Hello everyone and Merry Christmas!

Just a quick question(s)...

When supplying evidence of sufficient funds, it seems property along with investments and savings is accepted.

Although sending in your recent mortgage statement is proof of owning a property; I can only presume this not to be sufficient evidence as it does not demonstrate the equity in your property. Am I wrong? Will a mortgage statement by itself do?

Will I have to resign to the fact that I'd have to pay for my property to be valued in a professional manner with a report for a modest fee? At an average price of £200 to value a property, it seems to be asking a bit much to simply prove something... unless there are cheaper methods?

Thanks in advance...

Just curious as to why you will have to pay to have your property valued? Estate agents in my area do valuations for free.

Mmmm just say you are looking to sell your house and need them to send the paper work to you as you are getting other estates agents to look over your property.,...

yep thats what we done initially. Asked a few to value our properties and send us what they come up with.

Hello Coffee Cup,

Don't forget to send in any evidence of debts as well, if you have any, eg visa bills and loans. Then take them off the equity in your property............if you haven't got any other debts tell them. They need to know your equity is not outstripped by a massive visa bill or debt.
We asked our house to be valued and the estate agents where gonna charge a fortune......so we pretended we wanted to sell it instead and then it was free......they should automatically send you their valuation........no questions asked.

Hiya

If you have enough savings in a savings account, do you still need to send them other proof of investments and property?
Thanks
C

Hello

When we did ours we showed them statements of our savings and property valuations with a statement showing how much we owed on the mortgage.

I would show them that you can make a profit on your home cos they need to know that your not in negative equity (highly unlikely at the moment )

We didn't show them investments in endowments and ISA's cos we didn't need to, but if your borderline with funds show them everything you can. We actually put more of an effort together proving that we had no other outstanding debts on visa's , or hidden loans anywhere. I'm not quite sure if they will take investments as shares into consideration cos as you know its not real money until you sell them, and if the company's go bust its bye-bye money.

Thats our version of what we did and it got us through...hope it helps.

Thanks Woofwoof!

Our house needs A LOT of redecorating, etc. (We've got 5 huskies so garden a complete mess too!) Will try to get in touch with an estate agent and see if they can give us a valuation taking into account the fixes we will make before selling it...

Another stupid question, but how did you go about showing you had no other debts like visas and loans? We don't have any of those but don't know how to prove this?
Also, the amount of funds "needed" for 2 people is only about 12,600CAD, we have at least 40,000CAD, is this not enough?
Thanks for you replies.
C

When we did it we only had to send proof that we had enough settlement funds in bank and that was exactly what we had at time.

Hi

We do have visa's which we use every now and then for daft little things, but when the statement comes through the door we pay them off straight away. We sent them as proof.....Also we explained that all our bank statements showed no other monthly outgoings than mortgage, endowment, gas, electric etc and of course cash withdrawls for beer . If you have a visa the chances are you set up a direct debit with the company and this would show as outgoings on a bank statement.....if you don't have this point it out to them. If you have regular monthly outgoings on your statements that are not explained tell them what they are. We also wrote a statement that said we both did not have any other outstanding debts and both signed it.
We don't know if we took the explanations too far but we worked on the principle that we wanted the CHC to look at our evidence and have no doubt whatsoever that we had no trouble with funds. There will be no doubt people that maybe just sent in a few statements and it was enough.
I think when we first applied the instructions told us to show any outstanding debt that we had, so if you haven't it may be best to explain this too them.

40000 is enough as long as you don't have any other debts, that you might need this money for to pay off

hope I make sense

Ps make sure the estate agents don't mention repairs needed in your valuation. (I'm sure they don't do that anyhow)

Great, thanks for that, has definitely put my mind at ease!

Hello sans

any luck with the house sale yet

Thanks for all the WoofWoof, very helpful!

Hi unfortunately no, thought i had 2 couples interested a couple of wks back. One couple put a low offer in, wanted to drop me £10000, i had already reduce it by £5000. so i tried to get bit more out of them, they said they would think about it then after a couple of days i thought sod it i'm not going to risk loosing a sale, so i rang estate agents and told them i would accept their offer, but they had decided to look for cheaper property. Boomer!!!!

That is a bit of bad luck......Does the estate agent know you wanna leave the country?????? If they let it slip it always makes me wonder if buyers push it cos they think your desperate to go
I'm sure it will happen in the new year though........new year, new start, new house, new wife , and all that
I suppose looking on the bright side of things you can't go now anyway cos its too close to crimbo and Santa wouldn't know where to drop your presents off !!!