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Beneficial Interest

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Comments

  • Mips
    Mips Posts: 19,796 Forumite
    They deducted 3% of the final valuation of our property... so it was even more in Neg Eq than we thought.

    I don't know why they dedcuted a further 3% off the value of the property - they didn't say :confused:
    :cool:
  • dvs
    dvs Posts: 826 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Dippychick wrote: »
    They deducted 3% of the final valuation of our property... so it was even more in Neg Eq than we thought.

    I don't know why they dedcuted a further 3% off the value of the property - they didn't say :confused:

    I believe the 3% represents typical fees if they were to sell the property. They base the equity as if they had to sell the property.
  • the-muffin-man
    the-muffin-man Posts: 130 Forumite
    If they do decide you have BI in the property then the person who buys the BI only has to make the OR a 'reasonable offer' for it.

    Our property was valued at £145,000, we owed £120,000 on it so in theory my BI was £12,500 (less any fees). My wife offered £4500 though which was accepted and has all gone through.
    BR 26th Jan 09 . . . Discharged 21/9/09 !!! :j:j:j
  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    The 3% is most likely selling fees they would incur.

    :j :j


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