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| T O P I C R E V I E W |
| CMJ |
Posted - 14 January 2009 : 11:12:19
Hi,
We went BR in Nov 08, and have just recieved a letter from OR asking us to get valuation of our property, [ which we have done and as thought are in negative equity, amazing how much the house has decreased this year about 25k], also up to date mortgage figures.
We intend to send all of this back to OR at the weekend, however I have a couple of questions if anyone knows the answer I would be most grateful,
1] The OR has offered to sell BI to ourselves does this mean we would own the property again and OR have no further interest, therfore allowing us to sell in the future if we decide to?
2] He has advised us to get our own solicitor is this really necessary as his fees alone are £211 plus £1.00 for BI, if we had our own solicitor that would cost us more but am unsure of how much?
It is really difficult to decide whether we stay here or not as if housing market turns around in a couple of years , it will take us about 10-15years to recoup loss, and make any sort of profit again.
Only other option would be to give house up voluntarily and go in to rented.However if we did this and the building society sold our house for a loss, would this loss then become our debt?
I posted last week that we hadn't heard from OR this week have had 2 letters guess hes on our case now!!
Regards and thankyou to anyone who can offer answers to the above.
Take Care
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| 14 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 16 January 2009 : 07:14:29
Hi Johns
NO you dont need an additonal solicitor, i have looked into a bit more that is only if you want to use one, you dont have too, so dont worry.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| johns |
Posted - 15 January 2009 : 20:38:15
Slightly confused, i had a letter from the trustees solicitor before xmas and i confirmed that my wife would be buying the bi next august , had confirmation last week from them to confirm that they have told my trustee and thats that so why should we need a solicitor as they have agreed, providing you both agree valuation it is straight forward.
have a good onequote:
Originally posted by Needafriend
Hi Hammy
If the OR values mine more can you leave us anumber for the allied surveyors so that i can get one, just in case.
Pretty please, thank you
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| Needafriend |
Posted - 15 January 2009 : 17:10:30
Hi Hammy
If the OR values mine more can you leave us anumber for the allied surveyors so that i can get one, just in case.
Pretty please, thank you
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| hammy0107 |
Posted - 15 January 2009 : 16:42:00
Trolly,
I used Allied at a cost of £150 + VAT. IMO worth the money as a surveyor will usually value the house lower than an estate agent and their valuation carries a bit more weight.
Good luck. |
| Trolly-Dolly |
Posted - 14 January 2009 : 20:27:19
For those that have used surveyors, how much did this cost please?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| CMJ |
Posted - 14 January 2009 : 17:04:15
I do hope that works out for you , we are sending our forms and house valuation off in hope of buying BI for £1, we too are in negative equity, I supppse for us that is at least one positive.
Fingers and toes crossed.
Michelle
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| hammy0107 |
Posted - 14 January 2009 : 16:54:40
As most of you know, my house has been my biggest fear in all this. I called the OR office yesterday and pretty much begged them to get it sorted once and for all. They said it would help if i got another valuation as the last one i sent in was 6 months ago. Well today i have had another valuation (Allied Surveyors) and it has been valued at £15k less than in June 2008. That definetely puts it in negative equity so i am hoping they will now let my wife buy for £1.00 plus costs. Fingers crossed. |
| Needafriend |
Posted - 14 January 2009 : 14:52:12
I second that 
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| CMJ |
Posted - 14 January 2009 : 14:21:15
Thanks Jo,
Will do and heres to a hopefully brighter future.
michelle xx
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| Needafriend |
Posted - 14 January 2009 : 12:40:08
Thanks Michelle
Its heart breaking really when in an ideal world we want the house to be worth more but for us to keep it we need it worth less.
Let us know how yours pans out and i will advise once i know about mine.
Fingers crossed and all that.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| CMJ |
Posted - 14 January 2009 : 12:32:48
Thanks for that, I think we will do the same our OR has quoted us the same, can't really afford to spend out anymore.
Hope all goes well for you, you havn't that long to go and hopefully will gat early discharge.
Michelle xx
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| Needafriend |
Posted - 14 January 2009 : 12:09:08
No, we are not using our own solicitor. The OR have their own and we will use theirs, all being well it should be in Neg and cost us £211 fee plus the £1 for the OR
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| CMJ |
Posted - 14 January 2009 : 11:50:42
Hi
Thanks for the reply, just out of interest have you used your own solicitor and if so what sort of fee is applicable?
Thanks
Michelle xx
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| Needafriend |
Posted - 14 January 2009 : 11:44:11
Hi CMJ
The OR if once they agreed a value to buy would then once the fees etc are paid would vest the house back to you an dthey would have NO further interest.
Its is down to you to whether you choose to buy it or not, and also if you dont then as long as it was written on the SOA thenthe debt from any shortfall should become unsecured and written off.
You dont have to use your own solicitors, we are in the process of dealing with ours, we sent of ours off yesterday to buy it
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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