Thanks Mole. I didn't realise that - which is not like me as I normally go over everything and try to ensure I understand it all before I sign. I guess in this case I definitely got my wires crossed. I thought that if you signed up to the 2014 Protocol, it would remove anything that was not protocol compliant. Another example of how much of a minefield this whole business of T&C's can be I guess.
I also always though the 5k deminimus rule about equity of less than that value being excluded applied to us too - I never realised ours was different and even recall once being told on the phone in the first year or two, "Don't worry we don't expect that you'll have to raise any equity" so that added to my assumption.
To be fair DFD have said we can get our property valued ourselves which they will accept so that's the way it would appear we have to go.
It doesn't stop me from being gutted though. I know it's only just over £2300 which isn't a huge amount but to us on our payments that's 10 months almost [:(] ... a lifetime when we genuinely thought we would not be extended and have done 6 years already. I literally could cry right now [:(]
Last edited by Til on Tue Mar 25, 2014 8:26 pm, edited 1 time in total.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Well I've just emailed 2 estate agent valuations to DFD - both valuing our home at 7k less than DFD's desktop valuation provider.
The estate agents valued our home in negative equity at £79995 and £80k respectively as an asking price. They verbally advised be prepared to possibly accept £75k!
I'm assuming therefore that DFD will now realise their desktop valuation provider has overvalued our house and that the property can now be excluded.
Has anyone else ever been in this position and if so what happened?
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
I cannot comment from the viewpoint of one who has been in this situation, but can tell you, from experience, that desktop valuations are "guesstimates" at the best of times. Even agents asking prices are still coming in at 10% over the actual price realised.
Nor, do they take into account the forced sale nature of the transaction, or the fact that there is probably 5 years dilapidation to account for !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Definitely true in our case Foggy - the house has really suffered being neglected so long - now we need some serious repair work doing - all of which means the house realistically wouldn't even fetch the asking price.
I'm surprised the Desktop Valuations are allowed to be honest as surely many people would be affected like we were with an over valuation.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Slightly off topic -- but I was buying a rear ground floor flat in Littlehampton quite a while ago. Passed the lending criteria but the flat failed the valuation!
So, I asked for a full copy of the surveyors report. It started " As seen from the road the flat roof portion of the property is in poor repair ...."
We got the mortgage after I pointed out that the flat couldn't be seen from the road at all, was a brand new conversion and had no flat roofed potion!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If they are using Zoopla as their online 'valuer' I would challenge if I was you. Zoopla has my house on at a value of £191,000. 2 identical houses in similar condiiton in adjacent streets are actually on the market - one for £35,000 less and one for £40,000 - which to be honest is much more realistic
Good Lord Foggy that's awful! Lazy people not doing a proper job and messing with people's lives/plans!
Ironically MikeyM Zoopla was overvalued while they did the figures but a few days later even Zoopla dropped it to £81.5k! I don't know if that's what they used. I was just told it was a 'desktop valuation'.
I pointed this out but it fell on deaf ears so now I'm assuming two estate agents written valuations might finally prove it.
Last edited by Til on Mon Mar 31, 2014 9:01 pm, edited 1 time in total.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Wow Melanie that's a lot! I am surprised that desktop valuations are permitted in an IVA. Surely there must be many people like myself who are having homes over valued and, on the other side, many whose homes are being undervalued leaving equity unpaid.
I just don't see how Zoopla and the likes can be trusted with such an important valuation. Especially in light of the new secured loans options that are being put about now ... even more important to get an accurate valuation from someone who has actually seen the house.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
The like of Zoopla and Mouseprice are fine for a guide but for equity calculations in an IVA a proper local agent needs to be used. Usually the client knows the value of their own property anyway and can tell you if the desktop valuations are reasonable or not.
