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hammy0107
Junior Member
399 Posts |
 Posted - 20 May 2008 : 17:32:23
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More help needed please.
My house has been valued at £155k, although this was valued 2 months ago and may well have come down since then, and my mortgage with early settlement charge included is £142k. Realistically what equity do you think the OR will find in the property, after costs to sell / forced sale etc is taken into consideration. And if a 3rd party wanted to buy the equity from the OR, how long would they have to raise the funds? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 19:16:58
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Is the property in joint names or do you own it in your own right? If jointly, is the intention that you own it on a 50/50 basis?
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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hammy0107
Junior Member
399 Posts |
Posted - 20 May 2008 : 19:39:20
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| It is solely in my name. I know that i am going to have to try to show my wife has contributed to the house and household but worse case scenario what equity will the OR find in this instance. I was thinking that if there is a difference of £13k at best, surely it would cost £3k(ish) in solicitors fees etc and then it is unlikely to sell for ful value under forced sale. I was thinking there may be £5 to £6k realistic total equity and if i can persuade the OR my wife has an entitlement then obviously a percentage of £5 or £6k. Am i thinking along the right lines? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 19:55:36
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The OR will start at wanting £13k and is unlikely to accept an argument for costs of sale. I would have thought an offer of around £10k would be sensible, but you ought to get a property valuation on a forced sale basis as there may be no equity at all to argue over.
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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hammy0107
Junior Member
399 Posts |
Posted - 20 May 2008 : 20:04:02
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| And if a figure was agreed, how long would a 3rd party have to find the cash? Would i have to pay for a valuation on a forced sale basis? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 20:09:26
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That would be down to agreement with the OR at the end of the day, but I would allow a six month period if I were acting. You will probably need to pay for a valuation, and if you do this makes it even more credible.
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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hammy0107
Junior Member
399 Posts |
Posted - 20 May 2008 : 21:08:19
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| Thank you for your advice Melanie. Do you have a ball park figure to get such a valuation and would i need to get more than one? |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 20 May 2008 : 21:37:43
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Hi Hammy - not sure of the cost but I have seen experts advise a chartered surveyor to value property. OR's accept these rather than estate agents valuations.
A surveyor will give a realistic value as opposed to an estate agents value which may be inflated. If its a lower valuation then less equity and the OR won't want as much.
Vicki x |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 May 2008 : 22:46:47
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Hi Hammy,
You are going to be looking at around £150-£200 for the valuation, but believe me it is well worth it.
Ask the surveyor to value the property if it were to be sold within a three month period this will be slightly higher than forced sale, but more credible in negotiations.
I tend to stick with the larger companies rather than small independents especially those attached to estate agents.
Allied Surveyors are one of the biggest in the UK used by most mortgage companies.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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hammy0107
Junior Member
399 Posts |
Posted - 21 May 2008 : 08:41:15
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| Thank you for your advice, i will be arranging for Allied to do a valuation. Before i call them though, should i be telling them why i need the valuation or just tell them i want a valuation based upon a quick sale? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 21 May 2008 : 09:06:13
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There is no harm in telling them the real reason for the valuation, but this is unlikely to alter their opinion at all.
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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Equity in property
