Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • 44lisa44
    • By 44lisa44 28th Jun 17, 4:00 PM
    • 7Posts
    • 6Thanks
    44lisa44
    Beneficial Interest
    • #1
    • 28th Jun 17, 4:00 PM
    Beneficial Interest 28th Jun 17 at 4:00 PM
    Hello there,

    I am after some advice please. I am about to start negotiating to buy my bankrupt ex husband beneficial interest in my house and was wondering how much levy the trustees will give and what would be a reasonable offer. I think they will say his share is £32,000. How much would they possibly deduct for fees that they would have to take into consideration if they were to make me sell? Obviously I want the best deal possible and not to lose my kids family home!

    Any help appreciated.

    Lisa
Page 1
  • National Debtline
    • #2
    • 29th Jun 17, 12:34 PM
    • #2
    • 29th Jun 17, 12:34 PM
    Hi 44lisa44,

    This is a very difficult question to answer. The Trustee's job is to get the best possible deal for creditors, so if they feel they can get more for the creditors threw a sale, compared to your offer, that is what they will push for.


    You can make some educated estimates for the selling costs (by calling some local estate agent's and solicitors for free quotes) and deduct that from his share value. However, as far as the Trustee's fees are concerned, that is something you will struggle to estimate. You have the option to start with a lower offer and openly negotiate with the Trustee to try and an agreement everyone is happy with. They will be looking an offer as close to his share value as possible.


    Laura
    @natdebtline
    Last edited by National Debtline; 29-06-2017 at 12:37 PM. Reason: wording
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • debt doctor
    • By debt doctor 30th Jun 17, 10:35 AM
    • 4,118 Posts
    • 5,782 Thanks
    debt doctor
    • #3
    • 30th Jun 17, 10:35 AM
    • #3
    • 30th Jun 17, 10:35 AM
    Hi Lisa,


    Can I assume that the property is jointly owned?


    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • 44lisa44
    • By 44lisa44 30th Jun 17, 4:14 PM
    • 7 Posts
    • 6 Thanks
    44lisa44
    • #4
    • 30th Jun 17, 4:14 PM
    • #4
    • 30th Jun 17, 4:14 PM
    Hi DD,

    Yes property is jointly owned but divorce has been completed setting out ex's entitlement.

    Regards

    Lisa
    • debt doctor
    • By debt doctor 1st Jul 17, 9:59 AM
    • 4,118 Posts
    • 5,782 Thanks
    debt doctor
    • #5
    • 1st Jul 17, 9:59 AM
    • #5
    • 1st Jul 17, 9:59 AM
    Hi DD,

    Yes property is jointly owned but divorce has been completed setting out ex's entitlement.

    Regards

    Lisa
    Originally posted by 44lisa44
    Thanks, I was just making sure that you didn't own the property in your name only as that would be something we had never seen before.
    In that case the negotiating position is very much how Laura from National Debtline described it above.
    It would not surprise me at all if all of your ex's equity (when realised) goes to the IP's fees and other fees and the creditors will see nothing!
    So remember, when the IP says s/he is trying to obtain best return for creditors, they really mean best return for their own back pocket!
    I would start obtaining some valuations for 'a quick sale' which should keep the price down.
    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • brightonbelle
    • By brightonbelle 7th Jul 17, 5:47 AM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    • #6
    • 7th Jul 17, 5:47 AM
    • #6
    • 7th Jul 17, 5:47 AM
    I'm in a similar position too, well just got the part 26 letter I think it's called....saying 21 days to make an offer/decision are you in that time frame too ? I'm not sure if I'm able to buy mine out as his is more nearer 80k what a stupid man I'm just thinking of all the wonderful things we could have done with that money...instead I'm trying to come up with ways not to sell, do you have any advice I'd like to buy some more time for myself x
    • 44lisa44
    • By 44lisa44 7th Jul 17, 3:27 PM
    • 7 Posts
    • 6 Thanks
    44lisa44
    • #7
    • 7th Jul 17, 3:27 PM
    • #7
    • 7th Jul 17, 3:27 PM
    Ex only went bankrupt just over a year ago so I am dealing with my situation earlier rather than wait for the 2 years 3 months when they come knocking. I just want ex out of my life as much as possible and I am very lucky in that I have family who are able to lend me some money.

    Most people seem to be in negative equity and I cannot seem to find many who are in our situation so I was just intrigued and after advice from anyone who has had have to negotiate on the beneficial interest.

    Anyway I have got all the information the trustee has asked for so let the negotiations commence!!!
    • brightonbelle
    • By brightonbelle 13th Sep 17, 2:02 PM
    • 61 Posts
    • 12 Thanks
    brightonbelle
    • #8
    • 13th Sep 17, 2:02 PM
    any update?
    • #8
    • 13th Sep 17, 2:02 PM
    Ex only went bankrupt just over a year ago so I am dealing with my situation earlier rather than wait for the 2 years 3 months when they come knocking. I just want ex out of my life as much as possible and I am very lucky in that I have family who are able to lend me some money.

    Most people seem to be in negative equity and I cannot seem to find many who are in our situation so I was just intrigued and after advice from anyone who has had have to negotiate on the beneficial interest.

    Anyway I have got all the information the trustee has asked for so let the negotiations commence!!!
    Originally posted by 44lisa44
    Just wondering how you got on, fingers crossed for good news xxxx
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,046Posts Today

6,901Users online

Martin's Twitter
  • Today's twitter poll: How many languages do you speak (inc Eng) with reasonable fluency (eg can have decent phone chat solely in that lang)

  • RT @iiSteveJonesii: @MartinSLewis After watching you talk this morning about me burning £300 I got on a comparison site tonight & sure enou?

  • In or near York? This Wed the @itvmlshow Roadshow" will be at the York Food & Drink Festival - do come and say hi; St Sampsons Square 11-4.

  • Follow Martin