| T O P I C R E V I E W |
| Reece.69 |
Posted - 13 September 2012 : 18:56:36
my mum is looking likely to loose a civil action and have to declare bankruptcy she has no savings or income just a 50% share in her home. how is the home valued by the OR? do they use the forced sale value as I know you can pay off your interest in the property? thanks |
| 6 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 13 September 2012 : 21:02:57
Ok so start with the fact that heat share is worth 32500. Is there any reason it shouldn't be 50:50 ie did either of them put significantly more deposit down than the other. If not then the or will be looking for the full 32500 initially but there is room for negotiation. What do you think she can raise from family and friends. Also I presume both of them live in the property |
| debtinfo |
Posted - 13 September 2012 : 21:02:54
Ok so start with the fact that heat share is worth 32500. Is there any reason it shouldn't be 50:50 ie did either of them put significantly more deposit down than the other. If not then the or will be looking for the full 32500 initially but there is room for negotiation. What do you think she can raise from family and friends. Also I presume both of them live in the property |
| Reece Overton |
Posted - 13 September 2012 : 20:31:53
i would say £165000 |
| debtinfo |
Posted - 13 September 2012 : 20:16:44
And how much do you think the property is worth on a normal reasonable valuation |
| Reece Overton |
Posted - 13 September 2012 : 20:06:59
she has a interest only mortgage with her elderly father 50% think she has about 100k secured against it |
| debtinfo |
Posted - 13 September 2012 : 19:45:36
does she own it outright or have a mortgage, who has the other half |
