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| T O P I C R E V I E W |
| Lee Carroll |
Posted - 17 March 2009 : 13:11:27
Hello, thank you for your help. I am going personally bankrupt, my house is jointly owned with my wife who is solvent. the property has just been valued to sell at £190,000 our morgage is intrest only and we owe £179,000, Can I ask with my debts standing at approx £33,000 will I have to sell it? I have no morgage arrears? this is concerning me greatly before my court hearing. thanks, Lee. |
| 2 L A T E S T R E P L I E S (Newest First) |
| Lee Carroll |
Posted - 17 March 2009 : 14:02:51
Hi Melanie, Ok so if thats the case and my 50% is worth £95K, but my share of the mortgae is £89 anyway? so with debts above £32k would it be likely we'll keep it? I take your advice and will get those "quick sale" valuations
leecarroll |
| Melanie.n |
Posted - 17 March 2009 : 13:36:49
Hello Lee and welcome to the forum, I would advise you to seek out a couple of local estate agent valuations - but request the 'quick sale figure' this is the figure the agents reduce to after about 6 weeks to gain a sale. To doo this you may need to spin a yarn along the lines of 'i am moving with my job and have to sell quickly etc' get the details in writing and this can be used as your valuation, also obtain an up to date settlement figure with your mortgage company to include any early repayment penalty ( if appropriate) then do a quick calculation of mortgage from value = equity - the OR would be interested in your share of the equity (50%) In the first instance it may be that your wife can offer to purchase your share (or indeed a third party). It depends really on the amount of equity available as to what will happen
Incidently the valuations can be given to the OR to use if they are up to date
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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