My partners business was recently liquated, we both worked there & due to personal guarantees he has applied for bankruptcy (last option as he has no income to bargain with the banks) He has suffered a breakdown due to this & is currently on ESA. I’m actively looking for employment but on joint claim currently.
Our worry is the family home, we have a five year old & two older children on split parenting. Due to the boom in house prices there appears that there could be around 5 k of equity in the home, mortgage & house is his name only. I have tried to find out what evidence the OR will except for the value of the house as estate agents are pricing high due to the fact that it’s a first time buyers dream. We really do not want to lose our home, we could not afford to rent in same area, local council housing is scarce & would have to move out of area moving daughter’s school & not being able to have older children (ages 15 & 13) due to location.
Does anyone know what evidence the OR takes surely they must take into account estate agents fees (1.5-2.5%) & the pricing? We wondered how flexible the OR would be, would they except a smaller amount (beg & borrow off family) for the equity due to circumstances? Due to the housing boom if it was left for the 2.3 years I think there is no way we could find the money for the estimated equity at that point.
I’m struggling to believe that the estate agents valuation is taken at face value as the one we have had around recently told us the value he would market it at but then to expect lower for a quick sale (we did explain we would want a quick sale but to no avail)? So sorry for the long post but as we everyone to lose the home will be the final blow.