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Form 5 - mortgage redemption statement

  • nelleh
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1 week 2 days ago #513021 by nelleh
Hi

I wondered whether anyone would be able to answer the following questions I have:

1) I need to submit my mortgage redemption statement as part of my Form E submission. Please can you advise on whether I am meant to ask for the redemption figure for a particular date? For example, would it be the date on which myself and my ex are meant to exchange Form Es? Or is it the date the paperwork is meant to be submitted to the court for the first hearing? Does it even matter?

2) Form E asks for 3 market valuations for property. What happens if the market valuations to not match recently sold for prices? For example a property was put on the market for £625,000 but actually sold for £615,000. Estate agents are known to over inflate market valuations in order to garner business, so how can asking for the market valuations necessarily be 'fair'?

Thank you

Nelleh

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  • hadenoughnow
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1 week 2 days ago #513027 by hadenoughnow
Replied by hadenoughnow on topic Form 5 - mortgage redemption statement
I would just ask for an up to date redemption statement for the date of Form E exchange. If you don't settle quickly you may be asked to update the information later.

As to valuations, the average of three estate agents valuations (priced to sell) gives a good guide. If the parties are not in agreement re value, the judge will probably order a joint chartered surveyor valuation. You will have to share the cost. A chartered surveyor will look at recent sales in the area to assess the value of the property.

Ultimately the value is what a buyer will actually pay so it is not an exact science.

Hadenoughnow

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