Online property valuations

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barbara314
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by barbara314 » Mon Aug 20, 2018 7:02 am
My IVA was set up in August 2010. The first payment was October 2010. The last payment Month 60 was due in September 2015.

The payment schedule was: 30 months @ £316 plus 30 months @ £483 (when HP on car finished). Total = £23970.

During the five year period I took payment breaks of nine months, therefore the period was extended to June 2016.

In May 2016 we sent a property valuation to them of £94000 (from memory), plus two online valuations which estimated a lower figure of £91000; and average of £107000,. They chose to use the average and calculated my share of equity to be £8764.20. The property is in a very run down state having had no money spent on it for 10 years. It would not realise £107000 even now.

If they had used the realistic valuation of £94000, my share of the equity would have been £3665 which is less than £5000 and so the IVA should have completed at that point.

To September 2017 I have paid £26030

My question is can they rely on an average online valuation without a proper valuation of the property? They have continued to extend and are now pursuing me for £5000 in arrears.

The IVA was first with Debt Lifeboat, was taken over by Harrington Brooks which in turn has now been taken over by Freeman Jones. In February 2018 I had lengthy telephone conversations with HB who after reviewing the above facts agreed that the IVA was completed and were supposed to be arrange the certificate and discharge. Unfortunately I don't have anything in writing to that effect and no certificate has materialised.

Apologies for lengthy email and thanks for any advice.
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Foggy
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by Foggy » Mon Aug 20, 2018 9:06 am
What they take as the valuation depends, in part, to the exact wording of your equity release clauses. However, in the grand scheme of things, a real valuation by inspection trumps an online valuation in any definition of reasonableness. That horse, in this case, has bolted, but I would still argue with FJ that the valuation was suspect. For anyone reading approaching this hurdle -- if the resulting figures are as close as this example, it is well worth paying a £100 or so for a professional valuation --- it could save you 12 months of payments. Some firms will even pay for the valuation ( I know McCambridge Duffy have done so before).

Anyway .... I am afraid that you need the same conversation with Freeman Jones. Hopefully the handler at HB recorded the call.
binhad
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by binhad » Wed Aug 22, 2018 7:23 pm
Surely your IP at the time would of kept some kind of record of your discussion.
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