| T O P I C R E V I E W |
| David F |
Posted - 27 January 2010 : 19:39:57
My situation "in brief" is as follows:
Unemployed after losing job due to redundancy.
Receiving JSA and Mortgage Interest relief payments which cover the mortgage and are set for 2 years (expires Feb 2011)
Have two lodgers (not paying rent but helping out with bills as they are both close friends)
Own a car, recently valued at £850 but need this to travel to interviews as the type of job I do is never locally based.
Unsecured debts of £125k mostly run up over the last 4 years due to being out of work and using credit to live.
Recent redemption figures on mortgage and secured loan TOTAL £191k (all up to date and no arrears)
All debts & mortgage are in my name only.
Have had 3 x estate agent valuations done as follows:
1st one at £195 to £199k
2nd at £200 to £205k
3rd at £210 to £220k
I am trying to prove negative equity but struggling to get realistic valuations, the above three are based on a "quick" sale due to relocation.
Would it be worth me getting a surveyor in (cost approx. £200) basing their valuation on a Forced Sale basis which should hopefully be lower.
Has anyone got any experience of gaining a realistic "Forced Sale" valuation?
My parents would be able to buy my BI up to a total value of £10k but I am concerned that once I have gone BR I could find myself either unable to raise sufficient monies to buy the BI (ie. above £10k) as house prices do seem to be going up and if the OR takes 6 months before addressing my house I could be unable to save it and he will force a sale.
Any help you are able to give would be really appreciated.
David |
| 7 L A T E S T R E P L I E S (Newest First) |
| David F |
Posted - 29 January 2010 : 18:28:56
Debtrider,
Many thanks for answering the questions as it really helps when trying to decide how best to approach the BI issue.
Thank you again and I'll let you know how I get on once I have had the valuation by the surveyor. If it comes in at about the £190k figure then I plan to petition for my BR in about two weeks time.
Cheers,
David |
| debtrider |
Posted - 28 January 2010 : 19:41:31
Hi David
In answer to your questions
Did your surveyor value your house on a "forced sale" basis?
A: No. I actually told him what I thought it was worth based on other properties in the area, and he went away and it looks like he did the same.
Did you give the OR only this one valuation or a selection?
A: I gave him only one valuation
What did your OR say would happen regarding timing of when he would deal with your property?
A: The OR did not mention anything regarding the propery
Did you tell the OR that you wanted to buy the BI back, if so when, was this at your initial meeting with the OR?
A: I told the OR at the interview that I wanted to buy back the BI
I did not actually buy the BI until 10 months after my bankruptcy.
There was no rush to buy back the BI at the time because house prices were falling all the time.
Debtrider |
| David F |
Posted - 28 January 2010 : 18:04:56
Hi Debtrider/Housing,
Many thanks for the helpful replies.
I can confirm that the three estate valuations are from local estate agents, not the corporates, and I told them that I was looking for a quick sale due to relocation for possible new job. It does seem very hard to convince them to keep their valuations on the low side.... I have been told by more than one estate agent that my house "views well" and I think they see £signs once they have looked round the place.
I have spoken to a local surveyor and explained my situation, being honest about the possible BR and that my lowest valuation so far is £195 and that I was looking to get this below £190. He suggested a "Forced Sale" valuation. He explained this would be lower and would take in to account actual achieved sale values for my postal code area and not market asking prices, which is what the estate agents seem to focus on above all else.
Debtrider, can I ask a few more questions on your situation:
Did your surveyor value your house on a "forced sale" basis?
Did you give the OR only this one valuation or a selection?
What did your OR say would happen regarding timing of when he would deal with your property?
Did you tell the OR that you wanted to buy the BI back, if so when, was this at your initial meeting with the OR?
Sorry for so many questions.
Thanks again,
David |
| Housing |
Posted - 28 January 2010 : 13:51:29
Hi,
I was putting emphahis upon a local independent estate agent as opposed to a corporate estate agent.
I am simply offering what I hope is a sensible suggestion - David did not say if it was a corporate or an independent - believe me there is a lot of difference
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
| debtrider |
Posted - 28 January 2010 : 11:39:30
I thought you had already had valuations from estate agents already?
If you get a valuation from a surveyor they will tend to put a lower valuation on your home. The OR will look at a valuation from a Chartered Surveyor more favorably then an estate agent.
I used the following company and it cost £125
http://www.esurv.co.uk/
Debtrider
|
| Housing |
Posted - 28 January 2010 : 09:53:23
Hi
I would try three independent local estate agents before spending £200.00!
If you choose independent agents, they will be happy to do it for free. All you have to say is you are thinking of re-locating and need a written valuation. Do not tell them you are thinking of BR as they will not attend as they will be aware there is no instruction coming their way!!
That I feel is the best strategy before parting with funds that you will need
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
| debtrider |
Posted - 27 January 2010 : 23:46:52
Hi David
It sounds like you need to get the ball rolling on going bankrupt.
As you said with house prices now going up it may be difficult to prove negativy equity. In saying this if you can get 10K from your parents to buy the BI then you should be OK based on the on the lower valuation figures.
I paid £125 to get a valuation by a surveyor, so it may make some difference in getting the valuation down a little lower.
The main thing here is to get going with your bankrupcty.
Best of luck in finding another job.
Debtrider
|
