offer in principe

[Lisa2009]

we have an offer in principle fro a mortgage company that will raise enough money to offer as a full and final settlement.
Is this enough to send into my ip? It contains the offer plus an estimated value of my house. The reason i ask is that the mortgage company want to charge usfor a valuation and this is about 300 pound.
I am concerned that if i pay for it and the ip then says its not a good enugh offer, i wont be able to pay back the valuation fee to a family member that will be providing it, whereas if the ip looks at the offer in principle and tells me in writing that he is happy to offer this then i could pay that money back as it is refundable on completion.
Please advise on my best way forward as i really need to try and get some closure on this iva very soon before the interest rates or the stress ruin us

[Lisa2009]

sorry if my posts are a little all over the place but im not sleeping and not functioning very well at the moment due to all the stress

[MelanieGiles]

Hi there

Your IP should be working in conjunction with your efforts in this regard, and will need to see the papers you refer to. But they are unlikely to be persuaded to put an IVA proposal together unless you have an unconditional offer of mortgage, and this can only be done if the property is formally valued.

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

[Lisa2009]

thanks for the fast reply. I suppose im going to have to take the chance. I was told by my iva company today that the ammount we wanted to offer sounded like a good enough offer and i suppose if anybody knows that, its them.
Made a cange to actually speak to somebody that knew what she was talking about.

[jpj]

Why dont you get 2 written valuation offers from local estate agents for free?? they will prove how much your house is worth and your mortgage offer will prove you can borrow the money. (you will still have to pay £300 valuation fee further down the line,but by then you will have definate yes so will not be wasting the money!!)

[Adrian Ratcliffe]

we have tried to get a couple of free valuations, my wife got quizzed that much she had to telll them we were selling the house to even get them out of the office to look.
Out of the 4 we asked we only got 2 snotty valuations on a plain paper.
Hope you get a better reply than us

[Adrian Ratcliffe]

sorry
my wife had to tell them we was getting a divorce, and some of the staff knew her and it was getting messy, they don't seem to want to value houses anymore

[Skippy]

When Dave decided to sell the flat they couldn't get around here fast enough! Even when he had it on the market with one of them the others were still ringing and emailing wanting him to go with them as well. They must either be short of work in this area or just really keen!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lily]

We had the same skip, but the valuations really did differ.

lily

[Lisa2009]

I wondering if the best thing would be to just get the valuation done by the company we had the ofer in principle from.
I cant be bothered with the agro of making excuses and either way, i stll have to have a valuation done by that company anyway.
I assume that the lady from my iva firm must know what shes talking about as she agreed with the offer i said i would like to make and she said it sounded to her like an acceptable offer. I am wanting to offer my next 2 years of iva contributions plus the 15000 equity that was only stated as an estimate in my iva proposal.
The chances are the house is worth more now than it was 3 years ago and there would be more equity. I am hoping the creditors would accept my offer due to my circumstances rather than take a gamble on what may only be a few thousand more if the iva was to run for the 5 years. This way they will get no less than they are already expecting and may decide to take that money early.
The interest rises are really going to affect us soon, whereas the offer i have been given means we would save a little each month and the best thing about it is that its fixed for 2 years which will take some of the pressure off us

[MelanieGiles]

Go ahead with the valuation - it will have to be done in any case. Why not ask your IP if you can forego one months payment to cover the cost.

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

[Lisa2009]

The problem is getting hold of my ip. The lady i spoke to says its very rare hes in the office and that technically hes just a name on a piece of paper. Im assuming (and hoping) she deals with his case load, therefore would know whats a good enough offer and what isnt. She has told me to put it all together and send it to her personally so things can go ahead.

[Skippy]

I think that's a terrible attitude - he's just a name on a piece of paper. Ultimately he can make decisions that will affect people's lives in a big way, and should therefore be available. I don't mean available for every little query, but if you have a question like this, then you should be able to speak to him.

Skint, am I right in thinking he works for one of the big companies?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Lisa2009]

thanks skippy and yes you are right. Its a bit frustratng when all you are looking to do is pay what you agreed but earlier, before things get so tight that payments would need to be ruduced anyway which would mean in the long run they get less.