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poodle
Starting Member
49 Posts |
 Posted - 24 August 2009 : 21:39:25
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Hi everyone,
As you know, hubby and I both went BR on 2nd July with no equity in our property. So far, hubby has been able to pay £50 to buy back his life insurance - I'm still waiting on mine. I've also had a letter exempting my car. Thanks to everyone for their advice so far.
Anyway, another couple of questions for you?
1. How long did it take for you between becoming bankrupt and being offered the opportunity to buy back your BI? I prob seem impatient but the not knowing is really playing on my mind, especially as we have a 1 year old.
2. If both of you were BR, could you buy back the BI in your own name or did you have to involve a 3rd party?
Thanks in advance of your help.
Poodle |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 August 2009 : 08:48:27
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with regard to buying back the BI this is usually sorted out within the first 3 months, you can hurry the process along by providing your own local estate agent valuations (obtain the quick sale figure, ask the agent to 'market'the property at a price likely to achieve a sale, then decide not to sell, then you do not incur any valuation costs, and the OR will accept the agents valuation, I would advise getting 2 or 3 and forwarding either the lowest or all if of a similar amount) together with an up to date mortgage outstanding balance statement from your lender. These are the documents the OR will require before the offer to purchase the BI letter will come out to you.
The OR's letter always offers to sell the BI to a 3rd party (the 3rd party only pays the fee ie writes the cheque) the property does not get recorded in the 3rd party name. You and your husband must maintain the mortgage etc
The OR's name is recorded on your title deeds at the Land Registry on the makin gof the BO this is what is called BI the OR's name - all you are doing is paying to remove the OR's name, thus reverting the dees into just you and your husbands name.
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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mab
New Member
56 Posts |
Posted - 25 August 2009 : 11:02:29
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Hi
When I was arranging to buy the beneficial interest I ended up obtaining 2 estate agent valuations, I basically told them I was moving and needed the property to be sold within 4 weeks.
Once I had the valuations from the estate agent I printed some details from right move showing similar properties in my area, along with a screen print from Zoopla as again there valuation went in my favour.
I then arranged to fax all the above to the case handler at the OR office who came back to me the same day confirming that they agreed with the valuations and asked me to send the cheques for £1.00 etc.
After that it took about another month to get the paperwork through.
Hope that helps
Mark |
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Beneficial Interest
