Aviva would require their own valuation in the event of a sale.
From their point of view they'd want to cover themselves to ensure that the debtors were not intentionally selling at undervalue (e.g. to family/friend or with a backhander back to the debtor etc).

Does the agreement cover anything regarding a disagreement over a valuation? E.g. if parents had wanted to pay for their own professional valuation and then if signficantly different to try to negotiate with Aviva?

Obviously it is not going to be practical to get a second valuation now after the sale has happened but that may have been an option open to them at the time.

TrickyDicky101

Chivas69 wrote: »

There we go then! No point me even posting on here! TrickyDicky knows they're legit!
Has anybody else had any experience of this happening to them?

Not sure why your opprobrium appears directed at me - I've simply outlined what their position is (assuming it is a reversion) and why they've asked/told your parents to pay this additional money.

Incidentally, lender valuations are a fact of mortgage borrowing. If the lender disagrees with the buyer's valuation then something has to give - either the buyer stumping up more deposit or the seller agreeing to lower the price.