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mattdjuk
Junior Member
214 Posts |
 Posted - 02 July 2008 : 14:30:41
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Hi all,
been a while since I posted anything - went BR on may 29th, had my interview and went ok (waiting to hear about my car).
My question is related to Beneficial interest - We've had 2 valuations, 1 surveyor and 1 Estate Agent and both put us in Negative equity. I understand that potentially my wife can buy me out for £1 plus the £211 solicitors fees for the OR - Does the OR have to sell you the BI if your 3rd party wants it or can they refuse and hold onto in the hope that some equity becomes available later on?
Thanks
Matt |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 July 2008 : 14:35:28
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Hi Matt,
The choice is down to the OR whether to sell the BI or hold on to a charge for up to three years. I would suggest that as the property is in negative equity (in a falling market), they will much rather sell the BI and have done with it.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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zoe
Junior Member
329 Posts |
Posted - 02 July 2008 : 14:38:05
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hi Matt
I remember your case - does this take into account your early redemption figures??? |
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mattdjuk
Junior Member
214 Posts |
Posted - 02 July 2008 : 14:49:02
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Zoe,
We're waiting to hear what valuation they put on it - I obtained an upto date mortgage redemption statement which shows we would have to pay back 202K, our surveyor valuation came in at 180K and the estate agent said 195K - Negative equity. If they refute the redemption statement and base the valuation solely on the mortgage (193,500) then based on those 2 valuation we still show no equity (assuming an average of the 2).
Matt
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zoe
Junior Member
329 Posts |
Posted - 02 July 2008 : 14:53:52
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I understand, they will get their own statement i would imagine. When i went throught mine, the OR told me that they use rightmove etc and drive bys if they disagree with the values assessed. They will also appoint their own value
Sorry Matt i just dont want you to be as disappointed as we were when we found out how much we had to pay. Hopefully you may be ok |
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mattdjuk
Junior Member
214 Posts |
Posted - 02 July 2008 : 15:13:06
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I'm prepared for a fight Zoe - I have 2 independent valuations, both state the reasons behind the valuations and both are fair in the current market. The market is in decline prices have decreased by 5-6% in our area, even assuming you could sell a property you wouldn't get the stupid values that Rightmove seems to have on properties and I will be prepared to fight this all the way should the OR go that route - I was told in my interview that I needed to get 2 valuations and this has since been reitereated in a letter asking if I was interested in buying the BI.
I can't see how they can take a value from an internet site or from a drive by for something as important as this, especially as we live in a flat thats not even visible from the road!
I'll keep you posted. |
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zoe
Junior Member
329 Posts |
Posted - 02 July 2008 : 15:19:45
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Too right Matt i fully agree
We have been fighting ours, please dont think that i am being negative, you should know full facts. I did not have these when it happened to me - and found out the full SP after i had been told by the OR that early redemption is not deductable i panicked!
at the end of the day their job is to get as much money as possible!!!
we have fought ours as i say matt - i am just waiting for this to go through, i cannot post specific details until i have completed but you should be ok - i have a different receivers office to you though!!!! |
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mattdjuk
Junior Member
214 Posts |
Posted - 02 July 2008 : 15:29:03
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| Its just wrong Zoe and I wish you luck in your fight - The redemption value is what the mortgage company would expect on sale (and thats not even taking into account the 1-2% estate agents fees and legl costs) and would be the same if I sold it or if the OR wanted to sell it to realise some value. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 02 July 2008 : 15:41:05
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Hi mattdjuk
From the figures you have quoted it is probable that the OR will be happy to transfer the property to you for the nominal sum. It is not in their interests to hang on to properties for the sake of it, they have to administer them while they hold them and that takes resources.
If you put forward your case, which sounds very reasonable, i'm sure you will get the outcome you want.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 18:01:28
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Hi Matt,
Suzanne used to be an OR examiner, so you should be fine!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Buying Beneficial Interest
