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pph
Starting Member
2 Posts |
 Posted - 23 March 2013 : 19:37:33
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Hello good folks of BRHELP, I am hoping that you might be able to give good sound advice on our situation and how best we handle it.
Here goes:
Declared BR in Feb2011
Neg Equity in house.
cut to March 2013 OR has sent letter to me & my wife (letter each) advising that it appears that there is interesting the property work approx £2500 each.
It is our opinion and from conversation Estate Agents that the property value is still in negative equity.
We have been given until the middle of April to come up with the funds or evidence to the contrary.
If the agents valuations are showing the house to be STILL in neg equity will the OR accept this or are they likely to contest it?
If they still demand the sum of £5000 plus fees, how long do we get to find and pay that ?
Seeing as we only have about 3 weeks to find that huge sum and no savings - you might understand our rather grave concern.
there is a very small possibility that a family member might be able to help with a part of the sum but bot all of it.
can anyone advise? ((please)) |
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InsolvencyQandA
Starting Member
United Kingdom
10 Posts |
Posted - 23 March 2013 : 21:17:28
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I would provide the OR with valuations from 1 or 2 local estate agents confirming what the estimated value of the property is to support your claim that the property is in negative equity.
I would imagine that the OR's valuation will be based on an online valuation from either Mouseprice or Zoopla so your estate agent valuation should be more accurate. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 23 March 2013 : 21:31:42
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Hi PPH
common trend at the moment, they get someone to do a desk top valuation based on the recent sale prices of other properties within a 3 mile radius, hoping that you will automatically cough up the money and walk away
do not at this stage get more family money or you will be back in debt on prebankruptcy slopes.
again showing how the markets have been squeezed with some OR's any valuation within £5K of mortgage value would not be considered as financially viable by the time you pay estate agency fees. solicitors. court fees etc
as said above ask two or three of the local estate agencies to undertake full 90 day valuations (some estate agent may charge) make certain that you include the biggest and / or closest estate agent to you.
The OR will still charge you to have their details removed from the deeds to the property but not as much as 5K.
you then must write to the OR and challenge the valuation especially as you have a leeky roof in the conservatory.
Good Luck Richard,
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pph
Starting Member
2 Posts |
Posted - 25 March 2013 : 10:58:35
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Thanks folks, there are some encouraging words there and after speaking to the OR office this morning, it appears that a desktop valuation is exactly what was carried out, however, it appears that their record of the outstanding mortgage differs from ours by about £5000 so I imagine this is where there is some sort of discrepancy lies, we are having some valuations carried out today and I am sure that our estimation is VERY accurate and the house is still in negative equity.
I will update when further information presents itself.
Thanks again to kind folks who replied. |
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*PANIC* BI question and uncertainty
