| T O P I C R E V I E W |
| kma |
Posted - 29 July 2008 : 22:14:51
Hi, can someone give me advice please. Went BR in May and the OR has offered my husband and I the chance to buy the BI in our property as it is in negative equity. I have seen from the forum that the cost will be £211 (for both of us) and £1 as there is no equity. The OR arranged a drive by valuation that valued our house at £200,000 - total charges against the property £215,000 but they have now asked us to provide our own independent valuation. Can anyone tell me if I can just get some estate agents valuations or if I need to have a proper valuation done (a local surveyor has quoted me £200 + VAT)?? Also a charge of £15,000 was granted on the property whilst there was an interim order in place as we were trying to arrange an IVA and the court advised that this was because their systems are not computerised and they didn't tie it up with the IVA file and the judge has said the charge will remain until we make an application to have it set aside = does anyone know what this means and how we go about it. Thanks |
| 15 L A T E S T R E P L I E S (Newest First) |
| BankruptC |
Posted - 31 July 2008 : 11:09:51
We haven't had an email from you, rv02. Maybe you could try sending it again?
Hope to speak soon!
I |
| rv02 |
Posted - 31 July 2008 : 11:06:48
Thaks Suzanne. Its a bit clearer now.
I have emailed back hope you got this |
| BankruptC |
Posted - 31 July 2008 : 10:54:06
Hi rv02,
We're in the same position. The way it has been explained to us is that if we hand back the keys to the house, the secured loan becomes unsecured debt (as we have no house for it to be secured on any more) and therefore is included in the bankruptcy.
I hope this is right-please correct me if I'm wrong, Suzanne! 
I
PS I've emailed you, rv02! |
| rv02 |
Posted - 31 July 2008 : 10:50:33
sorry just a last question on this and thanks for your patience. Is this the scenario if we were to buy back the house? If we decide to go and rent and loose the house will the secured loans still remain.
|
| John |
Posted - 31 July 2008 : 10:41:11
No only your unsecured debts would be cleared and your interest in your property (BI) would vest in the OR. When in negative equity the BI has no value as such so the OR will allow your wife to buy it back for £1 + £211 legal fees.
If you want to stay in your current house you must keep paying the mortgage and secured loan or the lender will eventually repossess but whatever you choose to do with your property it does not prevent you from going BR and writing off your unsecured debts.
Assisting where I can. |
| rv02 |
Posted - 31 July 2008 : 10:10:20
sorry for being ignorance. Does this mean if I declare BR all my debts will be cleared includng my mortgage but i have to pay the scured loan even if i loose my house. Its just that I was given a wrong impression before. |
| John |
Posted - 31 July 2008 : 10:07:22
As per zoe's post.
Secured borrowings are not included in BR.
Assisting where I can. |
| rv02 |
Posted - 31 July 2008 : 09:18:43
quote:
Originally posted by zoe
Also secured loans are not included in bankruptcy orders!!!!
Does this mean my secured loan will continue after I declare BR. I ws under th eimpression that they will be included as well. |
| zoe |
Posted - 31 July 2008 : 09:17:29
Also secured loans are not included in bankruptcy orders!!!! |
| John |
Posted - 31 July 2008 : 09:08:01
Hi rv02
whether buying back the BI in a property is advantageous depends on the individual circumstance and there are many points to consider.In the end it comes down to personal choice and affordability.
If you're in high negative equity then clearly it will be many years before you begin to benefit from any market increase. If it would be a struggle but you're close to the end of your mortgage term then it's worth hanging in there if you can.
If you were to choose to buy it back then yes, you would have to keep up the current mortgage and secured loan payments.
Assisting where I can. |
| rv02 |
Posted - 31 July 2008 : 08:49:18
can some one please lep me know what will be the advantage of buying back the house. I have about 330k of mortgage and secured loan and thinking of going bankrupt, plus about 50k of unsecured loan. If buying back house as it is in negative equity is an option does that mean i continue with my mortgage and secured loan oayments?
Sorry as I am totally new to this and am considering BR. Any explanation is much apprecieted |
| zoe |
Posted - 30 July 2008 : 10:07:00
As estate agents valuations are usually free i would say get an estate agents value first, if it falls below the amount of equity youhave then no need to spend out £200 + VAT!!!!
|
| Ian Richards |
Posted - 30 July 2008 : 09:53:23
HI
The fee's are £211 plus £1 each so the total figure for both of you would be £213.
Regarding the charge on your property, if there was an active interim order in place the charge can be removed. Did the IP notify the lender of the £15k that there was in interim order being placed?
I would contact the IP who was nominating you for the IVA and ask them for some proof that they notified the creditor, this may well have been done via fax. If the IP can provide you with this proof then take it to court with you and ask the judge to overturn the charge. As long as you can prove to the judge that the lender had been notified there shouldn't be a problem.
If you are in need of any further help or assistance, please contact me regarding my services via email. |
| kma |
Posted - 29 July 2008 : 23:32:50
Hi Brett, can you also confirm that £211 fees to the OR will cover my husband and myself and that its not £211 each. Thanks |
| kma |
Posted - 29 July 2008 : 23:30:54
Hi Brett, Thanks for the advice, yes the £215k is made up of £190k mortgage, £10k early repayment charge and £15k which was originally an unsecured loan and they went for a charging order whilst we were negotiating the IVA and an interim order was in place. We had an estate agent out in january and they advised us to market the property at £190k but to expect £185k. Next door sold for £170k in April so I am not sure where the £200k OR valuation figure came from anyway! |
