I received a letter over the weekend from the OR regarding my house, they have asked me to obtain a valuation and confirm if someone wishes to buy the BI.
How long do I have to send the valuation to them? and how is the valauation based ie do I get one based on how much the property would sell for in x weeks?
if you are not planning to arrange for a nominee to purchase the BI, and you plan to give up the property, then there is no need for you to obtain a valuation at all, just advise the OR accordingly.
If you do want to retain the property, and the mortgage repayments are affordable, write to the OR asap confirming that you wish to do so and advise them of the BI purchasers details and also that the valuation will follow as soon as obtained. If there is to be a deadline for the receipt of the valuation your OR will let you know.
You will need 2 or 3 estate agent's market appraisals, in writing, based on a 6 to 12 week sale or alternatively pay for a surveyor's valuation based on the same.
Property Valuations
Posted - 30 March 2009 : 12:56:46
