Property and deferred payments

What documents will I be required to provide for a Deferred Payment Agreement Financial Assessment?

The Assessment Officer will advise you which of the following you will be required to provide as this will depend on your individual circumstances:

• Deferred payment option form
• Copy of property valuations X2 (from estate agents)
• Copy of building insurance policy (schedule will be adequate)
• Mortgage / equity release documents 
• Rental agreement
• Proof of ownership
• Copy of death certificate
• Copy of tenants in common agreement / trust documents
• Copy of a valid will
• Certified copy of power of attorney / deputyship documents
• Details of solicitors taking on power of attorney / deputyship
• BACS form

What does the Financial Assessment consider in relation to Deferred Payments?

As part of the financial assessment process your application for a Deferred Payment Arrangement will be considered, and we will take into account the weekly amount of your deferred payment and the value of your home. We will also check to see if there are any other legal charges already on your property. If we are not able to secure the first legal charge on the property because there is already a legal charge in place, we will not be able to agree the deferred payment arrangement.

We aim to let you know the outcome of your application within 12 weeks from when you have submitted the application. The application process may take less time if you supply valuations of the market value of your property and all other documents required in a timely manner.