mortgage shortfallgreenspun.com : LUSENET : Repossession : One Thread
my flat was repossessed in 1995 by halifax (originally bought 1991 for 39,950 and sold by Halifax for 18,000!! They have given me details of the one valuation report they used - for what I can see it is base on the sale of 2 other flats in the complex - all repossessed by Halifax!! On the Nationwide website under mortgages it has a house price indexer and quotes that a property valued at 39,950 in 91 would be valued at 34,750 in 95 !!!! can this evidence be used for my case??
-- drl (firstname.lastname@example.org), September 05, 2001
I too have looked at the nationwide web site and found it very interesting as my mortgage shortfall is with them. according to thier house price tracker they had sold my property for apprx 20K less than the web site suggests. Halifax also has asimular system on the web but they keep it well hidden you may find the address somewhere on aprevious posting on this site.Halifax reckons their property prices are vey accurate. I do not see why you should not use these calculators as evidence to underselling your property anything is worth a try,regards Daren
-- Daren Otsay (email@example.com), September 05, 2001.
does anyone know of a link or website address to the Halifax house price indicator?
-- DRL (firstname.lastname@example.org), September 05, 2001.
if any one else is intrested I have found the website and here its: http://halifax.mondosearch.com/cgi-bin/MsmGo.exe? grab_id=258686&host_id=1&page_id=132&query=house+prices+valuations&hiw ord=HOUSE+PRICES+VALUATIONS+ just copy this into your address slot in web browser
-- drl (email@example.com), September 05, 2001.
I'm sure there is no reason why you can't use this towards your evidence, but I wouldn't rely solely on it. Although they give regions/counties for you to choose where your house is, it doesn't take into account that there are affluent, poor and average areas in towns and counties where prices given by Halifax and Nationwide can't really be relied upon.
I visited Halifax and Nationwide websites, and entered my details - Halifax's estimate increased the value by 5k but Nationwide's increased it by 10k. However, the valuation done by an estate agent last month increased the value by 35k!! This last valuation can be backed up by the fact that a two houses in my street have sold for the same or slightly more in last couple of weeks.
If you can get a retro valuation then do so, but its certainly worth asking Halifax about the difference from their website valuation, especially as they claim that its relied upon by Government as well!!
-- pendle (firstname.lastname@example.org), September 06, 2001.
The original point here is very important - that low valuations for repossessed houses are frequently based on prices being realised by lenders for other repossessions. Apart from the unfairness of this, is also needs to be considered that this dismal process has led to the creation of run-down streets, sink estates and even property wastlelands in large parts of the country (mostly the north). I hope that the relevant Government select Committee will be considering this issue shortly.
-- E Scott (email@example.com), September 08, 2001.
Further to my post above, the select committee in question is the Transport, Local Government and the Regions Committee (www.parliament.uk/commons/selcom/tlrhome.htm) chaired by MP Andrew Bennett (www.poptel.org.uk/andrew.bennett/). The main committee is has started an inquiry into the problems of empty property and 'property wastelands'. They would like to hear any evidence of the role of lenders in under-valuing properties, and the consequences thereof. Thanks.
-- E Scott (firstname.lastname@example.org), September 12, 2001.