Go Back To Search Results

Question

Property Valuation for Lifetime Mortgage ?
Almost 6 months ago I applied to Prudential for a Lifetime Mortgage. A valuation took place, an offer made and accepted by me on the basis of that valuation. There have been protracted technical queries over precise descriptions of the property and my purchase of the freehold, which have taken so much time. A fortnight ago I was given a funds would be released date of mid August, then when that was overdue the lender's solicitors demanded a fresh Land Registry search. All is now sorted out but the insurers' solicitors will not give a date to release the funds to me. As the valuation is almost 6 months old and of course the house has dropped in value during that time, I wonder whether that valuation might be due to expire and the insurers are dragging their feet over this hoping to demand a fresh valuation? Can anyone advise whether they have a right to do this please?

Posted by byflosin on 08/19/08
Total Answers: 1

Answers-

Read the 'small print' in the contract you signed 6 months ago .. or ask you Solicitor to do the reading for you ... PS your Solicitor has a duty to represent your interests (after all, you are the one paying him/her) so if you bring your concerns to their attention they should make an effort to push it forward without further delay ..

Answer posted by Steve B on 2008-08-19 08:13:11

Select Keyword