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T O P I C R E V I E W
hammy0107
Posted - 01 July 2008 : 17:00:13 My OR interview is on Thursday and i am still unsure about the best way of keeping my property.
My belief is that right now i have maximum £13k equity before early redemption costs etc are included and £5k after these costs. My belief is that this equity will disappear over the next year or so with the expected property slump. If i do not make any offer to buy the BI (through a 3rd party) i expect the OR to eventually have no interest in it. Certainly selling through a forced sale i would not expect the OR to be able to realise any funds for my creditors. I also understand that this is a gamble on my part and what i want to know is that if my gamble goes wrong am i able to change my mind and make an offer at a later date (i.e when the OR starts reposession)?
In short if the OR comes to me in 1 year, 2 years or 3 years and says right i want you out can i then offer the full BI and keep my home?
For peace of mind i know it would be better to deal with it now and know my home is safe BUT on the other side of the coin is the fact that if the experts are correct then i would be payying out for BI that won't be there in 12 months or even 3 years.
Advice and opinions would really be appreciated right now.
5 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 02 July 2008 : 11:18:17 Great advice Suzanne. Keep up the good work!
Thank you for your response. I appreciate the OR will want to get rid of the property when it is at it's highest value, obviously they have a duty of care to my creditors. However what i need to be very clear about is if i will ALWAYS get first option to buy the BI. Basically if i choose not to offer anything now in the expectation that the value of my property will be lower in 3 years than it is now but the gamble backfires, as long as i (a 3rd party) can raise the full BI value at whatever time the OR wants to deal with it will i be able to keep the house?
Suzanne
Posted - 01 July 2008 : 17:06:22 At any point you can make an offer for the BI. If you wish to gamble on the property market falling further that is up to you. However, you should bear in mind that in 3 years time it may have increased again and there is no guarantee that the OR will be prepared to accept an offer at the time there happens to be no equity and won't hang on. It may be better to try to get them to accept a no equity transfer now as £5K could be costs of sale etc.
