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Hi,

I have a local estate agent coming to value my property tomorrow for the purpose if my current IVA application. Can anyone tell me if I am better of getting a high valuation figure or a lower one? We are unsure as to whether it would be best to tell the valuer exactly what the valuation is for, then they can hopefully either go on the low/high side depending on what is the best scenarion for an IVA.

thanks everyone
Andrea

Hi onlypassion

You should tell your valuer that you require a "forced sale" valuation - and there is no need to tell them why.

This is the basis that properties tend to be valued on within bankruptcy proceedings, and as we are comparing the outcome within the IVA to that which would prevail in bankruptcy, then this is the safest option.


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

i wish my ip had said that to me melanie as they used the highest valuation i got which shows in BR that would leave the creditors with 17p in the £, i initially was only offering 35p
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

Hi can someone please advise, our (contact Senior Consultant from Thomas Charles) told us it would be okay to send a print out of the house that is for sale acroos the road from us and one from a house that is for sale round the courner as a prperty valuation WILL THIS SUFFICE as a valid valuation.

Thanks

Sue

hi andrea we got a forced told the estate agent what it was for and he was quite happy with that.you can always offer more if you have to but you cant make a lower offer if you are going to struggle.start low and increase your offer as and when it is necessary.what they dont know about they wont try and take.

Hi suzz

This would not be sufficient for me - but you will have to ask your IP. You should get a valuation for your house, as a valuation for someone elses is meaningless!

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

I have had my home valued today. It was advised under normal circumstances the value would have been £125k. As we asked for a "forced sale" valuation, it came out at £112k. My secured mortgage is about this leaving no equity whatsoever. Is this a good or bad thing? Do I need to get another company to value my home or is this okay?

thanks
Andrea

Andrea

This is fine for the IVA - who are we IP's to question a professional valuation. Make sure that the valuer confirms this in writing 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

Andrea

As Melanie says, a forced valuation showing little or no equity (as long as it is in writing) is fine for an IVA as long as your monthly contributions are anough to cover the minimum amount required to make the IVA work.

However, if you are relying on releasing some equity as part of the deal, then a forced sale valuation will not be sufficient as this will show no equity and your IP will then question whether you will be able to raise equity later to settle the IVA.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk