- Wed Jan 26, 2005 6:58 pm
Well a bit of an update: hubby spoke to an IP today who was very positive and as well as tell us that the advice we've received so far (ie, from the forums and Expert) is accurate and informed. The advice from the solicitor not so.
He has actually recommended that we DO wait until after bankruptcy because he says in his experience, and he helps alot of people go through bankruptcy, the ORs in our area are more likely to actually reduce the amount from 50% of the value of the beneficial interest, as they tend to take into account the costs of forced sale, their costs etc. He also thinks that it would be a done deal very quickly as long as we had all the necessary paperwork to hand, mortgage redemption figures etc. We also have the valuation from when we bought the property which supports the current one, in that it was 7 months ago and is £1k more than the original, in line with the house prices.
We are going to see him for a free consultation next week and at least find out what he has to say. I'll post again after that, unless some other scare moment comes up in the meantime!