Beneficial Interest?? Help needed.

Ava8

I was made BR in June 2010 and was contacted today to offer me the BI. My mortgage redemption is 170k and the lady who rang me has told me there was a drive by valuation done and a figure of 175k has been arrived at. I'm shocked! I had 2 valuations done myself for the BR and submitted these (172-173k) I'm getting divorced and really do want to hang onto the house for myself and my son but don't know how i can now. My house has been on the market for 3 yrs and even after dropping it to 174k for the last 4 months - no viewers were interested. It's now off the market. Can I dispute the valuers' quote? The lady tells me this is the present market value, but i thought the valuation was based on a forced sale valuation? Am i wrong? The company used are not even local, I know they have it wrong. My mother-in-law is willing to buy my BI but if this is what it comes in at I can't see that happening. Will I lose my home?????? help........... Advice needed quick please folks.

milothewestie

mine was about the same amount i ended up paying 1200 by the time you take off sellers and solicitors fees thats about what your left with make them an offer around 1200 you can always increase it if they refuse make sure you quote the fees mentioned in your offer good luck hope it works:beer:

debtinfo

The first thing to remember is that the OR does not have to allow any deductions or accept a forced sale valuation. They are not selling it to a 3rd party at this time and have 3 years to do what they want. IE if you were buying a house on the open market you could not demand what the seller took into account or how they valued it. What you can do is a proper charted surveyor valuation as this holds more weight to value the property.

You have to get over thinking that it is yours, it is not, it belongs to the OR. Like any open market situation you can make any offer you want, it is then down to the OR to decide if it is fair and if they can get a better offer

Ava8

So how will i approach the OR? Am i allowed to ask him to consider an offer? Considering i am now unemployed, getting divorced and have no money - how can this be possible? what would others do in this situation, what would a fair offer be?

fiveyearplan

Does the house belong to you and your husband? Is your husband also bankrupt? If the house is owned jointly and your husband isn't bankrupt then your share of the BI would stand at 50%.

Ava8

We are getting divorced, it's a joint mortgage and he is going BR next month. Any thoughts?

debtinfo

Well you could go to ways either a proper valuation or simply worjing out what you can afford and write to the OR and make that offer