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Hello
We have approximately £4000 equity in our property. This is approximately the figure we would need to move into rented accommodation should our IVA proposal fail, and we need to pursue bankruptcy.
Does the OR take this into account? i.e. estate agency fees/removal van/conveyancing/bond etc
When the "beneficial interest" is mentioned, does this refer to the full equity (that is the sale price minus the outstanding mortgage & redemption fees), or the equity remaining once associated moving costs are paid?
I noticed that the OR looks at "excessive mortgage costs" We pay over £1000 a month. Would this be seen as too much? (roughly 25% of our joint income)
Just wondering!
Blue

No - the OR will make no allowance for moving costs or rental deposits, but estate agents and solicitors fees will be deducted at source from any sale proceeds.

The beneficial interest in the figure before any costs are taken into account. I do not feel that your mortgage costs would be deemed excessive.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks Melanie
Thanks for that; trying to keep as well informed as possible!
Blue