I received copies of 2 valuation reports which are both undated. Letter says they were conducted after repossession - both valuations by Halifax for Halifax....is this right? Shouldn't it be an independant valuation? I hardly recognise the property from the description!!! The property sounds so unsuitable for human habitation I wonder how I lived there so happily for quite so many years!

-- (_Believer14@excite.co.uk), February 17, 2001

Answers

According to the CML rules (as I understand them), two independent valuations are desirable but not, apparently, compulsory. But they should have one independent valuation.

The CML rules imply that lenders would be wise to provide two independent valuations to protect themselves from charges of negligence. Valuation is a notoriously subjective 'art'.

In your case, do you have 'valuations' or do you have inspection reports, or sales reports, or some such?

I would ask the lender for proof and evidence that these were carried out properly and impartially, at a date subsequent to the repossession, and I would also ask the lender to confirm whether or not it is possession of the original documents from which these copies were made (or are you simply being given copies of copies?).

Ask it to confirm which document is/are the independent valuation(s) you understand that the CML recommend.

-- Eleanor Scott (eleanor.scott@btinternet.com), February 17, 2001.

Thanks for this Eleanor. I believe I have copies of copies of 'valuation report' - so your comments are very useful - I'll let you (and everyone else) know how I get on.

-- (_Believer14@excite.co.uk), February 17, 2001.

I would suggest that this sounds like a definite conflict of interests to me. The whole concept if *independent* valuations is to show that the lender got the best possible deal for the borrower. Two valuations by the Halifax for the Halifax clearly does not show this.

-- Tim Heath (tim_n_heath@hotmail.com), February 19, 2001.