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pancho77
Starting Member
3 Posts |
 Posted - 06 November 2009 : 14:24:48
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I'm currently in bankruptcy and want to buy the BI in my property ,have kept mortgage payments up no arrears, mortgage on the property £98500, I have sent a valuation to the OR that I had from a independant Chartered surveyor the valuation given was £105k this was based on the most recent houses sold on the street going for £107k slightly bigger house. also another house recently went for auction with a guide price of £85K and this failed to sell at auction not meeting the reserve I also have a valuation from mortgage company from 2006 oct where the house was valued for mortgage purposes at £125k this being the height of property values and recent press coverage stating house prices dropping 25%-35% ie house would be worth between £93750- £81250 . So £105k seems quite a high valuation in current climate.
I only sent the new valuation to the OR not all the other info stated.
But to my horror have received notification from OR that their own valuation is £135k complete joke in my opinion, The only thing that I can think is there is ahouse on the market that is up for £135k it was bought 2-3 years ago by builder and has been gutted and renovated but this house has been on the open market for 2 years and has not sold, this imho means it does not truly reflect current house prices of this area. what do ni do next as i really want to keep the house but obviously cant raise those sort of funds from family members |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 06 November 2009 : 14:39:11
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Hi Pancho
you do have a right to appeal / challenge their valuation
get three estate agents to come and do a valuation based on the need for a quick sale.
collect comparables ( can i suggest use a web site like up my street and our property ) get the auction room print out for the sale or not of nearby property.
surveyors have a 10% lee way
then speak to OR.
regards Richard
good luck |
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RHB
Senior Member
1159 Posts |
Posted - 06 November 2009 : 16:27:35
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| Ultimately it is up to the OR to set levels as you don't have an automatic right to buy the BI. How much could you get from family & friends? |
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pancho77
Starting Member
3 Posts |
Posted - 06 November 2009 : 17:33:33
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quote:
Originally posted by RHB
Ultimately it is up to the OR to set levels as you don't have an automatic right to buy the BI. How much could you get from family & friends?
Surely the OR has to be able to justify his valuation as just saying our surveyor says it is worth X amount has no merit ( It seems to me this is completely unfair asking me to pay over the odds for something) i have always thought a object is only worth what someone is will to pay ie no one bought a similar house for £85k so how can they set a value over over 60% of that unsold object as a reasonable valuation, fundamentally this seems corrupt.
Have others found that OR has completely over inflated a valuation in negotiating BI values. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 06 November 2009 : 17:41:29
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you are entering negotiation with them
ultimately they will make the final call for the price, if you like it follow RHB suggestion
If not ..... dont know the exact answer going to do some research
Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 06 November 2009 : 17:42:13
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hi,
The market is moving upwards slightly.
My wife is buying the BI in our house and she is also hoping to buy the BI in an investment property we are "hanging" on to.
Sue, my wife is sending the valuation to the OR this week for the BTL - we are keeping our fingers crossed - I speak as an "ex" estate agent and can see some upward movement - but not to the extent that your OR is suggesting.
I do not know the area in which you live and the market place varies according to where you are - for example in the M25 corridor the market has risen - elsewhare not so much.
I am not sure what (if any) rights you have to challenge their assessment - all of us want to "go along" with the OR so as to avoid a nasty event!!
It may be worth seeking advice from the Royal Institution of Chartered Surveyors - they will know if you can challenge their assessment - hopefully, one of the experts will comment too
Good luck, Richard
"There are no problems - only solutions..." |
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pancho77
Starting Member
3 Posts |
Posted - 06 November 2009 : 18:30:52
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| thanks for all replies much appreciated, I appreciate that we are entering negotiation on a value and OR obviously will try to get as much as possible, but ain't going to be held to ransom OR has to give me 12 months to find alternative accommadation is that right. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 06 November 2009 : 19:29:28
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Hi again
It is only my view and please take it as being in good faith:-
If it was me in this position I would not do anything to upset the OR! Not to be subservient, but they have so much power and can make life awkward!
I would contact the professional body as I said in an earlier post - The RICS - tel 0870 333.1500
Address:-
Royal Institution of Chartered Surveyors,
RICS
Parliament Square
London
SW1P 3AD
They will be able to advise you as to how you may be able to appeal against the OR`s adviser
Have you spoken to the OR about their valuation?
Good luck, Richard
"There are no problems - only solutions..." |
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debtinfo
forum expert
2826 Posts |
Posted - 06 November 2009 : 20:40:58
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| Hi, you could get more valuations and you could ask to see the OR's valuation if you think it is wrong. i think more valuations to prove you are right is the right way to go first |
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RHB
Senior Member
1159 Posts |
Posted - 07 November 2009 : 09:10:12
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| You won't be held to ransom as the house needs to realise its equity so a reasonable offer will be accepted. Yes, if you have children you have up to a year to move so plenty of time for negociation. |
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jayne1970
New Member
70 Posts |
Posted - 07 November 2009 : 10:18:33
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Have you actually spoken to the OR? We had a similar situation, and spoke to them direct. We found them very understanding and helpful. We were advised to get additional valuations to support our case, which we did, and they readily accepted these. You will of course need writen valuations, but we found most agents offer this anyway.
We are just about completed in buying our BI for £2, so was worth the effort.
All the best.
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 07 November 2009 : 11:23:57
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Hello again pancho,
Jayne is right - speak to the OR - iy is one of the points I made and others too. (You may well have done so).
You could get valuations from local estate agents - i would try the independents not the large corporates - they tend to be more obliging - I am biased as I was a small independent!It will not cost you anything - if you do not want to say it is for the OR then you could say you are looking at re-locating...
The OR will normally be prepared to accept an estate agent valuation. He did with ours and we are hoping he will with the BTL.
Accepting the fact that the market has improved and houses are now selling - my gut feeling and observation is that prices have not risen too much. Remember the OR will have a good idean about valuations anyway from the local land registry etc.
It may still be worth asking the RICS if you need to appeal what are the provisions to enable you to do so. They are very good and a well respected professional body
Wish you well, Richard
"There are no problems - only solutions..." |
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Topic |
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I'm currently in bankruptcy and want to buy the BI
