Any thoughts on my equity statement as follows....

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Markd029

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Post by Markd029 » Sun Sep 14, 2014 9:24 pm
Dear Callum,

I have read through my iva agreement and have scanned a copy of the
relevent facts over.


The Court order signed by myself on 30/04/2009, states that

"THE FOLLOWING ..........................
IS TO BE VALUED 12 MONTHS BEFORE THE END OF THE ARRANGEMENT AND FUNDS
TO
THE VALUE OF THE DEBTORS SHARE OF EQUITY SHALL BE PAID IN TO THE
ARRANGEMENT".


The Correct figures that should be used for this is as follows
Valuation based on Zoopla. end Sept 2013 is:

:

£356,615

Mortgage outstanding as at Sept 2013 was: £343,818

Joint Equity
£12,797

Estate agents fees to sell house to get Equity 1.5% 6419.07

Net Joint Equity

6377.93

This is a Jointly owned/ Mortgaged and therefore half of the Equity is
mine £ 3188.97

The above is based on a Sept 13 valuation and Mortgage Statement and I
conclude that this should finish the Iva as I have Paid all amounts in
to the Iva

The Zoopla Valuation is based on a property in good state of repair,
however in the last 5 Years the house hasnt had money spent on it which
leaves it in a poor state of repair and as such I believe the valuation
to be higher
than the achievable price for this property and given this If the house
was to achieve a 98% valuation to target price the true Equity
available would have been
Negative( -377.18).

I conclude that as I have paid all moneys due to the Iva and I expect
to
receive my Completion certificate shortly.

Best Regards


ANY THOUGHTS FROM ANYONE????
 
 

Adam Davies

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Post by Adam Davies » Mon Sep 15, 2014 8:58 am
Hi

I can't see you having to remortgage or extend your IVA based on those figures, worse case scenario is that you my have to continue payments until the 3k has been paid in

Regards
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 15, 2014 9:04 am
I agree with Andy so it may be best to pay a valuer thus avoiding the extension.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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