Please Help with beneficial interest question!

brokeinbristol

We are lucky that a relative is paying for the BI, but we have to pay them back sometime in the future so we would like the OR to accept a lower offer (stating the obvious!). I have a feeling the "negotiation process" is going to be a little one sided. We don't want to rent as we want to move in about 6 years time and would like some equity and savings to go to the bank with to get a mortgage. We would also like to leave something to our kids in the future. I can see the appeal of renting, but it is not for us in the long term as we are a young couple (29+31) and have years of mortgage paying to go - joy of joys! Thanks for your comments skylight.

sw09

It does sound to me like they are bullying you into making a higher offer. I do feel that we are going to be in this position very soon, and I think that we have agreed that we won't pay over the odds for the BI and if needs be we will walk away.

I have come to terms with the idea of renting. You are a similar age to me and I think that our generation has had it drilled into us about how important it is to get on the property ladder. It is of course important, and like you, I would like to be able to leave my children something. However, in my case, our mortgage is so high we won't come close to paying it off in full and so the house doesn't truly belong to us. So, we'll be able to choose a house in a nice area, close to good schools and as far as i'm concerned, nobody will no any difference if the house is bought or not!

Saying that, there will be huge tears when the time comes to move and though i'm feeling positive now, i'm sure there'll be another setback.

Try and stay positive. Maybe if you are going to submit another offer you should hold off for a week or so to "play it cool" then make a final offer and tell them it is your absolute final offer.

Good luck, do keep us posted, i'm following this thread with much interest as it is a very similar situation to me.
Enjoy your weekend

okeydokey

Hi Broke, sorry to hear your latest offer rejected. Whilst I understand some comments (which I know are meant well) of house only being bricks and mortar I share your views entirely, I have been in my house over 20 years and am also quite a bit older than you, the thought that i may loose it is killing me, please keep us posted.

okeydokey

Sorry its me again! Excuse if I'm being thick, can someone explain what Miss Cyniacl meant in her thread re:- asking the OR to take a charge over property for full BI amount?
Thanks x

peachyprice

Hmm, easy for me to say, but I would be tempted to call their bluff and let them try to force a sale. They would have to show a judge you haven't made a reasonable offer and that their valuation is correct to get possession.

peachyprice

okeydokey wrote: »

Sorry its me again! Excuse if I'm being thick, can someone explain what Miss Cyniacl meant in her thread re:- asking the OR to take a charge over property for full BI amount?
Thanks x

The OR can put a charging order on the property for the value of the BI to be paid when the house is eventually sold.

lilibet1

Hi everyone

I was wondering, do you only pay the OR money to by the BI if there is equity in the property. What happens if you are in neg equity?

Many thanks in advance for answering this for me

x

okeydokey

peachy thanks for response, but presumably they would enforce a sale at some point in the not too distant future wouldn't they?

peachyprice

Not if they weren't 100% sure a judge would grant them possession
They'd just have to sit it out.

Angiepange

lilibet1 wrote: »

Hi everyone

I was wondering, do you only pay the OR money to by the BI if there is equity in the property. What happens if you are in neg equity?

Many thanks in advance for answering this for me

x

If you are in neg equity and the OR has decided to offer you the BI they would ask for £1 plus legal costs.

Angie x