urgent qu re-BI

kezza90

i've received a letter from OR asking if i want to buy BI, if i say no now what will happen? there is a little equity, prob 10k, so is there a chance they will write back and say i need to look for somewhere else to live? if they did this could i then turn around and say yes i'd like to buy the BI?

as house prices are dropping i want to pay as little as possible to keep my property, and if i paid something now it could even be in negative equity at the end of the year and ive paid money for nothing.

fiveyearplan

My OR has completely forgotten to send me that letter or at least I haven't received it! I would try and delay as long as possible and if you think you have £10k equity it could actually be less.

Do you want to stay in your property? If yes, contact the OR and ask how long you have to make decision and will you be offered it again at another stage.

kezza90

Thanks fiveyearplan. Yes i'd like to stay in the property, i've just emailed my OR to ask how long i have to make the decision and will it be offered to me at a later date. hopefully he will reply as sometimes he doesnt seem to reply to my emails. I find it easier to email him as I cant really talk much in work.

peachyprice

If you say no they will leave you alone completely for a minimum of 1 year, at the end of that year they will most probably tell you they want to realise the assset, you can then negotiate to by the BI then. They would rather you pay them than have to sell your house. And of course 12 months from now house prices may have dropped even more;)

If you don't hear from after the 1st year they have 3 years max to sell the house. You'll receive a certificate confirming this, and an expiry date.

nervousmother

kezza90 wrote: »

Thanks fiveyearplan. Yes i'd like to stay in the property, i've just emailed my OR to ask how long i have to make the decision and will it be offered to me at a later date. hopefully he will reply as sometimes he doesnt seem to reply to my emails. I find it easier to email him as I cant really talk much in work.

May I ask how long it has taken them to offer to sell the BI? thanks

fiveyearplan

My first year is ticking on and I haven't heard anything about my BI. We aren't in a position to buy it at the moment so I've been keeping a low profile.

peachyprice

Have you checked the land registry yet FYP, to see if there are any restrictions imposed?

kezza90

Hi nervousmother, i went br on 25.11.08 and received the letter last week. the letter was dated the 23.12.08 though so not sure why it took so long for them to send it out?

fiveyearplan

peachyprice wrote: »

Have you checked the land registry yet FYP, to see if there are any restrictions imposed?

No, how do I do that?

kezza90

hi fyp, shortly after going br i received a letter from the land registry informing me restrictions had been put on, meaning that i no longer own it and have no right to sell it, i guess you didnt receive this either?

peachyprice

Here you go m'dear

http://www.landregisteronline.gov.uk/lro/service_guide.htm