Just going through the list of paperwork I need to send off - two small questions.
Do I have to get my home valued to provide the 'Copy of Home Valuation' so this is up to date?
My home is a shared ownership three year old 'new build', I think I may have the orginal details from the Housing association which shows the price and the share we brought (50%) but this would of been from three years ago just prior to moving in.
Secondly, (thick question alert) what is a 'Mortgage redemption statement?
Ty all x
Last edited by ThriftyWitch on Tue Jul 13, 2010 7:06 pm, edited 1 time in total.
Not sure about the first as our IP arranged a vauation.
As to the second, I think the statement would be what you would be expected to pay if you were able to finish the payment now.
Not 100% sure so check with your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm sure Mel will be on later, she'll know more about the valuation than I do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The mortgage redemption statement shows how much money is left to be paid on a mortgage, and how the lender specifically expects those payments to be made, especially in terms of time and amount. The statement is binding on the entity to whom it is issued, and stands as the lender's official word on the progress of the mortgage.
It may also include fees, depending on the vehicle you have chosen to repay your mortgage.
Thank you Sinking Fast, will have to dig out all the info. I recall seeing a statement for my mortgage, so will see what else I have.
Thank you also New start. Will see what Melanie says, as I mentioned my house is only three years old, would think the current value would still be the same or less (speaking from a complete laymans point of view) as it was possibly over-valued being a new build and being shared ownership there was no negotiation on the price. I am sure I some paperwork somewhere which shows a break down of the market value, the share we purchased etc...very daunting getting it all together, certianly not a quick nip round the house.... although that could be my filing methods!
Just get a local agent out to value the property - preferably on a forced sale basis rather than open market, as this tends to be more realistic in an insolvency scenario. If you have any problems with this just give me a shout.
The mortgage redemption statement shows how much you owe on your mortgage, including any charges or early redemption penalties. Just ask the company to provide you with one - they are pretty used to that sort of terminology.
Just try and work your way through the list as best you can, and remember that I and my team are available at any time to provide assistance with anything that seems a little ambiguous.
Melanie, you are an absolute star! Thank you, and not late at all! [:D]
Pretty much got everything on the list sorted, just the above two things and the petrol receipts to sort (not sure if you need a months worth??.. although petrol is itemised on our bank statements and credit card statements)
Will action the valuation and if I don't have the mortgage redemption statement, then I am sure my mortgage company will oblidge, they have always been a pleasure to deal with.
Bear with us, we will get those bits back ASAP!...and yes, we will call if we get any problems, although up until now, I can only feel positive! [:D]
Last edited by ThriftyWitch on Tue Jul 13, 2010 9:54 pm, edited 1 time in total.
You can gather up the petrol receipts for us over the next month and scan or post them. I hat asking for such detailed stuff, but unfortunately one of the creditor representatives who will remain nameless often query petrol expenditure which is in excess of the £130 guideline stipulated by CCCS. Stupid when this takes no account of an individual's specific requirements, but then we do have to play the game!
Keep that positivity flowing - you are doing very well so far!
Totally understand! As I am sure hubby explained to Tina, he has to travel to get the salary he is on, no travel = lower pay for sure!, and im a courier so petrol is a must for me!
Thank you, ive every faith, whatever the outcome, I am sure we will be looking back in years to come anyway!
Right, off to plot my story for the neighbours....going to tell them we are considering buying the other half of the house, that will get the tongues wagging and shut the gossips up!!![8D]
Would it be acceptable to tell the local agent that I wanted a realistic valuation as I am considering buying the remaining 50% (or any further percentage as a ploy) would this still give a valuation acceptable for insolvency as obviously the agent wouldn't be under any illusion that I was calling him/her out to value my property for them to sell?
Sounds really odd I know, but I am so worried about telling a local agent that I want a valuation for a 'forced sale', I live in a small town and im quite well known (sounds bad!) I really don't want anyone knowing my business and I know a couple of people who work at two of the agents in my town - would die if they turned up!
Last edited by ThriftyWitch on Wed Jul 14, 2010 6:27 pm, edited 1 time in total.
Is it possible to use an agent from a nearby town??
The reason to ask for a forced sale valuation is that its normally a bit lower given the timescales to get a sale,but if you wanted to hint that the valuation was to buy the other half of house then I think that would be ok too. The value will change during the course of an IVA so you just want a starting value to show creditors.
Mel will keep you right though!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Thanks Plasticdaft, I could get someone in from a nearby town, but with four in my town would they not think it a bit strange?
Also, we have just realised, that our contract of sale says that in the event we want to sell our share, we have to offer it back to the housing association - would a local agent not be aware of this and think it a bit odd we were asking for a valuation for a forced sale?
Just wondering as well, if they get the idea we aren't selling will they charge us for a valuation?
Will have to give Melanie a call see what she says.
