Have you recently valued your home? After buying your home, you should see some return on your investment. Property value in the UK seldom declines, but from time to time, the housing market is affected by economic changes. Despite the Covid-19 pandemic, this month (March 2021) saw UK’s housing prices increase by 7.5%. This is good news for sellers but the property market is a little unstable due to the current climate.
If you are planning to sell your home but the valuation report shows the value of your property has dropped, you may not be able to sell it at all. Your mortgage lender may not allow you to sell the property at its current value. Negative equity means you will own money to your mortgage lender, if you go ahead and sell your property at its current value.
If you’re planning to sell your home, the first thing you need to do is get your property valued and then make a decision based on that. In case of negative equity, your best option is to speak to your mortgage lender and find out if they have a scheme that may help you. Some mortgage lenders might be able to transfer your mortgage to a new property. Find out from your lender what type of schemes they have and if they are able to assist you.
If you have decided to sell your home and need a solicitor to help with conveyancing work, please give us a call for a no commitment initial consultation. SG
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