I declared bankrupt last week and my wife & I are keen for her to buy out the beneficial interest in our house as soon as possible (house/mortgage is in joint names). Is it possible to negotiate with the OR or is it a matter that he says what he wants and thats it?
When I spoke to the OR's office last week I was told to obtain a valuation from a reputable estate agent (got one coming today) and a mortgage redemption figure. When the OR comes to a figure is it a matter of simply deducting one from the other and dividing by 2? We have a secured balance which is one amount but then there is £4k early redemption costs, plus there would be approx £3k sales costs therefore from our viewpoint we'd like those to be included in the secured debt before splitting the difference. Is this likely or are they only interested in the 'raw' secured amount owing? Do they look at what it would 'really' cost to sell the house before coming to a sum?
Thanks in advance