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| T O P I C R E V I E W |
| home21 |
Posted - 18 December 2009 : 20:39:23
Help please - we just received a letter from OI saying my wife can buy out my beneficial interest but that "we need to agree on the value of the interest being transferred"
We haven't moved in years so who do we need to go to to get valuations that the OI will accept and how many do we need?
How do you ask for a valuation without actually giving the reason why?
If the valuations come back and say there is a large amount of equity how long do we have to find the amount required and would we only have to pay half of the equity in the property?
Any tips on the process anyone can share would be so gratefully received as we may/should have negative equity.
Not a good time for the letter to arrive the evening the kids break up from school so needing some help please!
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| 5 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 19 December 2009 : 14:10:32
The OR has 3 years in which to deal with your property. The likelihood is that there will be some equity if you haven't moved for years, unless you remortgaged to the hilt very recently. |
| Housing |
Posted - 19 December 2009 : 12:47:16
Hello home21,
Welcome to the Forum,
I was an estate agent in my previous life!
Try to chose a small independent estate agent and say that you require a valuation as you are thinking of relocating. Do not tell them what it is for is my advice as you will not get the priority!!
My advice is to select two and if there is any wide variation, take a third and let the OR have these with a statement from your lender showing your outstanding mortgage and, of course your payment for the ORs solicitor £211 - if there is negative or negligable equity, then the BI can be bought for £1.00 (total £212.00)
If, however there is some equity then the OR will obtain a valuation and split the difference. eg: If your valuation is £100K and the ORs valuation is say, £112K, then the difference will be £106K, less any mortgage so say you owe, £104K to your lender, you pay the OR £2K for the BI. (I hope that makes sense!).
Valuations are, I can assure you, on the increase and that may take you out of negative equity, but you may still retain your property for a small price!!
I would tell you that my wife is buying the BI in both of our houses and one has a positive valuation and we are (she not me!) looking for that money now!!
I am assuming that the property is in joint ownership (your partner and the OR) and only one of you is BR - is that the case?
I am making an assumption here that the "completion" will take several months as the OR is all corners of the UK is so busy - again an example, we waited 3 months for a reply on our BTL.
Post back if you have any more questions. I am sure the experts on insolvency will have some ideas - I do not have that expertise.
I wish you good luck, Richard
"There are no problems - only solutions..." |
| Niobe |
Posted - 19 December 2009 : 12:41:46
Personally, I would go with gettingoutofdebts advice.
I certainly would not make it anymore complicated than it needs to be.
The glimmer gets brighter all the time
Jan
xx |
| Richard P |
Posted - 19 December 2009 : 11:39:59
Home 21
i think that on a previous thread, it was suggested using a local estate agent rather than one of the big chains.. the big chains will charge for a valuation
a further thread was indicating that The OR stipulated that the estate agent had to be a charted surveyor or fully accredited estate agent, again this changes from region to region
if it were me I would get three valuation from local estate agents asking for a distressed sale price, I would tell them the reason for the request. they may even give you a desk top valuation
I would also use one of the local house price recording sites and obtain information about other properties in that area, I have used our property.com but know that their are plenty of other sites .
it is a fantastic time for the letter to arrive as the market is still depressed and you will get a lower valuation, also this tiem of year is generally a quieter period for estate agents
good luck regards Richard |
| gettingoutofdebt |
Posted - 19 December 2009 : 11:00:50
Has the OR specified how many valuations they need? If not, then 1 will do. Call a local Estate Agent and ask the for a quick sale valuation. Tell them that you are considering taking up a new job in another part of the UK so would need to sell the property quickly. The quick sale valuation should reduce the price a bit and is the price that the OR would use if they were selling the property.
I don't know how long you would have to pay any amount if there were equity but with a bit of luck there will be no/minimal equity. |
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