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| emdaz |
Posted - 17 May 2009 : 22:53:51
Hi guys, just started to fill out forms now and have some questions on them. Any help would be appreciated. Here go's:
Section 3.1 ASSETS
1. It asks for how much in bank accounts is that today or day of br?
2. Asks about fixtures and fittings does it want stuff like curtain rails etc??
3. Freehold or leasehold property, is this the house I'm in now (mortgaged)
4. Furniture value. is there a threshold, mines prob woth bout 500 quid for everything i own
CREDITORS.
1. I have listed my mortgage as a secured credit. how do i list the negative equity (bout 30k) as I want to loose the house
2. I have a gym membership (12mth) got 9 months to go does this go here, also same questions for mobile contracts and Sky Broadband.
EMPLOYMENT.
1. 6.3 - 6.6 asking about average monthly take home do I fill this out as of last job before redundancy?
2.. How much do other members of your household contribute each month to the household expenses? My wife contributes all as I am unemployed. what should I put for this??
Property disposed of
1. Name of Purchaser: Can't remember. Is this important?
2. Solicitors used: as above
3. Net sale proceeds less charges and legal fees. Is this after paying of previous mortgage ie had about 6k left or before ie had about 70k?
Hope someone can help, sorry so many questions but really don't want to mess this up. Nervous now!!
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| 3 L A T E S T R E P L I E S (Newest First) |
| Deedee |
Posted - 19 May 2009 : 22:37:20
You put the full amount for all joint house hold bills on each of the SOA and then you each put your own personal expenditure on your own SOA (mobiles, travel, hair etc.)
On each SOA you put the persons full wage/benefits and the other persons contribution to the joint household expenditure.
Hope that makes sense. |
| emdaz |
Posted - 19 May 2009 : 21:58:20
Hi with regards to the outgoing section, would me and my wife put the same ie mortgage £827 or do we half it. Same question regarding all others ie haircut's saving etc.
Thanks in advance. |
| John |
Posted - 17 May 2009 : 23:54:38
Hi
please find my responses to your questions in CAPS below:-
Section 3.1 ASSETS
1. It asks for how much in bank accounts is that today or day of br?
IT'S THE DAY OF BR, YOU WOULD BE WELL ADVISED TO WITHDRAW ALL MONIES IN ADVANCE OF THAT DAY AND ENTER NIL ON THE FORMS. IF THE FUNDS ARE NEEDED TO MEET ESSENTIAL EXPENDITURE EXPLAIN TO THE OR AT INTERVIEW. IF NOT YOU WILL HAVE TO PASS THE MONEY TO THE OR. IF YOU DO NOTHING IT WILL BE FROZEN IN THE ACCOUNT.
2. Asks about fixtures and fittings does it want stuff like curtain rails etc??
NO - HOUSEHOLD FURNITURE AND APPLIANCES WILL SUFFICE WITH A VALUE OF £500ISH
3. Freehold or leasehold property, is this the house I'm in now (mortgaged)
ALL PROPERTIES YOU OWN OR PART OWN AS AT THE DAY OF BR SHOULD BE LISTED IN THIS SECTION, OR ON A SEPARATE SHEET IF NEEDS BE, AND NOTED WHETHER L/H OR F/H.
4. Furniture value. is there a threshold, mines prob woth bout 500 quid for everything i own
PLEASE SEE 2 ABOVE
CREDITORS.
1. I have listed my mortgage as a secured credit. how do i list the negative equity (bout 30k) as I want to loose the house
ENTER THE DETAILS AS THEY ARE ASKED IN THE UNSECURED PART OF SECTION 4 AS WELL. FIRST 3 COLUMNS ARE OBVIOUS HOW TO ANSWER. AMOUNT OWING SHOULD READ "£1", DATE INCURRED SHOULD READ "TO BE ADVISED". IN THE LAST COLUMN ENTER - "POTENTIAL SHORTFALL ON REPOSSESSION & SALE - SALE PRICE TO SUM OWED".
2. I have a gym membership (12mth) got 9 months to go does this go here, also same questions for mobile contracts and Sky Broadband.
YES THEY SHOULD ALL GO IN THE UNSECURED PART OF SECTION 4 UNLESS YOU WISH TO KEEP ANY OF THESE AND PAY FOR THEM FROM YOUR SHARE OF THE DISPOSABLE INCOME YOU HAVE LEFT AFTER ANY IPA.
EMPLOYMENT.
1. 6.3 - 6.6 asking about average monthly take home do I fill this out as of last job before redundancy?
NO, THE SOA MUST REPRESENT YOUR SIITUATION AS AT THE DATE OF BR. IF YOU ARE UNEMPLOYED ENTER "NIL"
2.. How much do other members of your household contribute each month to the household expenses? My wife contributes all as I am unemployed. what should I put for this??
PUT WHATEVER IT TAKES FOR HER TO COVER THE EXPENDITURES LISTED.
Property disposed of
1. Name of Purchaser: Can't remember. Is this important?
JUST ENTER UNKNOWN
2. Solicitors used: as above
SAME AGAIN - IF THE OR NEEDS TO KNOW IT WILL BE NOTED AT LAND REGISTRY
3. Net sale proceeds less charges and legal fees. Is this after paying of previous mortgage ie had about 6k left or before ie had about 70k?
NET SALE PROCEEDS MEANS AFTER MORTGAGE REPAID, SECURED LOANS REPAID, ESTATE AGENT FEES PAID AND SOLICITORS FEES PAID - SO £6K.
John White
England Jackman & Spacey |
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