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House Valuations?
sara84
Posts: 37 Forumite
Could anyone tell me where the OR gets his house price valuations from in BR? Is it just a quick sale estate agents price or is there somewhere i can look on the internet that will tell me?
Im going BR and was wondering if i can find out a rough guide price on the property for buying the BI.
We owe £171k on it, and it was up for sale in June for £185k but we had no interest and told to drop it too £179k. With the recent drops in value, im just concerned if ill be able to buy the BI or not.
Thanks
Im going BR and was wondering if i can find out a rough guide price on the property for buying the BI.
We owe £171k on it, and it was up for sale in June for £185k but we had no interest and told to drop it too £179k. With the recent drops in value, im just concerned if ill be able to buy the BI or not.
Thanks
0
Comments
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Have you read leaflet 'what will happen to my home' on www.insolvency.gov.uk? It explains the process for purchasing your BI.
Basically will be up to you to provide OR with current valautions and mortgage statements and pay the OR's legal costs. Two estate agents normally suffice, but OR can require you to provide a surveyors valuation.
Recent propery sale prices as recorded at Land Registry can be found online at upmystreet.com0 -
Thanks, yeah i have all the leaflets i just wondered if they got there own valuation or we just got them off estate agents.
Thank You0 -
If you already have letters from estate agents showing what hose was on market for and what asking price was reduced to, it will help you to provide them to the OR at the interview stage.
They do accept estate agents valuations in most cases, but know the price can be low if the seller has told the agent they want a quick sale, or a dodgy estate agent has been asked to make price low for a backhander, so OR may ask for surveyors valuation if the price seems lower than suggested by land registry sales statistics.0
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