That's excellent news EdM... congratulations. I'd imagine you're pleased and relieved?

I doubt that there is much for you to do at this stage other than to let your trust deed firm get on with their work.

Enjoy that well-earned cava!

Go celebrate. You won't go daft because you'll be almost incapable of frivalous spending due to 3 years of serious budgeting. The guilt you'll feel will stop you from going mad and spending any spare cash you have.

Thanks tda. I honestly didn't think our offer would be accepted. It was a good bit below the original amount. (The original 3rd party didn't come to fruition). So a bit shocked, pleased, relieved, and a wee bit numb. Had to call my brother straight away in case he (and they!) changed their mind. Have to say it. A huge thank you to everyone at Wylie and Bisset especially Chris, Natalie and Donald McKinnon. Credit where credit's due. I also have to say this is a fantastic forum, truly one of a kind. The experts, yourself and the likes of Paul (plasticdaft)do such a worthwhile job. The knowledge and reassurance you provide must be such a comfort to so many. Keep up the great work!

Too true! Thanks Gillian. The cava is almost at the right temp. Just wish I had enough room in my freezer!

Congratulations, enjoy the cava[:)]

Thats fantastic news, well done. Hope you an excellent time celebrating over the weekend.

Can I ask, how much approx below the original equity value did they accept?

The reason I ask is that I am about to make an offer to my mothers creditors and there is substantial amount of equity in our joint house but instead of selling the house I'm going to offer them something. Dont even know where to start with a figure!

Thanks

Garfield

Thanks garfield. At the point of signing the equity was £15000. Last year we offered £9000- this was from a mate who was confident of selling his flat. That didn't happen. My brother offered us £6000, but we had to start paying hm back straight away, so that was that. Wylie and Bisset had a valuation done again and decided that would be acceptable. There wasn't a "substantial amount of equity" in our home and had actually went done from the time of signing so that went in our favour. My advice for what it's worth is, I take it firms ignore the first £5000 as this is taken up by estate agents' fees, etc. As there is a lot of equity in your home, I wouldn't call their bluff too much, ie say forced sale. Although this will cost the pot more to take you to court, they will get it back if it sells for roughly what it's worth. It's more hassle for them and they wouldn't want to force the sale, but if there is money there, then they will. Offer £5000 below, but not too much more, if at all. If you fancy playing poker with them, then fair enough. You can only ask. It's the "substantial amount of equity" that will more than likely not give you as much room as I had. Good luck!

Thanks very much for your quick reply.
Yeah there is equity of £55k in the house which works out at £27.5 k each.
My mums creditors stand at £32k!
I'm hoping to not have to sell but the maximum mortgage I will get once my student loans and credit card paid off and the mortgage payments remain the same (as extending term) would leave £12k for the trustee!! The bank will only give me a mortgage if I pay off my loan first.
So £12k is well below the £27.5k however they would only get £1800 if it runs another year as they assured me they can't force the sale of the house!
I may aswell ask but not feeling very hopeful 🙁

Thankyou

Hi garfield.

Are you 100% sure on the subject of the ability of the trustee to sell the house if they felt they had to in order to realise the equity?

They certainly will not want to, it could only ever be an absolute last resort, but they do have responsibilities to the creditors and their regulator to deal with the equity.

nowt wrong with cava!!!!

Paul

Aww congrats hun hope you enjoyed the cava you certainly deserve to celebrate.