Please Help with beneficial interest question!

debtinfo

no they dont have to give in to every demand, but the OR asking them to provide a proper valuation rather than an estate agents valuation where there is a big difference between the two parties, does not seem unreasonable to me. by telling them that you are not going to supply that as you advised the OP, probably means that the OR will just not deal rather than drop there price by £15K.

brokeinbristol

Thanks for all of your thoughts! So, do you think if we call up a local firm and explain the situation honestly, that there may be a chance they would potentially value the house on the lesser side or is it best to keep stum about the reason for valuation, point out all the faults and wait and see? Either way I presume they are only there to give a realistic valuation and would not have any interest in the end figure as it does not affect them? Am I right?

confused76

i think other people have asked for a value on the basis of a 'quick sale'

brokeinbristol

If I ask the chartered surveyor for a quick sale valuation, will they write that into their report that I then have to send to OR?

debtinfo

The chartered surveyor will make note of all things that have affected the price of the property, they will usually give a quick sale price as well as a longer term price. they also usually recomend improvements and give a price if the improvements are made.

brokeinbristol

Debt info, valuation will be in writing so that we can send the quick sale one to the OR? Will the OR be OK with a quick sale price only? So in your opinion, should we tell the surveyor about the BR or not? Will it have any weighting at all? Sorry for all the questions, but having though the house would be in neg equity this has come as a bit of a shock an we are worried about it.

debtinfo

it should have no bareing at all, his job is to provide a realistic price not to sway it in one direction at all, they are regulated and may take offence if you try getting them to fudge it. It is perfectly ok to ask for a quick sale price but he is likely to note that that is basis it is done on. Remember that they are not there to be vague they are there to be specific and informative.

I look at it this way, there is nothing wrong with negotiaitng with the OR, thats part of way any sale is conducted, pointing out why you think it should be cheaper. what is not right is trying to hide the true value of the property

brokeinbristol

Thanks Debtinfo, what a nightmare this is?! Until now we have been going through the process without too many scars, now it seems we may loose our house as most BR will understand we do not have much cash lying around to even pay for a small amount of BI, getting money together for this valuation will wipe us out for a couple of months, few less treats for the kids! Poor things they are too young to understand what's going on. Oh, well we're in it now, just have to wait & see what the valuation comes back as.

debtinfo

One thing i would say is that when you have a valuation, make the OR an offer with what you can afford even if it is below what the OR wants. This is all you can offer and who knows the OR may accept it, you wont know if you dont make the offer. And do it in writing, this puts the ball in their court

brokeinbristol

So, update is I phoned one of the estate agents we got a valuation from & asked whether they had a RICS registered surveyor attached to them, which they did. I had a chat with him on the phone, explained in full honesty the situation and asked how much it would be..£170 + VAT, so £199 ish. When I said I'd pay him with cash, he was able to come round in 45 mins to do it! Went round the house with him, pointing out every little fault I could, and made it clear I would like him if at all possible to be reserved with his valuation. He didn't really say much, bit said that he would prepare the report and have it 1st class in the post tomorrow to us, so hears fingers doubly crossed.... feel sick with nerves about the outcome, but I guess we'll find out soon enough! Feel like kid waiting for exam results!