Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By skysky
#176245 they have valued the house at 90k,, but only 6 months ago i had a valuation done at 75k.... this makes alot of differance to the equity and BI question. (jointly owned mortgage os 62,000 and i am now br)

I have asked if i can get my own valuations redone, any ideas where to start and has anyone sucessfully disputed the trustees valuation ?
By skysky
#176753 Thanks, I have now got another vauluation (free estate agent one) claims i should get 85k (which is still 10k more than i wanted it to be)

so I am left with not many options

need to find 10k to buyout my equity (a family member has 5k, still need to find another 5k)

can the house be refinanced ? I am at a loss of what to do :-(

already looking at rents and they are much more expencive than my mortgage
By wdm
#176762 Should be various options. Can't remember all your circumstances but yes the house can be remortaged to raise the money you need. There are companies who specialise in this.

Or as 5k isn't a huge amount the IP may be prepared to let you make payments by instalments for a year or so in order to make up the required payments. Isn't your house jointly owned? In which case you'll only need to find half of the BI? I'd talk through your options with your IP.
By skysky
#177219 Ive had two paid for vaulations done ( trustee wont accept free estate agent ones)

one has quoted 75,000 and the other 77,000 both alot lower than the trustees own valuation at 90,000.

At an average of 76,000 (of my own valuations) and my joint mortgage redemption figure of £62,210.76 (included a redemption fee which trustee is taking into account)

leaves the equity at £13,789.24 halfed between joint owners means my BI is £6894.62.

Now my father has £5000 to buy own my share,

what do you think are the changes of the trustee accepting the 5k for the £6894 BI.

Is there any other fees I could put forward like estate agent, legal and moving fees that I could use as bartering tool for the excess ?

Thanks for the advice
By wdm
#177429 No hard and fast rules-it's a negotiation and there are no certainties how an IP will react to anything. I'd write to them saying here are additional valuations, my father has offered 5k which is all he can afford. Think it's in everyone's best interest to draw to a quick conclusion and avoid the costs and delays of a sale. How about it?

They can only say no! Even if they hold out for a bit more they should give you a few months to pay the balance.