A Bit Flustered !!!!

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Hammie1

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Post by Hammie1 » Thu Jul 22, 2010 7:37 pm
Hi

I have just received a call from my IP firm advising me about the 4th year 85% equity rule. I've been dashing around all day with the kids and was a bit flustered when I was speaking to him. It might be the case where I need to call him back to clarify[:(!] this equity thing, but has anyone heard off it. I was told that before we can proceed any further I need to get our house valued, not to to tell estate agents of IVA as they will charge, but need a valuation on letter headed paper. Are Esate Agents going to fall for this if I pretend we are looking to sell then ask for proof of valuation??

Thanks
Sam
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

Shining

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Post by Shining » Thu Jul 22, 2010 7:40 pm
HI there, equity clause is pretty normal for homeowners within an IVA. I got a couple of valuations by saying we were leaving the area and wanted a quick sale, they automatically put it in writing. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Hammie1

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Post by Hammie1 » Thu Jul 22, 2010 7:52 pm
Hi Lesley

Thanks for your advice. Did you have anyone come round or did they just put it in writing to you??

Sam
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

Nicola.sa

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Post by Nicola.sa » Thu Jul 22, 2010 7:53 pm
I have a query re this. If in year 4 your house has small amount of equity but no mortgage company will take on a remortgage, can you be forced to sell your home or can you opt to pay IVA over more months? I know extending IVA is the norm in this case but just wondered if they decided could they force a sale?
 
 

Shining

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Post by Shining » Thu Jul 22, 2010 7:55 pm
I had them come around and value my house prior to my IVA starting to get a valuation.

It's normally 12 extra payments in lieu of equity release.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Hammie1

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Post by Hammie1 » Thu Jul 22, 2010 8:20 pm
Hi Lesley

Sorry can I also ask if you know, if the IP firm will accept the valuation off Zoopla, an online site??. They said the valuation is the only thing that's going to hold up our creditors meeting??

Sam x
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jul 22, 2010 8:25 pm
We accept online valuations where HMRC are not a creditor. Given that the property has to be valued in the fifth year anyway it is sufficient for the purposes of drafting the IVA.
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
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 22, 2010 8:36 pm
I don't accept on-line valuations, as they can be very inaccurate and misleading - and if they are not accurate they can paint a false expectation for all concerned. It is very simple to get a valuation from a local estate agent, I've dealt with hundreds of cases where clients have had little problems in obtaining a professional valution - and for the odd handful that do, we have a team of property agents who will do these for a small sum.
Regards, Melanie Giles, Insolvency Practitioner
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 22, 2010 8:37 pm
I don't accept on-line valuations, as they can be very inaccurate and misleading - and if they are not accurate they can paint a false expectation for all concerned. It is very simple to get a valuation from a local estate agent, I've dealt with hundreds of cases where clients have had little problems in obtaining a professional valution - and for the odd handful that do, we have a team of property agents who will do these for a small sum.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Hammie1

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Post by Hammie1 » Thu Jul 22, 2010 8:43 pm
Many thanks.
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
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