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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10458
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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what happens when equity release exceeds the market value of

Resolved Question:

what happens when equity release exceeds the market value of the property
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
and thanks Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Would you mind confirming to me the name of the Equity Mortgage Company, and when the equity release was taken out?
I look forward to hearing from you.
Al
Customer: replied 2 years ago.

Mortgage Express via Key Solutions ---2005

Expert:  Aston Lawyer replied 2 years ago.
Thanks- I'll come back to you in a few minutes.
Kind Regards
AL
Expert:  Aston Lawyer replied 2 years ago.
Bob,
The Equity release mortgage with Mortgage Express is subject to the Ship Code of Conduct.
One of the commitments under this code is a "no negative equity promise", meaning that the Bank assures customers will not be out of pocket upon any sale of their property.
Therefore, provided the property is now being sold at market value, the sale can proceed, and ME will receive the net sum from the Sale, after the deduction of your Solicitors fees and any Estate Agents fees.
Your Solicitor will need to write to ME at the onset to explain the position and confirm the approximate amount which will be left over to pay ME.
I hope this helps and answers your question.
Kind Regards
AL
Aston Lawyer and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you! It's a relief !You have been very helpful.

Expert:  Aston Lawyer replied 2 years ago.
Thanks Bob.
If you are happy with my Answer, I would be grateful if you could leave positive feedback.
Kind Regards
AL
Expert:  Aston Lawyer replied 2 years ago.

H Bob,

I would be grateful if you could leave positive feedback .

Best Wishes

Al