BI in BR - slightly confused (as usual...)

[fudge34]

Hi all
Trust you are all well? wondered if any of you had gone through BI in BR - am just in the middle of getting my 3 valuations for my house for my OR who wants to get this sorted asap thank god but I wondered what happens when you call an estate agent? do you tell them what its for? or pretend you are moving house? and when you get the valuations in is the equity split down the middle (we have a joint mtg just me BR) or do they then take into account selling fees, early redemption policies on mortgages and the like and if they don't can you argue that bit - am worried that my house has rocketed and we will be priced out of purchasing the BI thanks all as usual x

[pippa]

Hi Fudge, I called the estate agents for a valuation no reason given. When they came out I told them I would need it in writing and no probs at all, however others have posted they have had difficulties.
Redemption charges will be taken into account in my area, as you know this differ from region to region but I would assume that is standard. selling cost, i doubt it, but still waiting to find out what my BI will be set at so will let you know. I am hoping for some negotiation on the figure, again will let you know.
Sorry but I am on my own, not sure about the equity split but am sure someone will be along shortly

Hope everything else is ok

Pippa

[MelanieGiles]

Equity is calculated before selling fees - as you are not actually selling if someone is going to buy out your beneficial interest. Redemption penalties should be taken into account.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[fudge34]

Hi Melanie
Welcome back from your holiday I know that is a bit belated : ) do they calculate if they were to sell though? obviously if we couldn't afford to buy the equity from them they would then incur selling fees etc? also will I be in a position to haggle with the OR i.e. is he more likely to sell to us than try and sell it via the open market? just concerned as I know property prices have rocketed in our area since a year ago

[BrassicLintus]

Hi Fudge, I too had problems getting a written valuation. I had 3 done and none of them would give me a written valuation. So after taking advice from forum members - I fibbed a bit to the 4th estate agent and said I was selling up!!! I told them I wanted a quick sale valuation - as most estate agents tend to inflate prices and then negotiate. So my advise would be to do the same - basically the estate agent said I could set my own price. He asked what price I would be happy to sell for and agreed with my valuation! I also asked if I could have it in writing as I was getting 2 or 3 done and wanted to sit down and work out my figures - and I had no problems. The estate agent I used was Darlows - but don't know what area you are in, but they may have an office nearby. The OR does take into account early redemption penalties though.

[MelanieGiles]

Hi Fudge

The Official Receiver will probably not allow you to take account of selling costs in your BI calculation, but there is no harm in suggesting this to see whether you can negotiate. Bear in mind that they would much rather do a deal with you and the family, rather than go to the trouble of possession proceedings, eviction and sale with vacant possession

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[fudge34]

Thanks all - was thinking about this today and stating to the estate agent that I wanted to do a very quick sale (stretching the truth as it were) rather than have them say oh you could get at least blah blah for it - thanks for the advice, my OR said that they didn't take into account early redemption policies which seems wrong as they would have to pay this if they took charge and sold the property - thanks for teh advice Melanie I am hoping to haggle a bit with them as I said property prices have rocketed in this area (as I am sure they have everywhere) my OR seems like a very nice man so i can only hope he does let us haggle a bit - will call the estate agent on monday thanks again