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.
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.”
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.”
I have equity in my shared ownership home.
Posted - 18 August 2010 : 11:22:33
