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leslie.p
Junior Member
United Kingdom
197 Posts |
 Posted - 09 July 2008 : 15:34:11
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hello again
had my house valued in February by an estate agent..£150000 to £155000
had it done again yesterday by a surveyor, market value..£140000
what value do you think a trustee will put on this house.
thanks
les
p.s i paid for the surveyors report |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 09 July 2008 : 16:49:08
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Hi les
If they are unhappy with the two valuations you have had, they will commission a drive by valuation. I would says they will probably take the average figure between the two unless you could argue otherwise. Is it an issue because there is e
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 09 July 2008 : 16:49:54
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I'll continue
Is it an issue becasue there is equity in the property and you want to buy the beneficial interest?
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 July 2008 : 17:33:49
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Hi Les,
It's probably not what you want to hear, but in my experience, the OR invariably goes for the higher valuation. As the Insolvency Service is now targeted, they will try and claw back as much as they can from each case.
Having said that, I would stick to your guns and promote the surveyors report which are generally far more accurate than estate agents. If the OR is unsure, they'll arrange a drive-by valuation anyway.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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leslie.p
Junior Member
United Kingdom
197 Posts |
Posted - 09 July 2008 : 18:32:10
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suzanne, yes it is because of equity, i just needed to know how much they will want off me.
i will argue with them to get as close as possible to the surveyors valuation.
thanks
les |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 July 2008 : 21:28:49
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If the two valuations are conflicting, you should get a third just to be sure - especially if this is going to affect the amount of equity you have available.
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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John
New Member
United Kingdom
73 Posts |
Posted - 09 July 2008 : 21:29:33
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Hi Les
if your potential equity is of a reasonable amount and you have a partner/ spouse who will not be considering BR I would strongly recommend you speak to a Bankruptcy Specialst first.
There are one or two on this site that can be contacted through their web links.
Re the estate agents market appraisal, if you've gone to the trouble of paying for a professional valuation I would put the market appraisal in the round file under the kitchen worktop. (The bin).
What possible service would it be to you, it would only arm the OR with an arguement for a higher valuation. Go with the survey report and let the OR do the rest. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 July 2008 : 21:35:56
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What exactly is the definition of a "bankruptcy specialist" Assist? It is a term I am seeing referred to more and more on this site, but one I am not really familiar with professionally.
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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John
New Member
United Kingdom
73 Posts |
Posted - 09 July 2008 : 22:01:49
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[quote]Originally posted by melanie_giles
What exactly is the definition of a "bankruptcy specialist" Assist? It is a term I am seeing referred to more and more on this site, but one I am not really familiar with professionally.
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
[
I would say that an expert is one that can justifiably lay claim to a great depth of knowledge in a particular field, such as in my previous posting, Bankruptcy.] |
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John
New Member
United Kingdom
73 Posts |
Posted - 09 July 2008 : 22:08:29
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Hi Melanie
I note that you have just referred to Julian as a bankruptcy specialist in your last posting. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 July 2008 : 22:13:00
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Yes - because it is a term I am seeing more and more, but am just not really familiar with the term or what it actually means. Bearing in mind I am just a stuffy old IP!!!
I would traditionally refer clients of mine to a solicitor - for instance if I was appointed Trustee over a case where there was a non-insolvent spouse who had a beneficial interest and required legal representation, but would a bankruptcy specialist take on that sort of commission and assist that person to arrive at a solution for instance?
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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John
New Member
United Kingdom
73 Posts |
Posted - 09 July 2008 : 23:20:01
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Personally, my understanding of my own definition of a bankruptcy specialist would, and frequently do, take on such undertakings.
Not that I am suggesting that all those out there with in depth knowledge of Bankruptcy would do so, but certainly some.
The vast majority work in areas which support creditors.
But there are a handful out there specialising in looking after the debtor. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 July 2008 : 14:24:52
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Hi Melanie,
This is one for Brett England to answer I think. I've tried writing an answer, and it's very difficult to give a definitive resonse.
However, the primary role of a BR specialist it to give advice and hand-hold people though the entire process. They will professionally produce all the paperwork (the SOA is fairly straightforwward in a lot of cases if taken one question at a time, but as an entire document, can be quite complex when done correctly) and, quite often, will be present with the client for the court hearing and the subsequent OR interview(s). Indeed, they will also provide support and legal representation (if required) to assist the non-BR spouse.
I hope this sheds some light ion the subject. I look forward to Brett's input!!!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 10 July 2008 : 21:38:27
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It would be great if an article could be written for the site explaining exactly what you guys do, so that posters could either click to the link or we could refer them to it.
Do you have to be licensed by any professional body, and do you find that you have the correct right of audience when in Court? I can remember a few years ago one very old crusty Judge in Cardiff County Court questioning my right of audience when helping a client to present a winding-up petition, and wonder if you chaps occasionally meet with the same objection.
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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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 July 2008 : 22:22:10
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Hi
Very occasionally judges get a little grumpy but even then they don't want to disadvantage the debtor when faced with a competing solititor representing a creditor.
Generally if you have done a decent job then the grumpy judge becomes a willing supporter a second time. I know that Brett and I have a good relationship with many county courts and judges and they often remember our names.
Going back to the origional post I believe that the valuation by an estate agent in February is seriously out of date in this market.
if it has just been valued by a surveyor ( which would be accepted for mortgage purposes ) then this is probably the current market value
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 11 July 2008 : 10:43:56
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Hi Melanie,
Perhaps Brett would like to pen an article, or add something to his blog in this respect?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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ESTATE AGENT OR SURVEYOR
