valuation bankruptcy

shabana

wanted to know how old valuations are accepted if i was to go bankrupt.

how much equity if too much if a joint mortgage. a year ago bouth the house for 180000 and the value was 200000.

i personally feel i might have 10000-15000 equity no more than that. will this much mean my house is in trouble.

MicheH

You would need an up to date valuation. Also anything over £1000 woul mean the OR has an interest in the equity in the house. It's so important to talk to one of the debt charities about this though. Their numbers are on the front page on a sticky I beleive

sieve

It also depends on how much your current redemption penalties are on your mortgage, estate agents fees and other selling fees etc. On a property of £200k you'd be looking at at least a few k for the estate agents fees so unless there is equity left after taking all these fees and ERPs into account, you should be safe.

Bear in mind though that they have 3 years to deal with any interest they have in it (after which time it automatically reverts to you) so just because they don't now, doesn't mean they won't wait a couple of years if they think its value will rise significantly.

nervousmother

Get 3 local estate agents to give you a 'quick sale' valuation, tell them you need to move to change jobs... so the sale would have to be quick.

no matter what equity is left after the mortgage is paid off and any early redemption, and solicitors and estate agent fees, if it was say 8k left they will want that 8k but you offer them 2k and work your way up.

Be warned also a trustee may be appointed to deal with the equity.

Angiepange

shabana wrote: »

wanted to know how old valuations are accepted if i was to go bankrupt.

how much equity if too much if a joint mortgage. a year ago bouth the house for 180000 and the value was 200000.

i personally feel i might have 10000-15000 equity no more than that. will this much mean my house is in trouble.

I was told by OR office they will accept valuations no older than 3 months.
Ax