| T O P I C R E V I E W |
| Dillyp |
Posted - 04 March 2009 : 19:05:33
OR HAS HAD DRIVE BY VALUATION DONE AND THIS CAME BACK AS £135,000. I SUBMITTED AN ESTATE AGENTS VALUATION TO THEM IN JANUARY WHICH WAS £120,000. MY HOUSE WAS ORIGINALLY 3 BED BUT NOW ONLY 2 AND HAS NO CENTRAL HEATING OR GAS ON. THE DRIVE BY WOULD NOT KNOW THIS WHICH IS WHY THEY GAVE A HIGHER VALUATION. MORTGAGE IS £130,000 AND I HAVE NO FUNDS TO PURCHASE BI. IF THE OR WILL NOT BACK DOWN AND I HAVE TO FIND THE £5,000, WOULD I BE ABLE TO PAY THEM MONTHLY AN AGREED AMOUNT. I SHOULD BE IN NEG. EQUITY AS THE HOUSE PRICES IN MY AREA HAVE DROPPED AGAIN SINCE JANUARY.THANKS FOR ANY HELP |
| 5 L A T E S T R E P L I E S (Newest First) |
| Suzanne |
Posted - 05 March 2009 : 11:36:44
Hi Christine
The Trustee/OR has 3years from the date of the bankruptcy order to deal with residential property, so even after your discharge the assets, as such, still vests in the estate.
I would imagine the examiners are under considerable pressure at the moment from sheer volume of cases, so I wouldn't worry too much about delays in getting things sorted. As property prices are not set to increase any time soon, at least time is on your side for now, and it is very likely that they will reconsider following the valuation you submitted.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Christine |
Posted - 05 March 2009 : 09:57:54
Thanks Suzanne
I have to hope they will take the lower valuation. The OR said she is still dealing with other aspects of my BR at the moment and is not dealing with my home yet. I am discharged this October and want to know what would happen if she did not get my house sorted out by then.When she phoned last week concerning the BR she did not even think I had sent her a valuation. They requested me to get one done at the end of December which I did straight away. After checking my file she found I had sent her one, do you think this is why she was going by the drive by valuation and will reconsider now?
Thanks
Worried Christine |
| Suzanne |
Posted - 05 March 2009 : 09:34:56
Hi Christine
I would do as John suggests and wait to see what the OR comes back with.
In terms of payment they would want it in a lump sum or at the very least over two or three installments as it becomes costly for the estate to administer small installments.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| Christine |
Posted - 05 March 2009 : 09:28:43
Thanks for your advice John. I will write to the OR asap. Should I get another valuation done from a different agent as a back up?
If I do have to find funds to buy the BI would they want it in one payment or installments?
Thanks
Christine |
| John |
Posted - 04 March 2009 : 19:47:05
Hi
I would write to the OR in response to your having been given the drive by valuation and informing them of the points you have given in your earlier post. At this stage make no comment of the accuracy or otherwise of the drive by valuation just ensure they know it is 2 bed and no C/H etc.
Then sit back and wait for further comment from the OR you may very well be worrying over nothing as the figures are very tight at best.
John White
England Jackman & Spacey |
