No your understanding of my post is not quite right. You cannot discount the equity by £5k just because that is the level to which possession proceedings would not be commenced. If there is £10k worth of equity the OR will want to see the lot paid over.
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
Hi all, this is exactly my position too; I met the OR 2 days ago and they said they may try and block a sale to my wife for £1 (actually I have negative equity now) following recent slump in house prices as if they forced a sale and made me move out, I could rent for less than the monthly mortgage costs and therefore there would be more £ available each month for creditors. Spoke to Julian earlier, very helpful. Thanks Julian. All a bit of a worry.