When negotiating with the OR and calculating what to offer the OR for my share of the equity in our property I have been advised to get a valuation done, but then deduct approximately 20% to account for the current market, a forced sale and the selling costs that would be incurred by the OR.
Is this realistic?
Our house is valued at £180K with a £148K mortgage.
Therefore £180K les 20% is £144K leaving £4K equity.
Firstly I would strongly suggest not to rush the process. The property market is only going down which clearly reduces the equity and therefore what you have to find to buy hubby's part out.
Wait for the OR to ask you if you want to buy the BI and then when you get to the bit it will probably be June anyway and the house will have dropped a further 10 - 15k. keep an eye open locally .
Secondly on an earlier post I think you talked about hubby remortgaging and taking out 30k for his benefit. In theory he will already have had a huge percentage of his equity already.
When it comes to it you need to lay out the reasoning behind your offer and then make the offer and advise that the funds are readily available for transfer.
Perhaps you could ask the helpline for assistance, they may be able to act for you.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
BENEFICIAL INTEREST
Posted - 05 January 2009 : 18:38:17
