beneficial interest???????

twokatz

Thanks nervousmother. Your right-the crazy thing is that they've only got a chance of getting some money back whilst we're still in the house and paying the mortgage. Once we stop that, the bank will repossess and they will get nothing. This way they will come out with something, though not what they want-but surely something is better than nothing.

gardenerswife

Twokatz,
Our OR sounds as helpful as yours. Our equity was 5k and they refused to negiotiate on the price at all. It was all or nothing. They have also refused to negiotiate over other things too - and yet allowed one car to be exempt just because I needed it for work and £50 nominal fee for second ( which was much better than we hoped), so guess you win on somethings and loose on others. Just wish there was some clarity

trayvin

just had a new valuation and told £100,000?????
what happens if i still pay the mortgage but dont buy the benifical interest?????

nervousmother

Did you get the valuation on a quick sale basis? if that is the true value then their origional offer on the BI is very reasonable... any way at all you could borrow the money from family to buy it?
Failing that you could ask the OR if you can buy it monthly (by using your surplus of course)
If you dont buy the BI now the OR has 3 years to deal with the property, meaning in just under the 3 years when there is even more equity they can force a sale.