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Worried Essex
Junior Member
United Kingdom
193 Posts |
 Posted - 16 October 2008 : 08:20:43
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Hi - I declared myself bankrupt on 25 June 2008; I was a Director of a successful business, offered a Personal Guarantee and 6 months later the business went into Administration. I had offer a guarantee for £1 Million and had no choice other than to file for BR. I had an interview with the OR in July, and all seemed OK. The OR wrote to my creditors and the creditor that is owed the most has beenappointed my trustee. I wish my father in law to purchase my share of my family home. The home has outstanding mortgages of £470,000 and I provided 3 estate agents valuations from July 2008 showing an average value of £485,000. Since July, the property market has worsened and I expect the values to be less now than those in July, perhaps £475,000 versus mortgage debt of £470,000. The trustee had the 3 valutions and a letter from my father in law requesting to purchase my share of the property, the trustee has now sent in their own valuer, who came round on Monday. I have not had their valuation yet. What do you think their logic is in this?, bearing in mind they had 3 recent valuations from estate agents. Do you think they are interested in selling my share to my father in law or do you think this is salling tactics? Can they stop the sale? What happens if their valuation is higher than my own 3?
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 16 October 2008 : 08:32:15
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Hi Worreid Essex
The OR tend to get their own valuations for any BI to be bought as you can see it from their point of view have it undervalued and they lose out and the same goes you have it overvalued and you lose out.
They need the correct valuation done by their own valuer to give you and them an accurate price for the BI to be bought.
I would still say that seeing as they have had it valued eleswhere that your FIL will still be able to buy the BI they just need to know the correct value.
If there value comes out higher than what you had put then you would have to negotiate with the OR to buy the BI at the changed price, you would then have to work out the difference and see if you can come up with the funds in order to continue, but i would not worry about that until they contact you.
I would sit tight and wait.
LOL
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 16 October 2008 08:34:23 |
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Worried Essex
Junior Member
United Kingdom
193 Posts |
Posted - 16 October 2008 : 09:01:24
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| Thanks for your response. In your experience, do RICS valuers value property lower or higher than estate agents? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 16 October 2008 : 09:08:29
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Hi they would value it as realistic as they can considering the current market for property at the moment.
The OR has the valuations from you as a guidence so i would just wait for it to come in, it may even be that it goes better in your favour and the BI to buy may turn out to be less.
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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hammy0107
Junior Member
399 Posts |
Posted - 16 October 2008 : 10:42:39
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| Worried Essex, RICS surveyors will usually value your property less than an EA. Going by your valuations you will most likely have no equity in your property and your FIL will be able to purchase the BI for £1 plus £211 costs. Try not to worry i really think your property will be safe. |
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Keeping my home after bening made bankrupt
