bankruptcy costs a fortune!!

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Post by guiness » Sat May 03, 2008 11:17 pm
OR states we have to get our propery independantly valued. I have asked if an estate agents valuation will do and they said yes but if the value is not a true representation we would then have to pay for an independant valuation.
Is this right that we would have to pay for this ourselves?

It just gets worse you go bankrupt cos you haven't got any money, you have to find £500 costs and than you have to pay solicitors fees for equity transfer and then you are expected to pay for valuations??


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Post by chris.g » Sun May 04, 2008 10:25 am
We didn't need to get a valuation, we just told the OR what we thought it was worth. We wern't living in the house at the time we filed so not sure if that has anything to do with it.
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Post by Dee » Sun May 04, 2008 12:19 pm
I've got 2 valuations from local estate agents in preparation for my bankruptcy next week. I paid for one, £30, but not the other. I am hoping that the 2 valuations will be sufficient to provide enough evidence that our property is in negative equity.

Good luck.



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Post by pippa » Sun May 04, 2008 7:43 pm

I had three valuations and I didnt tell any of the estate agents why, I just asked for a quick sell valuation and asked for it in writing, which all 3 did and at no cost.

As it was the trustee(on behalf of the OR)then carried out their own valuation through a 4th estate agent.



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Post by MelanieGiles » Mon May 05, 2008 2:03 pm
The Trustee ought to always carry out an independent valuation, so I am suprised that they have asked you to produce one in this instance.
Regards, Melanie Giles, Insolvency Practitioner
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