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Beneficial Interest
Comments
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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
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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
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.0 -
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:j0 -
The 3% is most likely selling fees they would incur.
:j :j
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