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Mortgage provider insisting on RICS valuation when selling my property
Scooby60
Posts: 8 Forumite
Does anyone know the answer to this question?
I have a mortgage provider who has insisted on a RICS valuation, because I have a shortfall on the mortgage and require a relatively small loan on the remainder if the house sale went ahead.
The buyer has offered the full asking price and wouldn't offer more even if the house was valued higher. I have provided to them copies of; the offer details from the estate agents, details of both our solicitors and a selection of 3 comparable properties in the area.
Surely the house will go for what the buyer is prepared to offer and the seller (me) accepts, but the mortgage provider seems to be dissatisfied with this information and wants more. The shortfall amount is far less than the amount I will be paying to them when the property sells, but then the property will not be mine anyway when I move so I don't see what difference this will make!
I have a mortgage provider who has insisted on a RICS valuation, because I have a shortfall on the mortgage and require a relatively small loan on the remainder if the house sale went ahead.
The buyer has offered the full asking price and wouldn't offer more even if the house was valued higher. I have provided to them copies of; the offer details from the estate agents, details of both our solicitors and a selection of 3 comparable properties in the area.
Surely the house will go for what the buyer is prepared to offer and the seller (me) accepts, but the mortgage provider seems to be dissatisfied with this information and wants more. The shortfall amount is far less than the amount I will be paying to them when the property sells, but then the property will not be mine anyway when I move so I don't see what difference this will make!
0
Comments
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the mortgage provider wants (rightly) to make sure that you are not selling at an undervalue.
consider this,
Someone in negative equity has listed their house for £20k less than its worth, their friend offers full asking on the first day its listed.
The bank has lost £20k, how do they tell the difference between this person and you.
With a RICS survey!0 -
Does anyone know the answer to this question?
I have a mortgage provider who has insisted on a RICS valuation, because I have a shortfall on the mortgage and require a relatively small loan on the remainder if the house sale went ahead.
The buyer has offered the full asking price and wouldn't offer more even if the house was valued higher. I have provided to them copies of; the offer details from the estate agents, details of both our solicitors and a selection of 3 comparable properties in the area.
Surely the house will go for what the buyer is prepared to offer and the seller (me) accepts, but the mortgage provider seems to be dissatisfied with this information and wants more. The shortfall amount is far less than the amount I will be paying to them when the property sells, but then the property will not be mine anyway when I move so I don't see what difference this will make!
Surely the lender wont release the charge on the house until the full loan outstanding is settled anyway?Never, under any circumstances, take a sleeping pill and a laxative on the same night.0 -
You are asking the lender to convert part of your debt from secured to unsecured. If you default on the latter they have nothing to repossess.
Quite correctly they want an independent assessment that you are not trying to rip them off.
Perhaps you would rather they simply refused to let you sell the house?0 -
Thanks for your replies - all very helpful.0
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