EquityReleaseForum.org

Dear sandyB,
 
With any regulated equity release plan, a full property valuation would be conducted by a fully qualified independent chartered surveyor within about a week of your submitting an application. This surveyor would be independent of all parties and, therefore, will provide an impartial, professional judgement on value. There is a cost associated with this, although some specialist equity release brokers will be able to negotiate free or discounted valuations on your behalf from a selection or the providers.
 
If you would like to establish what your property is worth in advance of looking into equity release, you have a number of options. For one, you could do some research into any similar properties nearby that may have been sold, to give you a guide price. Some internet sites provide this kind of information for free. Alternatively, you could contact an estate agent who should be able to give you an idea; although do remember that they are generally not professionally qualified to value properties for equity release or mortgage purposes, and they may also have a vested interest in telling you what they think you want to hear.
 
Some equity release advisors can also give you a rough estimate as to what your house could be worth – although whatever the guide you are given, do remember that it is the final valuation, by the qualified surveyor that will count if you choose to proceed with an equity release plan.
 
I hope this helps.
 
Yours sincerely
 
Mark Blanchfield

Dear Spike

Thanks for your post.

All equity release plan providers require an independent chartered surveyor to value properties. No mortgage lenders would accept a valuation by an estate agent unless they were fully qualified chartered surveyors.

You can find more information about chartered surveyors on the Royal Institute of Chartered Surveyors website (www.rics.org).

Based on what you have written, it seems that you strongly disagree with the view of the surveyor who visited your property. I would suggest that you take this up with your equity release advisor. In these circumstances Age Partnership advisors would often try to dispute the valuation with the plan provider if they felt that you had a strong case. Furthermore, some providers allow you to instruct your own valuation using and approved surveyor. Again, your advisor may be able to help with this.

If you are arranging your equity release plan through Age Partnership, I would suggest that you contact your advisor immediately to discuss your options in this regard. It’s important to be aware that Age Partnership has no tie-ins with any surveyor and, if you were one of our clients, we would be acting in your best interests only.

I hope this helps.

Kind regards

Mark Blanchfield

Mark Blanchfield is a fully-qualified equity release specialist advisor for Age Partnership. Tel: 08080 555 222 Web: www.agepartnership.com