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House taken off us whilst pregnant (due to bankruptcy)
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@Silvercar
Thank you so much for your reply.
I hadn’t even thought of asking our mortgage provider if we could go interest only for a few months - I will give them a call to discuss this today
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@Silvercar
Thank you so much for your reply.
I hadn!!!8217;t even thought of asking our mortgage provider if we could go interest only for a few months - I will give them a call to discuss this today
Bear in mind that, when negotiating the buy-out value with the OR you may not have to find the full theoretical 50% of the equity that your OH owns.
If the OR forces a sale he will have (not inconsiderable) costs. Also, the OR will know that, properties sold under such circumstances are likely the realise less than what could be expected in a 'normal' sale. Therefore, your offer only has to be high enough that it is not worth the OR forcing a sale.
It would be worth you seeking guidance on this.0 -
There may also be the option of agreeing a charging order on the property. So you and the OR agree that the BI is say £10k, but the costs are not worth the OR forcing a sale at this point and you want to stay in the home. So everyone agrees that the £10k will be paid in the future, either when you can afford it or when you sell the property for any reason.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Thanks again Silvercar.
Who would I be best to seek advise from? I called the mortgage people and they basically where just trying to get me to go in and do a mortgage just myself (no point as I don’t earn enough to cover the whole cost of the house).
Would it need to be a solicitor or someone in the likes?
My partner contacted the OR who advised they aren’t able to assist anymore as it has been handed over to a 3rd party (called Mazars LLP) we haven’t been able to speak to the relevant person over the phone so are waiting to see if he replies via email.
Thanks again0 -
It's the OR you need to negotiate with, so I guess the 3rd party if they have transferred your case.
Keep an eye on the date. They have 3 years to act. If they miss the date, there is nothing they can do.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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