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kramsenrab
Junior Member
United Kingdom
199 Posts |
 Posted - 06 July 2008 : 10:27:10
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I am sure that our property is in negative equity, we have a mortgage and a secured loan, which we believe gives us a 38k negative equity. I have spoken to an estate agent who gave me a rough 'ball park' figure, but how would I get a true valuation, ie one that an OR would accept so that the house is safe in BR?
Thanks |
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hammy0107
Junior Member
399 Posts |
Posted - 06 July 2008 : 10:39:44
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The OR is unlikely to accept an estate agents valuation and besides you wouldn't want to use an estate agents valuation anyway. An estate agent gives a high valuation, whereas a chartered surveyor gives a real valuation, this is usually a few thousand less than the estate agents. Allied Chartered Surveyors are probably the biggest and the one used by most lenders, the OR would usually accept a valuation from Allied. Should cost you £150 + VAT but this is money well spent. I think with the amount of negative equity you mention, you won't have a problem.
Good luck. |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 06 July 2008 : 10:59:29
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Oh no more money! First the fees, then the cost to buy BI (£250), then the cost to buy LA (£50-£200) and now this! We have two estate agent letters, do you think that will do? I say that because we owe £127,000 and the house has been valued as follows: Estate agent 1: £120,000 - £125,000 and Estate agent 2: £125,000 - £130,000, giving an average of £125,000 therefore approx negative equity of £2000.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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kramsenrab
Junior Member
United Kingdom
199 Posts |
Posted - 06 July 2008 : 12:09:16
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| thanks hammy, I have decided to sell my car now to raise the fees to be able to go BR, and keep the rest for the OR. Should I arrange to have the valuation done before filing? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 July 2008 : 12:58:49
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The OR will accept an estate agent's valuation, and they ought to get their own valuation as well jsut for comparison. If your property is seriously in negative equity, I would not bother with a valuation and just let the OR guide you on what you need to do.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 July 2008 : 15:40:51
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Hi Melanie,
It is quite common in these circumstances for the OR to arrange a drive-by valuation. I'm not exactly sure why, but they do anyway!!!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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kramsenrab
Junior Member
United Kingdom
199 Posts |
Posted - 08 July 2008 : 18:32:46
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A drive by?? As I understood, estate agents would probably value slightly higher than a surveyor, and even with the one rough estimate I have been given, we are about 38K negative equity.
So leave it to see what OR says?
Thx |
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John
New Member
United Kingdom
73 Posts |
Posted - 08 July 2008 : 22:02:36
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Hi Kramsenrab
with that level of negative equity I would not advise paying for a valuation. The OR will know all about likely comparisons between surveys and market appraisals by estate agents. If the equity was somewhere near borderline they may choose to look more closely.
Likleyhood is in your case that the OR may do no more than look at recent sales in your postcode / area for like for like property.
Save your cash. |
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kramsenrab
Junior Member
United Kingdom
199 Posts |
Posted - 08 July 2008 : 22:07:45
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Thx for advice, I have taken some further advice and will follow that from now on. I'll keep posting on my progres... |
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indy2005
Junior Member
458 Posts |
Posted - 08 July 2008 : 22:52:02
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What I wouldnt give to be in negative equity right now....how ridiculous  |
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leslie.p
Junior Member
United Kingdom
197 Posts |
Posted - 09 July 2008 : 15:37:43
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| me too |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 July 2008 : 17:41:55
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The way the market is at present, you may well be in a few months. Be careful what you wish for :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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negative equity - how do i prove it?
