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Should I remortgage to buy 100% of our shared equity home? And are valuations free?
rachymoz
Posts: 1 Newbie
Hi, we have lived in our shared equity home for almost 5 years (we own 80%, Persimmon own 20%), in December we are due to start paying interest on Persimmon's 20% share. We live in an area which is quite sought after, they are building a new secondary school and a town centre in the next couple of years, we know our home has gone up in value and we expect it to keep increasing, therefore we are looking to remortgage for the full amount before paying any interest. My first question is, are we right to do this? And secondly, Persimmon want 20% of the current market value i.e. their share + 20% share of any equity, so we need to get it valued, they have said we can use any estate agent to value it as long as we get it in writing. Do we have to pay for a valuation or can we just pretend we are thinking about selling to get it done for free? Or if we do this will they give us an inflated valuation (which I assume we don't want as obviously we don't want to have to give Persimmon a lot of money)? Any advice would be greatly appreciated! Thank you.
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Comments
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...they have said we can use any estate agent to value it as long as we get it in writing. Do we have to pay for a valuation or can we just pretend we are thinking about selling to get it done for free?
Requesting an EA's letter seems a bit strange.
TBH, I'm pretty sure that if I called a couple of smaller independent EAs near me and explained the situation, they would take a quick look at my house and write me a letter with a valuation as 'a gesture of goodwill'...
... and with an unspoken understanding that a low valuation would be helpful!!!
(Smaller EAs tell me they're happy to build-up goodwill by doing this kind of stuff, in the hope that people will then instruct them when they eventually sell.)0 -
Hi,
Sorry to jump on your thread but I am in a similar position. I have contacted Persimmon with the valuation and have been waiting on a response for almost a month... did you pursue this option?
Thanks for any help!0
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