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lee ann
Starting Member
United Kingdom
3 Posts |
 Posted - 07 May 2010 : 19:42:57
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| Following my husbands bankruptcy we have received a figuer that the OR wants for the benificail interest. Is there a guide as to what they would make allowances for and what kind of offer they would accept as any amount of money is going to be difficult to find? |
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debtinfo
forum expert
2826 Posts |
Posted - 07 May 2010 : 20:28:50
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| not really, it is a negotiation, you can make any offer you want, likewise they can turn down any offer that isnt the full amount, hopefully you will come to an agreement. There is no rule that they have to allow any discount, but may do to get a quick sale, |
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InsolvencyQandA
Starting Member
United Kingdom
10 Posts |
Posted - 07 May 2010 : 22:36:24
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quote:
Originally posted by lee ann
Following my husbands bankruptcy we have received a figuer that the OR wants for the benificail interest. Is there a guide as to what they would make allowances for and what kind of offer they would accept as any amount of money is going to be difficult to find?
Hi lee ann
the beneficial interest ("BI") calculated by the OR is usually your husbands 50%share in the equity of the property. As debtinfo says it is a start for negotiation especially if you beleive you are entitled to a greater share of the equity and have the relevant documentation to prove this. for example if the BI is £5,000 then if you make an offer in the region of £3,500 - £4,000 it is likely to be accepted as it would save the costs involved with marketing and selling the property if they had to go down that path. Also it is worth baring in mind that the OR/Trustee in bankruptcy have 3 year to deal with the BI in the matrimonial home and dependent on how far along this timescale the better chance of negotiating a deal in your favour
Good Luck
Matthew |
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lee ann
Starting Member
United Kingdom
3 Posts |
Posted - 10 May 2010 : 10:12:57
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Thank you for your replies.
We are only 9 months into the 3 years so they have the time to wait - but then we would have time to find some money too. It would just be nice not to worry about losing our childrens home. I have solicitors letters to show that I paid the deposit on the house which would give him a 39% share, and have taken 4% off their valuation as they used the highest from the estate agent values which non of the properties around here are selling for.
I'm not trying to aviod paying - just trying to make it managable. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 May 2010 : 10:45:41
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That sounds like a positive start and if you can demonstrate that you paid the deposit that is brilliant !!
You may also want to invest in an RICS surveyors report. This will give you a formal valuation which is what the mortgage companies accept as being the true value of a property.
This is almonst 100% guaranteed to be less than the estate agent's value so is usually worth the cost for having one.
Every little helps
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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lee ann
Starting Member
United Kingdom
3 Posts |
Posted - 10 May 2010 : 16:47:59
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| Thank you Paul, that will be my next step if/when I need it. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 May 2010 : 18:08:38
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well done
slowly but surely get your ducks in a row
Paul
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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benificail interest
