Can he ask for it all back? - Update

dalip

Hi summer Like jcs says no news is good news.Also patience is a virtue:D .Take care and you have a good chirstmas too and try not to think about it too much.Dxxx

Summer1969

JCS1 wrote: »

They take a long time to put a case together, have to get copy statements from banks/credit card companies (some of these never respond - and cases then get abandoned due to lack of evidence), report is then drafted and send to authorisations team to check over, edits suggested, etc. Just think of it as no news is good news.

Oh they have had everything they wanted off me weeks ago, they didn't have to get a thing, so no need for it to be 5 and a half months with no answer on whether I am getting a BRO or not....but I am forgetting about it now, but I really lucked out with the 2 ORs I got, both very stern, very unhelpful and neither has treated me like a human being. Still, harsh lesson learnt with this whole process (which is how it should be I suppose) and hopefully I will be out the other side of it in the not too distant future.

Thanks for the replies guys. I wish you all a happy Christmas. x

fiveyearplan

If you reach your AD does that mean they can't apply a BRO, if so I'd let it drop and hope the 12 months goes by before they've done anything.

Summer1969

Hey guys, me again. Had a letter and just need some advice. Still no word about a BRO by the way.

I got a letter and my OH got a letter as the property is in joint names.

Just a bit of background, its been on the market since March, we were selling it anyway. I went BR on 3 July. I told the OR at the time it was on the market and he said that was fine, we would leave it at that until we sold.

The letter says about transferring the beneficial interest to me or a relative or a friend. We need to send them an up to date valuation and details of amounts owed to creditors claiming mortgages and other charges over the property. We don't have any secured loans, so I assume that means there aren't any creditors?

They then said a value needs to be agreed to be paid for the interest on completion of the transfer. They will need to be £211 in advance of the transaction. If the value of the interest is nil, or the property has negative equity (which it does), a payment of £1 will be required to be made for the interest, in addition to the £211 costs.

I have just rung my EA and she is sending me a valuation, it is now valued at £100k and my mortgage is £118k. We do not want to buy back the beneficial interest, we want to sell and to go into rented.

So do I just send them the valuation and tell them we do not want to buy back the beneficial interest? I am hoping this isn't going to cost us any money.

Many thanks for any advice.

RAS

Summer

if you want to sell up and rent, then you need to buy the BI from the OR, otherwise, your half of the house belongs to him, not you.

And since it is negative equity, that will cost £211+£1

Summer1969

RAS wrote: »

Summer

if you want to sell up and rent, then you need to buy the BI from the OR, otherwise, your half of the house belongs to him, not you.

And since it is negative equity, that will cost £211+£1

Thanks for the reply.

I am confused now. I thought that buying back the BI meant you wanted to keep the property? We don't, and there is no equity. Me and OH both have a letter, as it is in joint names. Will that be 2 lots of £211? (which we don't have...). And as for the OR owning half the house bit, he has already told us to sell it, which we were anyway, and if there is no equity in it, what advantage is it for me to buy back the BI?

Sorry, I am confused.

peachyprice

Hi Summer,
The OR doesn't own any part of your house, he only has a right to the equity.

If you're selling you don't need to buy the BI, when you sell the solicitor will see from the Land Registry the OR has an interest in your property and if there were any equity from the sale it would go straight to the OR. You are free to sell the house as long as you tell the OR (which you have).

Perhaps as it's been so long the OR is thinking you may have changed your mind about selling.

Summer1969

Thank you Peachy. We will sign both the forms this weekend, stating we are not interested in buying back the beneficial interest, I also have a valuation from the EA as well, which states the flat is in negative equity of around £18k and it is still for sale. So will send them all off.

Also, we both received today a B178 from the Land Registry - Notice of Application to Register Restrictions against the Land. We both need to sign that as well to say we do not object to the Application.

combo81

Back to the loans bit, did you borrow money (cc's)to pay OHs loans? If so you can understand why they want to get some of it back for the creditors. If not and it was savings then I doubt they can do anything.

Summer1969

combo81 wrote: »

Back to the loans bit, did you borrow money (cc's)to pay OHs loans? If so you can understand why they want to get some of it back for the creditors. If not and it was savings then I doubt they can do anything.

I took out a loan about 3 years ago to pay off OH's loans as they were a horrific interest rate (obviously had no idea I would be going BR in 3 years' time). The loan was included in the BR, a lot of the loan had been paid off but there is no way OH could find the balance now. He has been supporting me financially for the past year as I have not been working due to depression, we are just about making ends meet, though obviously a lot happier just making ends meet, than before BR, when we were both having sleepless nights. Last time I heard from the OR re the loans and a possible BRO was back in October, just have to wait and see. I will be discharged on 3 July.