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| michmar72 |
Posted - 04 April 2016 : 19:04:55
Hello
I am new here and am looking for some advice, my boyfriend who I jointly own our house with has been made bankrupt(HMRC VAT 102K) and we are at the stage that the trustee has been appointed. Its his only asset
They have had our house valued and have now contacted me to say the house is valued at £230,000.The mortgage redemption amount is £104,712.14.Therefore the equity is £125,250 and his half of the equity is £62,625.00. They have asked if I would like to make an offer and if so what the offer is.
-I agree the valuation, as I also had the house valued
-I have spoken with our mortgage provider and in principle they are happy for me to take over the mortgage and I could get up too £150,000 which would mean I could offer up to £45,976.00. The monthly payments on £150k mortgage would put me at the limit of my budget and I have no other ways to raise the shortfall of £16k.
My boyfriend is self employed so going forward I want to know that I can cover everything myself and his earnings are a bonus
So my questions are
When the trustee has asked me to make an offer, is that really what they mean? Is it a negotiation ?
How low should you go? Can I start low and work my way up to my final number?
Anything else anyone has been through this can tell me? I would be grateful, I don't want to do the wrong thing and cost myself money.
Thank you in advance
Michelle
Where will it all end :( |
| 2 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 05 April 2016 : 20:25:16
Hi Michelle,
You should offer what you can comfortably afford, and yes, you can negotiate, but be realistic and send the offer letter from the bank to back up your figure.
Good luck.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy or debt relief order applications, please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Niobe |
Posted - 04 April 2016 : 19:28:36
Hi,
Sounds good to me but hopefully Viki will come along and advise.
There is no reason why you can't make a lower offer as far as I am aware.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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