How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jamie-Law Your Own Question
Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 4036
Experience:  Solicitor
96104960
Type Your Law Question Here...
Jamie-Law is online now

We had a personal loan from a friend years ago,then a few

Resolved Question:

we had a personal loan from a friend years ago,then a few years later solicitors became involved then a couple of years ago we were asked to pay the loan [£50,000]back we have our house on market,no offers yet,it's a thatched 17century cottage.the solicitor now is demanding they get a valuation of there own,inwhich they want me to pay for it.we bought it for £125,000 [ 7 years ago ]they have pressed a few buttons on their computer and £151,000 has come up.[we are selling for £179.950]but what they do not take in,is the place was derelict,with no kitchen/bathroom ect.the question is..can they force me to get a valuer in and have to pay for it.
Submitted: 10 months ago.
Category: Law
Expert:  Jamie-Law replied 10 months ago.

Hello my name is ***** ***** I will help you.

Was the loan secured on the property please?

Customer: replied 10 months ago.
it was,many years later
Expert:  Jamie-Law replied 10 months ago.

And now they are enforcing the charge? Did the loan say how and when it would be repaid? Are you in arrears?

Customer: replied 10 months ago.
no,it was open ended,no we have a standing order with my bank,we are up to date
Expert:  Jamie-Law replied 10 months ago.

Ok, so on what basis do they want a valuation?

Customer: replied 10 months ago.
they think it's overpriced..even though estate agent put the figure on,not me...we have had many viewings and like I told them,not one has been put of by price
Expert:  Jamie-Law replied 10 months ago.

but what difference does the value make? You are making repayments

Customer: replied 10 months ago.
they seem to think i'm overpricing it to stop returning loan
Expert:  Jamie-Law replied 10 months ago.

But what difference does that make? You are making repayments?

Customer: replied 10 months ago.
are you telling me,that as long as I continue to pay the repayments,they cannot force me to not only reduce my house price,but also cannot make me sell my house.[ although we will]
Expert:  Jamie-Law replied 10 months ago.

I can't see how they can, unless there was some other agreement.

Does that clairfy?

Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 4036
Experience: Solicitor
Jamie-Law and other Law Specialists are ready to help you
Customer: replied 10 months ago.
thank you so much,i will get in touch with them asap.to tell them the news.
Expert:  Jamie-Law replied 10 months ago.

All the best.

Expert:  Clare replied 10 months ago.

My name is ***** ***** I have been a solicitor for more than 30 years.

I am afraid that if there is a Charging Order on the property then I am afraid that they can force a sale, and they can insist on a valuation (but they cannot force you to pay for it)

What you need to do is to get a letter from the Estate Agent confirming that it is correctly priced and explaining why the viewings have not been successful