Worried about increasing house prices :-(

watcher27

debt_doctor wrote: »

Then if you pay the fee at this point, your property will be safe forever, and will be yours once again.

Good luck.

DD

Thats what I wanted to hear! Thanks so much for clearing this up for me :beer:

fiveyearplan

Watcher27 what part of the country are you in? As far as I can tell the increased property prices are only in a few areas.

watcher27

fiveyearplan wrote: »

Watcher27 what part of the country are you in? As far as I can tell the increased property prices are only in a few areas.

Kent! (south east)

According to the 3 different estate agents we've had round, the prices in our area are now at and starting to exceed the value pre 2007 crash!

This seems true looking at what they have valued our house at and from the examples they have showed us of other properties sold in the area.

fiveyearplan

Yes, I would agree, due to the commuting distance to London Kent prices are rising.

I'm in London and we had our house valued 2 weeks ago and it has gone up 55% from 2008 valuation!

watcher27

Hi debt doctor (or anyone else with knowledge of this).

We have managed to secure the £1K + £211 fee, but we received the letters today from the IS and are in a bit of shock!

They want £1K EACH from me & my wife :-(

Could you confirm if this is correct & normal?

Many thanks

macbabypam

I was advised by OR that as I am in a joint BR then the cost to buy the interest back in our home would be £1000 each plus standard fee £211.

alastairq

If both parties petitioned BR then both will have interest which needs ...in this case, purchasing.

debt_doctor

I agree, everything about BR is individual.

Weren't they writing to you separately asking for the monies?

DD

alastairq

The upside of two partners petitioning BR at the same time......if I read it correctly, then ..if the OR can only pursue each individual's interest in a property,then the TOTAL equity in a house could be twice as much before the £10000 equity limit for a Charging Order is arrived at? [assuming each partner has 50% interest in the equity?]

I assume the OR cannot claim the same actual amount of the equity twice?

Ie, if the total equity amounted to, for example £20,000...then one partner has £10,000, which the OR can place a charge for..then the other partner is left with the other £10,000, for which the OR should also place a charge for.....??

And that they do not treat two BR partners as a whole when considering the value of interest in a property?

Am I right?

debt_doctor

Yes Alastair, you are right.

Up to 10k equity for EACH owner will result in a charge if there is no one to purchase the interest.

DD