| T O P I C R E V I E W |
| mrss |
Posted - 19 September 2008 : 16:34:55
Hi All
Im hoping someone can give me some advice.
My husband and i have a joint mortgage and i have about £30k unsecured debt in my name. I do not work as i have no childcare and we are not going to be doing an iva, therefore my only option is to go BR :( .....Please can someone let me know the implications of this with the mortgage.
Would i be able to take my name off the mortgage ?
Or could he buy the BI (think thats what its called) to protect the house?
Im not sure so any advice would be greatly appreciated
Thanks in anticipation |
| 10 L A T E S T R E P L I E S (Newest First) |
| mrss |
Posted - 19 September 2008 : 20:11:07
Cheers all for your advice, its very worthwhile coming here |
| Reviva UK |
Posted - 19 September 2008 : 20:05:53
The official reveiver doesn't usually take redemption penalties into consideration. However should things go to an external trustee then they often do , and one can negotiale with them
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Reviva UK |
Posted - 19 September 2008 : 19:57:58
Hi
in the first instance you can ask an estate agent to come round and give you a 90 day valuation for free. this at least will give you an idea of how the land lies.
If the values are touch & go you may want to consider a formal valuation from an RICS chartered surveyor. This costs money and is used for mortgage valuations. it would invariably come in at under the estate agents value.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| mrss |
Posted - 19 September 2008 : 19:53:54
p.s. - who do i get to value the property? would i need more than one valuation? |
| mrss |
Posted - 19 September 2008 : 19:44:38
John,
Thanks for your comments....would they definitely take the penalties into consideration. |
| John |
Posted - 19 September 2008 : 19:31:52
Hi
it looks as though you are already in negative equity due to the redemption penalty and looking at the figures you have quoted I'm sure a 60 to 90 day sale based valuation would throw you even further into negative equity.
From the point of view of only you declaring bankruptcy that's great news.
In that case your husband could buy your BI from the OR for around £212 and become the sole owner. Therefore your bankruptcy would relieve you of your debt without compromising your property or your husband.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| mrss |
Posted - 19 September 2008 : 17:07:09
By the way, would that defo protect the property and how much would he have to buy it for? |
| mrss |
Posted - 19 September 2008 : 17:06:03
Well from what i can gather we are in negative equity |
| BankruptC |
Posted - 19 September 2008 : 16:59:47
Hi and welcome mrss!
Do you have any equity in the property? Once we have a little more info someone should be able to help you more.
You've defo come to the right place! :-)
C.x |
| John |
Posted - 19 September 2008 : 16:58:58
Hi
if there is no equity in the property your husband will be able to buy your BI for £1 plus £211 approx in legal fees.
If there is equity the OR would be delighted for your husband to buy your BI, whatever the value.
It's a good idea to have a valuation carried out prior to BR as you may be surprised how low the market has fallen recently, which is good for you with BR looming and if you do not want to move house.
Ask the surveyor to provide a report based on a 60 to 90 day sale as this will bring the figure down a little which again will aid your cause as the less equity the better.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
