More 2 Life Equity Release Lifetime Mortgage

ViolaLass

Missmarch17 wrote: »

Well if I am misunderstanding, so are the probate and conveyancing solicitors and estate agents.

I cannot do anything with the property e.g. lend on it to repay the money, or sell it to repay the money.

Aviva will not allow me to have my name on the deeds until they are paid, but I can't pay if they refuse my name on the deeds, its a vicious circle.

Aviva can sell it however, with or without my permission 12 months after the date on which my dad died.

I have a mortgage offer but it can't proceed any further as the conveyancing can't complete without approval from aviva.

You've given more than one reason for not being able to pay. Which is it?

For example, why do you need your name to be on the deeds /before/ you pay? Why can't it be simultaneous?

Missmarch17

I have no idea.......its what the solicitor is telling me, because that's what the land registry are telling him.

AnotherJoe

Missmarch17 wrote: »

Because I'm not lucky enough to have 16k laying around in my bank account.

So that's not an issue of the equity release product at all, but your financial,circumstances.

Missmarch17

Yeah thanks for that very helpful comment anotherjoe.

Missmarch17

OK.....as long as op have no relatives or friends who they wish to benefit from the estate in future then equity release sounds fantastic!

Likewise as long as they are 100% sure they will never want to sell for any reason. If at some point they would want to sell for any reason I would avoid equity release.

waningsleep

A man I know had dealings with Aviva .He asked for projected figures for 10 years in advance against a 80,000 release.at just over 6.00% .They quoted him just over 90,000 which appeared very good until his accountant pointed out that the figure would actually over 140,000.Dispite the upset caused to his family Aviva did not apologise but sent 30.00 in supermarket vouchers.Very modern

AnotherJoe

Missmarch17 wrote: »

Yeah thanks for that very helpful comment anotherjoe.

That was one of your three reasons why Aviva ER is bad, but it's irrelevant, because no it isn't. One of the other two was, you can't sell it, but it won't be you selling it it will be the estate That's the second reason. So that just leaves remortgage it but you wouldn't be remortgaging, you'd be taking out a mortage. So none of your reasons apart from "Aviva won't let me" stands

So, what reason, specifically, are Aviva giving as to why they won't let you sell ? Do you or the soliciting actually have a letter from them stating "yah boo sucks we won't the estate sell" because this sounds unbelievable. Literally.

There's something missing from your story here. has your solicitor gone up the chain at Aviva to unblock ? Have you tried social media ?

Missmarch17

You're really not helping anotherjoe. How exactly does 'an estate' sell a property?

I'm the executor and sole inheritor of the estate, but the land registry have a block on any transfer of the property without written consent from aviva. Aviva will not provide that consent! I have a mortgage arranged as I have explained but the solicitor is unable to get any further with out go ahead from Aviva.
We also looked at getting a mortgage to 'sell' to my husband, same problem would occur apparently.

I really don't care if you find it 'unbelievable. Literally' I'm the one been banging my head on a brick wall for the last 5 months.
Clearly the qualified professionals I'm paying to try to sort things out know nothing, if only we were all as wise, and helpful as you!

AnotherJoe

What have Aviva said is the specific reason for not allowing a sale to go through ? Have you tried social media with them ?
it sounds as if its blocked through beauracry. It cannot possibly be that case that as a norm Aviva will not allow a house in these circumstances to be sold because this must be a common situation so yes if your professionals haven't been able to do anything for six months there is something wrong.

BTW you say you have a pension of £16k arranged which is blocked? Who is that with.. its my understanding most mortgage companies won't provide such a small pension?

Missmarch17

Pension? I haven't mentioned a pension. I'm 35 years away from pension age!:)
Did you mean mortgage? The mortgage arranged which can't proceed without written consent from aviva is to cover the 16k to aviva, and release money to me to improve the property.