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toon army
Junior Member
United Kingdom
189 Posts |
 Posted - 02 June 2008 : 18:37:01
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Hello, so worried about the possibility of loosing our home.
Filing for BR shortly so we tried to get a valueation on the house. Have outstand mortage of £176,000 had a local estate agent who valued it last week at £165,000 we thought great, then today valued it at £175,00-185,00.
How does the OR get it valued?
If there is no equity can they keep the house to seeif it increases in the next 3 years. Or if there is a little equity does the house then get sold?
Really worried about this, can anyone help please |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 June 2008 : 19:20:59
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Hi Toon Army,
Your equitable interest needs to be realised for the benefit of your creditors. It is not uncommon for the OR to organise a "drive-by" valuation.
The OR has three years in which to deal with your home. If they chose that route, they'll place a charge/restriction over the property and have three years in which to relaise your equity. Alternatively, if there is no equity, your beneficial interest can be sold to a third party (who you can nominate) for £1 + costs (circa £250).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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toon army
Junior Member
United Kingdom
189 Posts |
Posted - 02 June 2008 : 21:21:26
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Thanks for that. Who values it then? is it best to get our own free estate agents valuation.
At present the lowest one is approx £10,000 under to pay off the mortgage. How do they judge if the house will go up in value?
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 June 2008 : 11:53:34
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Hi Toon Army,
Regrettably, estate agent valuations are meaningless. The OR will appoint one of their own approved valuers for this purpose. Given the current state of the property market, it is reasonable to assume your house will have fallen slightly in value.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 04 June 2008 : 10:56:57
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Hi Toon army,
The OR/Trustee would normally use a reputable Chartered Surveyor.
Chartered Surveyors tend to value the property more realistically than estate agents as they are not trying to obtain a percentage for marketing the property.
May I suggest you bite the bullet and pay for a chartered surveyor to value your property and give you a realistic value for your property.
Countrywide Surveyors and Allied are two of the biggest in the country.
A charted Surveyors valuation will be expectable to the OR and if there is no reason to believe this is a low estimate then they are likely to accept this and refrain from paying for their own valuation.
When obtaining the valuation ask the surveyor for a realistic valuation if the property were to be marketed and sold in a 90 day period this will bring the price done slightly due to the marketing time.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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equity in my house
