beneficial interest???????

trayvin

we both went br back in october 2008 and have finaly recieved a offer from the trustee on the house we need to pay £3200 to keep it.
can this amount be questioned???
or can i get a new valuation and how long do i have to say yes or no to it?

nervousmother

Of course you can question it, did you get any valuations done yourself? get some done now by 3 different agents.
We ended up arguing and discussing our BI at length. Make sure you have a reduction as there wont be selling fees and if any early redemption on mortgage is payable make sure that was taken from their final amount

Queen

You can try when did you have the valuation done? if it was back in October I would get another one and see what the difference is if its gone down which most have then I would speak with the OR, when we received our offer of £1 due to negative equity we have 1 month to except offer, returned acceptance and sols documents were through within 7 days they advised that transfer of BI should be done in about 2 weeks time hope this helps

dack_2

trayvin,
I am no expert, but have read a number of stories on this forum where people have made a lower offer to purchase the BI and it has been accepted, or they have received a coiunter-offer from the trustee that was significantly lower than the original offer. For instance, nervousmother (haha, NM posted above while I was typing) made a post where I believe the mother in law bought the BI for £6k, the original off fro the trustee was around £12.5k.

See no reason why you couldn't get another valuation done though it may cost.

I would suggest contacting the trustee to ask how long you have to respond, i'm don't know if there is a standard period of time used.

Hope this helps
dack

trayvin

i have to get another valuation and take it from there.

nervousmother

get more than one done, I also took details (brochures) of houses that were up for sale after repo as their asking prices were very low. Estate agents should give you free valuations, ask for those valuations to be done 'on a quick sale basis' as those will be lower. get 3 done.

Just to add: if their valuations are same as yours offer them £1k to buy the interest say its all you can afford..

trayvin

thanks for the help.
i owe more than it says on the offer
mortgage £72,981 should be £73,246
value £76,142

equity £3161
n thats what thay want
but it would never sell for that and i have to pay a early completion fee to northern rock dont know how much.
so if i was to add all that in to the mortgage and then make a offer to the trustee??

Queen

When calulating our valuation which was in negative equity they took off either 3 or 5% for selling costs etc which brought the value down even more our value was £155 and they reduced value to I think £150,500 after selling costs our area seems to have been really hit Jan 2008 our property was worth £200-£210 for quick sale £155 our mortgage is £165,000 + secured loan of £17,000 so lucky for us we are ok but have brought the BI worried about the next 2 yrs even though they would have to go up dramitcally did not want to take the chance

Queen

Oh just a though are you still in the penalty period on your mortgage product if so some can charge upto 5% if you redeem early

twokatz

I think it depends on the trustee. Ours have been really difficult throughout. Their valuation was way over the top for the area. I've made two counter offers which they just reject and say if we don't go with their offer, they are going to re-possess. They didn't even bother replying to our last offer even though we sent them a surveyors valuation and evidence of the local housing market. They are taking us to court next month.

nervousmother

twokatz, i am so sorry to hear this, make sure you have your evidence about the local market, I am surprised really as they probably wont achieve anything by this it is just adding more costs to the BR.
Trustees are money grabbing idiots but at the end of the day are trying to raise funds to pay their invoice, this is why it comes as a surprise that they dont accept a offer as if the mortgage stops gettin paid the bank will re-possess and sell at stupid price and of course they wont get anything then.. keep me informed on what happens next month.
good luck i will be thinking of you