Can I save my house before bankruptcy?
The short answer is yes, but this depends on your individual circumstances and the equity position in the house.
The equity in the house first needs to be determined by getting the property valued and asking the mortgage company to provide an up to date mortgage statement. To accurately determine the "value" of the property you could either obtain three estate agents valuations and take an average, or obtain a Red Book Valuation by a Chatered Surveyor. A Chartered Surveyor's valuation is usually deemed as a more accurate guide and therefore is recommended.
Depending on the outcome of that exercise, the equity will need to be purchased by a family member or third party and a deed of assignment, or declaration of trust, will need to be prepared and filed at the Land Registry. These documents will need to be prepared by a suitably qualified solicitor.
This area of insolvency is extremely complicated and fact dependant and advice from a licensed insolvency practitioner is needed.
Further information can be found on our Saving the House webpage.
However, it would be best to have a free face to face, telephone meeting or Zoom meeting with a Licensed Insolvency Practitioner. If you would like to arrange a meeting please ring 01326 340 579 or 01305 458 383 to arrange a mutually convenient time and date to discuss the options open to you.
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