Similar to taking out a normal mortgage, it is necessary to obtain an appraisal from a surveyor when taking out a lifetime mortgage. The independent surveyor will complete a report to indicate the current value for mortgage purposes and send the report to the lender. Each mortgage lender has different requirements when it comes to the survey requirements. They will need to complete at least basic surveys before accepting the return of the funds for their loan.
All lenders who release capital must complete an application form. Most require that you, the customer, sign the application form. However, some lenders only need your signature to accept the formal mortgage offer later with your lawyer. Once the application form is completed, it can be sent to the lender. Different lenders have different ways of accepting applications.
Some require forms to be published, others to be sent by email, and some have dedicated online portals for counselors to submit requests. Lenders usually give surveyors 48 hours to return their valuation report to you after they have visited your property. Once the lender has received the valuation report from the surveyor, your request will be forwarded to the lender's insurers. Once the insurer is satisfied, a formal mortgage offer will be issued. You and your lawyer will each receive a separate copy of the mortgage offer.
It generally takes 48 hours for the lender to issue the formal mortgage offer, once it has received the valuation report from the surveyor. To ensure that everything goes smoothly with your equity release plan, an independent assessment must be performed by an authorized surveyor. The surveyor has no interest in valuing your property up or down and is licensed, ensuring that he has a reputation to maintain as an expert at fairs. At Responsible Equity Release, our specialists can help you challenge any assessment that you think doesn't seem right to you. We can't guarantee that the assessment will change, but you can be sure that we will always be on your side. You can also enjoy the security that the lender will never value your home on its own.
Whether you choose a foreclosure plan or a lifetime mortgage, the first thing that will happen is that your equity settlement advisor will organize a survey of your home to determine its market value. The surveyor will send their findings to your capital release advisor once all checks and visits have been completed. Upon completing the application form, it is sent to the capital release provider, who will direct a local surveyor to complete a basic valuation of the property. The purpose of this surveyor is to complete a report that will report on the current market value based on a relatively quick sale. The surveyor's job will be to assess the local proximity to the property and establish similar properties and the price at which they have been sold in the last 3 to 6 months.
In addition, the surveyor will determine if any essential repair will be necessary if the property has material defects that could affect the long-term structure or the resale capacity of the property. The measures we've put in place to keep you safe mean that we'll take into account your place of residence and your personal circumstances and those of anyone who lives with you. This will include your age, your health status, if you are protecting yourself and, of course, your personal preferences. If you continue with a physical valuation, the appraiser will agree on a convenient date and time to visit your property during daylight hours during normal working hours. The appraiser will record measurements and take pictures of your property, and may use equipment to check humidity.
The appraiser will not visit your property. They will use publicly available information, including details about your property from the Land Registry, to assess its value. They will use online information to review any previous sales history and that of similar properties in your area. Since a desktop valuation doesn't provide as much information as that of an appraiser visiting your property, we can only use 95% of this desktop valuation to calculate how much we can lend you.
Since a physical evaluation of your property won't be performed during application process we'll ask you confirm that it's structurally sound, in reasonable condition and you're not aware of any issues that may affect its valuation. Once current social distancing restrictions are lifted we'll contact you arrange for independent appraiser visit for physical assessment and provide us with assessment report. This follow-up assessment is for our information only and won't change amount borrowed from us. We'll be happy answer any questions you have about valuations or other questions about our mortgages for future.
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