attachment to house? way to go?

froggeroz

hi all,
i used this forum lots when br was iminent, but havent needed help since but i do now. can anyone advise on attachments to mortgage?
house is jointly owned, the company dealing with money want 1/2 equity not including redemption penalty, which works out at 15k, we were thinking that redemption penalty would have to be taken in to account. now i know we can barter but we had done out sums and figured that 10200.00 was max they could ask for. now we cannot afford to find 15k, br was 15 months ago, its taken so long to get to this point, but now we are there, im scared its all going wrong. my oh is dead against an attachment but im thinking it may be the way to go. can you help. will they put a %age on, or will they say that they want 15k, + interest, and any one who has gone through this, does the house feel like home again, atm our house desnt feel like home, it feels like a place we sleep in and nothing more.
btw, its dh who went br,
and if it matters we have 3 lo's
thanks in advance
kay

allofadither

Hi,

BR and houses are not my area, but hang around and hopefully other's on here will be able to advise. It must be a worry for you, but I'm sure you'll get some helpful replies.

froggeroz

thanks, yes its a worry,
i keep thinking that it will all be over soon, but alas its still going on.
another quick question before i forget, am i right in saying that if the house has not been sorted 3 years from start of br, that it automatically goes back to us? if this is true i wonder if i could stall them for another 20 months, lol, they seem to have taken so long to sort things out, and i really do not know what to do for the best. selling it would only be our last option, i do not want the kids disturbed, too much, the oldest is aware this has happened and is scared he is going to have to move schools,
also:- from what i have read, would the ip have to give us suitable time to move out, or look for alternative accomodation? i know that i have read 1 year somewhere but not sure where, i own half the house and believe me they would have to physiically lift me and my children out of my house if we were not given enough time to arrange somewhere to go.
argh!!!!!

im so stressed, i was on tablets for depression up untill last month and now i feel myself going back to that dark place and im scared. help please
kay
x x

allofadither

I think you are right about the 3 yr rule and about giving you 1 yr to find somewhere to live. But it might help if we could clarify one or two points:-

How much is the house worth?
How much is the mortgage?
Who is asking for 1/2 equity? The OR/trustee?
Are you in arrears with the mortgage?
Has your OH been discharged from BR?

Try not to let is stress you out too much Kay, easier said than done I know. But stick with us, and we'll do our best to help.

froggeroz

allofadither wrote: »

I think you are right about the 3 yr rule and about giving you 1 yr to find somewhere to live. But it might help if we could clarify one or two points:-

How much is the house worth?
How much is the mortgage?
Who is asking for 1/2 equity? The OR/trustee?
Are you in arrears with the mortgage?
Has your OH been discharged from BR?

Try not to let is stress you out too much Kay, easier said than done I know. But stick with us, and we'll do our best to help.

house is worth 220k
mortgage is 190k
redemption at mo is 7k
trustee is asking for 1/2 equity
mortgage all up to date, not 1 late payment or missed payment
yes oh discharged in feb this year, br was 1 year, so he went br feb 06

my figures
220-190=30k-7k (red) = 23k
23/2 = 11.5 k
so we originally offered 9k.
we can afford to probably go to 11k but thats all, they are not taking redemption penalty into consideration, which surely if they had to force sale then that would be paid immediatly plus all the fees, they may even end up with less as house is not in great condition, needs new windows and new kitchen.

grrrrrrrrrrr
thanks for your reassurance, it means a lot
kay
x x

allofadither

kay,

Are you saying you'll defo have to sell the house to release the equity to pay the trustee, or are you in a position to raise funds to buy your OH's beneficial interest?

Is the valuation recent?

froggeroz

yes valuation is recent, 11k can be found through family and savings, any more than that i ii feel we will not be able to even consider it.
my mum is helping but cannot afford anymore than the agreed sum, we have saved up enough that these figures added together stand at about 10k, another 1 k would be found somehow, id have a sell off on ebay and live off beans on toast for a month if i had too.
thanks again
kay

allofadither

Houses not being my strong point, I'm loath to say too much more. My personal feeling is that you should go to the trustee with your lowest offer
(9K?) and confirmation from the mortgage company of the 7k redemption penalty so the trustee is fully aware that there will be no advantage in forcing the sale cos they won't get the full 15k they're after. Plus, there's sure to be other selling fees etc to come off that figure. I'm assuming you haven't already tried this with the trustee, if so, sorry to waste your time.

I know there other users on here who have way more knowledge than me about houses so wait and see what they have to say. Hopefully they'll show up later today.

froggeroz

thanks for all your help, i think i will chat to oh tonight and come up with a maximum we can afford and go from there, we will offer low and see what they say, and then move up and force them to move down and see where we go.
i am still interested in how the mortgage attachment works so if anyone can help on that i'd be grateful
kay
x x

allofadither

I'm sure there's more helpful info out there for you Kay, so do please keep checking back with us won't you?

Take care
Dither x

silvercar

An attachment order would be registered (with Land Registry) on the deeds of your house. It would mean that the house couldn't be sold without the OR agreeing. I think the OR would also have to agree a remortgage, but that should not be a problem and is to ensure the charges on the property are in the right order ie mortgage first. It could also mean that you couldn't increase the mortgage without the ORs agreement, this is so he can protect his interest in the property.

All that said it wouldn't affect you until you wanted to sell.