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T O P I C R E V I E W
Alan.cs
Posted - 18 August 2010 : 11:22:33 I have equity in my home.However i am in shared ownership which i have 25% so will the OR sell my house.
4 L A T E S T R E P L I E S (Newest First)
integritydebthelp
Posted - 19 August 2010 : 11:14:21 the equity is not a big problem here as the bottom line is that you are only liable for 25% of any equity, and if you can get a valuation below what you owe on the mortgage then thats fina as it proves negative equity and there will be nothing to pay back to the OR in regards to the property. I assume the other owners pay their way and contributed to the deposit. You need to seek advice on this before you do anything more.
“A compassionate person develops an eye for spotting the qualities that make each person special. Even when others are at their lowest ebb, it is possible to help them restore their self-belief by keeping a firm, clear vision of their goodness and specialities. Taking a gently encouraging approach, I must never give up on anyone.”
Reviva UK
Posted - 18 August 2010 : 23:13:04 You may find that if you are with a housing association they often have clauses granting them first option to purchase.
Suggest you give one of the experts a call to go over the poercentages and figures to give you a realistic idea of what may happen
Posted - 18 August 2010 : 11:58:32 When the official receiver looks into the equity in the property you are only liable for 25% of that equity, because the property is shared. You are not responsible for the whole equity and they will be aware of this.
“A compassionate person develops an eye for spotting the qualities that make each person special. Even when others are at their lowest ebb, it is possible to help them restore their self-belief by keeping a firm, clear vision of their goodness and specialities. Taking a gently encouraging approach, I must never give up on anyone.”
gettingoutofdebt
Posted - 18 August 2010 : 11:56:26 Do you know how much equity there is in the property? The OR will want a 'quick sale' so this will normally be several thousand less than the actual market value.
