I have just recieved a letter (good news i may add) that the OR is satisfied that we are in negitive equity and we have to send £1.00 to buy back interest plus £211.00 solicitors fees and then the name of our solictitors. my quiestion is do we need one and how much will this cost ???? Thank you Tracey
Hello, I think that they must do this via your solicitor and that the £211 is your fees and no more. Hope so! If you dont mind me asking, how much in negative equity are you?
mitsu, If your home is in negative equity then it is of no use to the OR, therefore you can 'buy' it back for a nominal fee of £1 plus costs; usually purchased by a friend or relative but keep hearing more and more about bankruptees buying it themselves.
as we are only just in negative equity i could buy back for a pound and carry on paying the mortgage and secured loan which i can afford.does that mean they wouldnt take house off us thanks
Hi how have you calculated your negative equity? You will obviously know how much you owe against the property but how have you arrived at its current valuation?
Absolutely! If you are not in arrears etc or even if you have a teeny bit of equity then you may be able to keep your home (never heard of anyone not being able to). This is what we plan on doing. Going BR in 13 days so will keep everyone up to date on what the outcome is. Best advice: Keep reading this site and educating yourselves, then you will know what to expect. Good luck.
house same as ours recently sold for 260000.even when things were booming it only got to about 275000.if it reached 275000 again could they make me sell if i went bankrupy thanks
Hi with a realistic value of £260K and £267K secured against it then the house has sufficient negative equity for the OR to offer your BI back to you for £1 each, plus fees of £211.
i have been asked who my solicitor is by OR ??
Posted - 13 August 2008 : 12:30:16
