Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
b199
Posted - 16 February 2009 : 20:08:06 my husband and i are thinking of going br as we have about 60k of debt between us we have a mortgage of 110k the property is worth 125k would a family member be able to buy the bi, also all the debt is with the same crediter as the mortgage we are not behind with any payments but we feel like we are drowning
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 18 February 2009 : 20:47:40 the unsecured creditors could put a charge on the house BUT this can only be done BEFORE you declare Br and can take upwards of 3 months to do.
you should note the redemption figure but the OR will not include this when calculating the equity.
Posted - 18 February 2009 : 19:08:08 thankyou paul the unsecured debts are from the people who like to give you extra so is the mortgage could they put a charging order on the property to get there money also do you have to put a redemption amount in as we are a fixed rate mortgage which is 4000 to work out our bi sorry to be a pain
Reviva UK
Posted - 16 February 2009 : 22:46:55 Hi b199
In theory a relative would be able to buy the beneficial interest in the property but as it stands this would be around £15,000 ( £7500 each).
It would be worth double checking the true value of the property as if an estate agent has said 125k then it is likely to be valued at less than this for the OR and real valuations.
secondly you may wish to stagger you bankruptcies to allow family / friends time to find the BI.
alternatively you may want to hang on a while and review the house prices later in the year. I understand that Halifax suggest that there was a house price increase in January but from my experience I am not sure which particular house that was!.
Clearly if house prices frop by 5% by September they your house would be worth £118,750, and therefore the equity would have reduced accordingly.
You may want to speak to someone who has experience of property prices, beneficial interest negotiations and timing to ensure you comply with the law but come out in the most beneficial way possible
