Please Help with beneficial interest question!

lilibet1

oh darling, sorry cant help but just wanted to send you lots of love, youre having a hard time, and it doesnt seem fair to me

lili xxxxxxxxx

Esoog

Broke, if it was me personally I'd cave and give them the £4k, they don't actually have to sell the BI to you and can in theory wait for a few years (even though they aren't meant to) and it'll be worth a lot more? In our situation even though my partner doesnt want us to pay a penny for it (obviously our circumstances are different) I'd rather have it done with asap instead of it hanging over us. In ten years time you could sell your house and make a huge profit and its all yours for the sake of £4k? Obviously thats a lot of money to shell out but at least its sorted? Doesnt look like the OR wants to dance with you sadly

peachyprice

Can you find the £4k? I think if you want this settled now it's the only thing you can do. The other option of not buying the BI now could mean you have to come up with more in a year or 2 times, but it would give you longer to find it. Tough choice.

okeydokey

Hi Broke, I've been following your story with interest, sorry to hear they still not playing ball with you. I think I agree with the others and pay what they are asking if you can get money together, this must be very stressful for you. Sending you best wishes.

brokeinbristol

A big thanks to one and all; you all are (of course) absolutely right, just annoyed how there seems to be no standardised response from different OR's, some practically giving the BI away, and others making you beg! Must say other than this BI business, every other aspect of the BR thus far has been pretty OK, so there is light at the end of the tunnel! And at least the weather's nice. Will keep you all updated x

cashdesk

Hi,

we are just arriving at this point, too.

We had our house valued by an estate agent at £130k and we owe £113k on the mortgage, so I expect my BI to be around £8500, and the wife's BI to be the same. If we decide not to buy the BI (how many bankrupts can afford £8K?) I assume they will leave it for a couple of years before applying for a charging order.

What if we don't want to wait that long? I mean, if the house is going to be sold in 2 years time and the OR is going to get all of the equity, what is the point in paying £1200 for a mortgage when we could just move out and rent for £500 a month less? What do we do in this case? Do we just hand the keys back to the mortgage provider, or ask the OR to put the charging order on the house now?

brokeinbristol

cashdesk wrote: »

Hi,

we are just arriving at this point, too.

We had our house valued by an estate agent at £130k and we owe £113k on the mortgage, so I expect my BI to be around £8500, and the wife's BI to be the same. If we decide not to buy the BI (how many bankrupts can afford £8K?) I assume they will leave it for a couple of years before applying for a charging order. The OR has 3 years to deal with the BI only after this time if o agreement has been reached then they will put a charging order on the property.

What if we don't want to wait that long? I mean, if the house is going to be sold in 2 years time and the OR is going to get all of the equity, what is the point in paying £1200 for a mortgage when we could just move out and rent for £500 a month less? (good point, this is sometimes the best option, depends on how much you are bothered about staying in your home and about home ownership) What do we do in this case? Do we just hand the keys back to the mortgage provider, or ask the OR to put the charging order on the house now?

As I said they won't put a charging order on it now, they will write to you asking for a mortgage statement and a current valuation, they will then decide how much equity there is and write to you telling you what they think it's worth, they then would give you the option of purchasing it or make them an offer and this is when the negotiation period starts. Hope this helps?

brokeinbristol

Just to let everyone know the latest. We phoned the OR after 2 weeks of making our offer and were told that our offer of £3,250 was rejected, but that if we were to make an offer of £4,000 + court costs £211 that it would be accepted. So that's what we did, we are in the process of getting our relative to write the two cheques and then we'll send them off and go from there.

skylight

Not what you wanted to spend, but I am pleased that the outcome was what you wanted.

Esoog

Any update?