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Beneficial Interest in house and Drive By Valuation
MissCynical
Posts: 59 Forumite
Well, here goes another saga!
I went bankrupt Jan 2009 and was discharged Jan 2010. I received a letter in 2010 asking if I wanted to buy back the Beneficial Interest (BI) in our house and to send in valuation of house. I did get a couple of valuations but as these showed I was no longer in negative equity I did nothing about it. In November this year I received a notification from the OR that a trustee had been appointed and that day had 3 calls from the trustee and two from an estate agent appointed by the trustee to get a valuation of the house. The mortgage on our property is £233K.
When I spoke to the trustee I asked what the drive-by valuation was from the OR and he said £310k! At this point I actually started laughing and said that the most similar properties had sold for were £275000 and they were in considerable better repair than ours. I told the trustee that a valuation in 2009 was £250k as prospective purchasers would be into increased (3%) Stamp Duty if it was priced any higher which could put off purchasers.
The estate agent only has three branches (the nearest being 4 miles from us), deals mainly in high end properties and has no knowledge of our development or the problems we suffer from Housing Association tenants directly behind us. Despite the fact that the house needs a new kitchen and the boiler is on the blink (£4k to replace boiler and pipes leading to all radiators) the estate agent valued it at £310k.
In the court papers for possession hearing received today the trustee implied that I had exaggerated the amount of my mortgage by £11k when in fact this was the amount of mortgage redemption penalty in 2009 and I sent papers at the time to the OR showing this. They have also said they are not aware of any exceptional circumstances although I have let them know I have severe mental health and physical problems. My son suffers chronic migraines induced by stress.
I will get two local agents valuations done to take to court with me but I'm at a loss as to what else I can do. Although we now have ample monthly income to service a loan I wouldn't be accepted for a loan. I would like a charge put on the property but at a market valuation which would be around £270k. We have no family or friends who can help with buying the BI.
If anyone has any ideas I'd appreciate hearing them.
Many thanks, MissC
I went bankrupt Jan 2009 and was discharged Jan 2010. I received a letter in 2010 asking if I wanted to buy back the Beneficial Interest (BI) in our house and to send in valuation of house. I did get a couple of valuations but as these showed I was no longer in negative equity I did nothing about it. In November this year I received a notification from the OR that a trustee had been appointed and that day had 3 calls from the trustee and two from an estate agent appointed by the trustee to get a valuation of the house. The mortgage on our property is £233K.
When I spoke to the trustee I asked what the drive-by valuation was from the OR and he said £310k! At this point I actually started laughing and said that the most similar properties had sold for were £275000 and they were in considerable better repair than ours. I told the trustee that a valuation in 2009 was £250k as prospective purchasers would be into increased (3%) Stamp Duty if it was priced any higher which could put off purchasers.
The estate agent only has three branches (the nearest being 4 miles from us), deals mainly in high end properties and has no knowledge of our development or the problems we suffer from Housing Association tenants directly behind us. Despite the fact that the house needs a new kitchen and the boiler is on the blink (£4k to replace boiler and pipes leading to all radiators) the estate agent valued it at £310k.
In the court papers for possession hearing received today the trustee implied that I had exaggerated the amount of my mortgage by £11k when in fact this was the amount of mortgage redemption penalty in 2009 and I sent papers at the time to the OR showing this. They have also said they are not aware of any exceptional circumstances although I have let them know I have severe mental health and physical problems. My son suffers chronic migraines induced by stress.
I will get two local agents valuations done to take to court with me but I'm at a loss as to what else I can do. Although we now have ample monthly income to service a loan I wouldn't be accepted for a loan. I would like a charge put on the property but at a market valuation which would be around £270k. We have no family or friends who can help with buying the BI.
If anyone has any ideas I'd appreciate hearing them.
Many thanks, MissC
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