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Please Help with beneficial interest question!

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Comments

  • David_F
    David_F Posts: 101 Forumite
    Yes, thanks broke for keeping us informed. I am just starting my BR journey (03/03/10) and haven't yet started the BI process. I am very interested on how you get on as my equity/mortgage are also extremely close, your posts really help so thank you for the info.

    Good luck with your £3k offer, I'll keep my fingers crossed for you.
  • Esoog
    Esoog Posts: 1,489 Forumite
    1,000 Posts Combo Breaker
    Good luck broke,

    just as a side point to note here to anyone thats interested - its worth getting a surveyor in. We had a few estate agents come round and they all talked the talk (despite us saying things like "realistic" and that we'd done some research.) The surveyor valued it at 20k less than the estate agents!
  • Update; OR letter today stated they rejected our second offer of £3,000 (BI deemed to be £5,554) We are obviously gutted, not sure what to do now really? We are reluctant to offer anymore, but want this all over with and don't want to lose the house, we have two children under 3 and moving them & renting with a dog would be a nightmare. + saving a 6 month deposit for renting isn't feasible. Any suggestions what to do next/offer next anything we should be saying in the return letter?We have already stated how stressful this is etc.. This all has to be sorted by end of June or they will require another valuation and mortgage statement apparently.
  • gonebellyup
    gonebellyup Posts: 72 Forumite
    So sorry to hear that BrokeInBristol. I have nothing to suggest, we are still waiting to find out what the BI would be and whether we'll be offered it, but I really do understand your stress. Hopefully someone will be along soon with some useful info. Sending hugs.
  • MissCynical
    MissCynical Posts: 59 Forumite
    Am also following this thread as am about to send my valuation off to RTLU. I'm sorry to hear the bad news Broke. Would they not accept a charge over the property for the full BI amount? I was only wondering as I have little cash to offer unless they accept instalments... and I don't think that's likely! I was thinking of offering a charge and see what they say. I'm a single parent with 2 children and being registered disabled I dread to think about the possibility that we will lose our home. Anyway, good luck. MissC
  • MissCynical
    MissCynical Posts: 59 Forumite
    Esoog, how much was the surveyor's fee, please?
  • Surveyors fee's varied, but we paid £200 and most were around this mark
  • OK, have taken the plunge and sent off a letter offering £3,250 +£211 legal fees. I tried to explain that we or our relative didn't have the money to purchase the full amount, and pointed out that the house next door sold 18 months ago for £107,000 and we need a lot of modernisation internally, even told them we didn't want to lose the house our kids were born in! Feel exhausted and angry that I need to almost beg them to be reasonable. I know we got ourselves into this mess, but honestly!
  • Esoog
    Esoog Posts: 1,489 Forumite
    1,000 Posts Combo Breaker
    Esoog, how much was the surveyor's fee, please?


    £150, we phoned around a few and found a little local one. Quite a nice man too
  • skylight
    skylight Posts: 10,716 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Home Insurance Hacker!
    Broke.

    If you cannot afford it then you cannot afford it.

    It's just a house. Just bricks and mortar. It's not the love and happiness - thats what forms the family, not the house.

    Renting is not the end of the world. Besides, you could probably get a larger house in a better area for what you are paying now! Plus if you are ever out of work the rent is covered etc.

    The OR knows you are desperate. You have made lots of offers. Why on earth should be accept any of them? He knows you are going to offer more - I feel that you are being bullied here. You have got serious valuations and can prove that properties nearby are selling for less than those anyway. You are overpaying; you wouldn't purchase a new house like this, you would walk away.

    How are you paying for this anyway? If a nice relative is paying, then use the money for rent in advance and a removals company.



    (And I know it's easy for me to say all this when looking in!)
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