A Stonehaven equity release plan is a great way for people to obtain an additional source of capital in retirement. If you are considering applying for a Stonehaven Equity Release plan, one of the most important factors that will decide how much money you are eligible for is the property valuation. Property valuations are a standard part of the equity release application process. An estate agent can be of great assistance during the property valuation process.
It is also recommended to seek the advice of a qualified equity release adviser during the property valuation process. An equity release adviser will help you to obtain a good idea of the value of your property prior to application so that you have a good idea whether the amount you require is practical. The internet is also a good resource to find realistic ideas of the current value of properties especially of properties that are similar to yours. Another good idea to consider during the property valuation process is to request a market appraisal from your local estate agent. These can usually be obtained free of charge.
Apart from the valuation figure, Stonehaven will also be interested in the location of the property. If your property is located on a large council estate, you might have some difficulties obtaining a Stonehaven equity release plan since Stonehaven do not like properties to be located on a large council estate. You might also experience difficulties if your property is located on areas that are designated as flood risk areas. Stonehaven does not accept properties that are located on flood risk areas either.
Property valuation is not only important during the equity release application process but it is also important when the property is being sold. Normally, the property is sold at the end of the equity release plan which normally occurs when the borrower dies. The property is normally sold to repay Stonehaven.
In most cases, the property would have increased in value. A final property valuation needs to be conducted to obtain the current value of the property for which it can be sold. This would be at the end of the equity release mortgage term, once death or long term care has been attained. Once the property is sold, Stonehaven are repaid and the remaining amount goes to the beneficiaries. In most cases, the beneficiaries would be the children or grandchildren of the borrower.
To receive an estimate of property value contact equityrelease2go.co.uk today on 0800 321 3156.