How Long Will We Be Able To Stay In The House

script

The house has got a bit of equity and we don’t have anyone who could buy the BI.

Mortgage is up to date.

The kids are at university and live on the campus.

I know the trustee will put the house on the market.

How long will be allowed to stay in the house?

peachyprice

You'll have a minimum of 1 year before the OR does anything with the house. You should get a certificate soon stating up until which date the OR has to deal with the house, after that it will revert back to you.

Even after the first year the OR isn't likely to come knocking immediatley, and you'll have that time to think about whether or not you could raise something to offer the OR. Also, don't forget you'll be discharged by then and will be in a better position.

HTH

fiveyearplan

Have you had estate agents' valuations to see what the property is worth? We had 5 done and chose the lower 3. I told the estate agents I needed valuation for quick sale and told them all the things wrong with the property.

Can you afford the mortgage and do you want to stay in the property?

script

Thanks Five,

My situation is a little complicated.

Nothing has been decided re staying or leaving the house.

Because at the moment I am only preparing for B/R.

I can't petition just yet, because I'll instantly lose my job.

So my plan is to get a B/R friendly job - then (thanks to the help of all the good people here) - petition - do the interview.

And then decide what eventually happens to the house.

But it is good to know that whatever happens - you have a year before you may have to leave.

out_of_cash

good luck script.

i am in a similar position although unemployed, now discharged after 1 yr and waiting for them to deal with my house, i get zero s2bx gets her share so just staying put til i have 2 go back 2 bedsit land after 16yrs.

script

Thanks OOC,

And good luck to you as well.