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Topic starter
02/05/2011 9:37 pm
Hi
Im finalising my td after three years and as part of this the TD company revalued my house ( due to down turn)from 150k three yers ago to 130k. They came up with a new equity figure of 13k. However thanks to this site I knew I could challenge this valuation as the TD surveyor didnt even come to the house but used the internet to come up with the 130k valuation.
Based on what houses exactly like ours are selling for now ( some taking two years to sell ) I paid £100 to get my own independent chartered surveyor and he valued the house at 120k. I have now written to the TD company proposing I pay a lump sum of 3k not 10k. Im waiting for a reply now....they are very quiet!
I paid my last contribution at the start of May so hopefully they will accept this 3k offer and start the completion paperwork.
I would like to know if they can challenge my chartered surveyor's valuation? It is a reputable company ive used and he did come out to the house
Thanks
Mac
Mac
03/05/2011 10:48 am
Hi Mac.
Good for you in taking the initiative on this.
Using a reputable firm of chartered surveyors is certainly to your advantage, as is the fact that they visited unlike the desktop valuation done previously.
The only possible issue I would perceive is that valuations can vary, even amongst the property experts. It may be that the trust deed company might want to ask another firm to visit and their valuation could differ again (higher or lower).
Hopefully though your company will be happy to rely on the valation that you have paid for. Please let us know what happens as I'm sure it will be of interest to other visitors both now and in the future.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
12/06/2011 11:08 pm
Hi Mac,
Can I ask how you got on with offering a lower amount to the trustee? Am in a sililar situation and they are taking ages to get back to me and am worried the trustee will force the sale of my house and refuse my offer of £6000.
Thanks
Topic starter
19/06/2011 9:59 pm
Hi Dollydee - it did take a while before the TD got back to me about the reduced offer but I did have my own valuation report to back up that there only was 3k equity. I think it took about five weeks from my letter/valuation and offer of 3k. I finally heard after that time that the creditors had not opposed this reduced sum. Brilliant- now ive paid the 3k ( borrowed form a relative) and waiting for the discharge papers. Getting my own valuation was the most important thing I did. it cost 100 quid but saved me 7k. hope it goes ok with u. mac
Mac
