Brainer
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Post by Brainer on Feb 16, 2018 15:46:13 GMT
Noticed this in the VR (pg 7):
So, effectively useless if it defaults in 6 months time...
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steve11523
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Post by steve11523 on Feb 17, 2018 20:40:29 GMT
I'm not sure that's right. I read it to mean that if the client has relied on the valuation in making a decision within three months of its date, then he/she is entitled to rely on it for the length of the loan. But it would be good to have clarification on this.
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steve11523
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Post by steve11523 on Feb 17, 2018 20:45:54 GMT
This sections in the Qualification and Disclaimers section is also troubling:
"This valuation is current as at the date of valuation only. The value assessed herein may change significantly and unexpectedly over a relatively short period (including as a result of general market movements or factors specific to the particular property). We do not accept liability for losses arising from such subsequent change in value".
So the valuation is valid for one day only (12 Feb) and is no longer valued on the report date (14 Feb)?
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blender
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Post by blender on Feb 17, 2018 23:30:07 GMT
Yes, that is right. You can challenge the valuation in the future, but you can only challenge the work done in making the valuation at the time the valuation was made. Suppose you asked a for a valuation of your proposed purchase of some gold, and a week later you found you could sell it only at half the value given. You can sue the valuer for getting the weight wrong, but not for using the price of gold at the time of the valuation.
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Post by mrclondon on Mar 29, 2019 18:52:06 GMT
Fully repaid today, just slightly overshooting the latest six month term.
For a long time I avoided this one (the tr*m sh*d) , but I felt that the risk level slowly diminished as they built a roof and partially demolished a section at the rear, so did partake in the most recent six month term, mainly buying on the SM at a discount way in excess of the tax liability I was inheriting. An unloved loan with virtually no demand for 1% discounted parts as month 6 approached, but with a happy ending.
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