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hammy0107
Junior Member
399 Posts |
 Posted - 23 May 2008 : 17:42:18
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Me again,
Just had a surveyors valuation on my property, come in at £148k. My mortgage redemption figure, including an early redemption charge, is £142'800, leaving £5200 equity. The house is solely in my name and it is only me going BR, for the past 32 months my wife has made no financial contribution as she has been looking after our son. However for the first 30 months we lived in the house my wife gave me half of her wages as a contribution to the household. I don't know if we can prove this, we are going to try and get statements from 3 years ago. If we can't prove she has contributed financially can she still claim an interest in the property? Surely the fact that she has lived in the house for as long as me, decorated the house, cleaned the house, looked after our son in this house surely she must have some right to an interest even if it not a full 50%.
Could an expert advise me on this please because the difference between my wife having an interest or not really could be the difference between losing our home or not. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 May 2008 : 20:33:31
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Hi Hammy,
Yes if you can gather the evidence that your wife has historically contributed towards the house payments redecoration etc then she will have proprietary interest in the property.
The negotiation will be whether this interest is 50% or less.
May I suggest you contact one of the experts to discuss your options.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 24 May 2008 : 01:02:30
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I would think that she has a good claim - but she will need to prove that and not the OR to prove that she does not.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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hammy0107
Junior Member
399 Posts |
Posted - 25 May 2008 : 11:12:17
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Thanks for advice.
We have requested 3 years bank statements which we are hoping show payments to me over the period my wife was working. We can't remember if she made a transfer to my account or whether she used to draw the cash. If the latter it would not have been in one go obviously cashpoint limits etc so we are worried we will not be able to prove the money came to me and in turn the house.
Could i also have your opinion on what the OR would generally deem an acceptable purchase price for BI. Do they take into account costs to sell the house, the chance that house prices are more likely to drop than increase right now etc. For instance if we can't prove my wifes BI and the property has £5200 equity in your opinion do you think an offer from my wife of £2500 is likely to be enough? Equally if we can prove BI and my wife was to make an offer in the region of £1500? I am just looking for opinion as i know each case will be looked at differently. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 25 May 2008 : 12:04:35
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The sums you are suggesting would appear to be reasonable, but you will have to wait until the OR has the property valued to be able to negotiate a settlement. Do be aware that the OR is a civil servant who will want to get your case closed as soon as possible, so any sensible offer which is not too far away from the actual equity calculation is likely to be viewed seriously.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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hammy0107
Junior Member
399 Posts |
Posted - 26 May 2008 : 10:54:40
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Melanie,
I have a valuation off Allied who i believe are reputable. Will the OR still do a valuation or will they accept the one from Allied? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 26 May 2008 : 12:45:18
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They may get their own valuation if they have cause to beleive that yours has undervalued the property - but these days they tend to rely on internet based valuations as well which can be obtained quickly and cheaply.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 29 May 2008 : 10:42:40
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Hi Hammy,
It is quite common in these instances for the OR to arrange a "drive-by" valuation anyway, but evidence from another valuer can only help!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Beneficial interest - urgent help needed
