If you propose IVA, and is rejected

[MelanieGiles]

Hi fbe

I would get a valuation done by a good, reputable local estate agent on both an open market and forced sale basis. It would then be sensible to take an average of the two valuations to arrive at a sensible valuation.

A full and final offer to your creditors would appear to be a sensible way forward for you.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[fbe]

Thanks all! but I need more help on this valuation, possibly from Melanie. The valuation of the property was £250k and £10k works needed bringing down to £240k in last year September 2006. this valuation was done by mortgage lender, but now 9 months later it is quoted by the estate agent as selling in the open market as £290k, but I don understand the forced sale valuation Melanie. Could you please help. will the creditors rely on the valuation by the estate agent or the figure quoted by a surveyour of the lending company six months a go?

[MelanieGiles]

A forced sale valuation is one which values the property on a "must sell now regardless of condition" basis. These are usually lower than those prepared on an open market basis. The latest valuation will be the one used for the purpose of your IVA.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk