benefitial interest?

longshot

When i go BR, how long does it usually take for the O.R. to
offer my wife to buy the benefitial interest?

ie from intitial court date to offer of B.I. ?

the-muffin-man

Took about 4 months in my case.

maxmycardagain

can run over beyond discharge also...

longshot

maxmycardagain - can you give a finite number and reason for your answer?

dvs

We were offered BI about 2 months after BR. I sent valuations back and then received an offer a few days later but it was based on the wrong mortgage amount. Took four months of chasing to get it corrected (I think my letters were just being filed rather than read). I guess had it been correct, it would've been within three months.

Cheque sent off now so I guess we'll get the paperwork through soon enough. :j

longshot

sounds good 3 months....i will have a big redemption for the next 5 months
so need to get it all done asap

fiveyearplan

longshot wrote: »

maxmycardagain - can you give a finite number and reason for your answer?

I suppose it could have to do with how busy the OR's office is. There is no finite time scale that they operate to and can take up to 36 months.

dvs

longshot wrote: »

sounds good 3 months....i will have a big redemption for the next 5 months
so need to get it all done asap

I'm not sure they take redemption figure into account when making their initial offer. My offer had a 3% reduction for 'agreed charges' which I believe relates to typical fees if the property actually had to be sold. My offer did not include the early redemption charge (which would have been higher). They make take this into consideration if you made a counter-offer (although they may just wait 5 months if that was the case).

I'm not 100% of the above - only going on my own experience. Sure someone on here will know for sure.

fiveyearplan

I would agree with dvs that they would probably wait until the early redemption penalty expires. But I'm not expert here either.