beneficial interest

the_jockey

Oficial reciever is asking for £7000 after our valuation in property, money is really tight, (basically none)!!!! anyone any experience in what to offer them and any examples of what any one paid, will help alot thanx xxxx

milothewestie

my ben interest was 4000 i offered 1300 and was accepted,i wrote a nice letter basically saying that they wouldnt get the price at auction or in the current market at the moment took solicitors and estate agents fees into account and basically begged in the letter,like i said it was accepted but o/rs differ mine was good the hull o/rs so i was lucky many on here are not so lucky,hope you are and good luck

the_jockey

thanks for the reply makes me feel a bit better

immoral_angeluk

It's really going to depend on your official receiver. But you're best to start below your maximum and go from there. Whatever you do don't put yourself in a worse position by agreeing to what you can't afford. Set yourself a maximum that is the upper limit of what you can realistically afford and then you've got room to negotiate. But just bare in mind there is no guarantee any offer below their figure will be accepted so it would be common sense to have a think about what would happen if you can't afford to buy back the BI.

twoboys

I'm right in the middle of this
Equity is £3k and I offered £1k which was declined, I have subsequently gone back with £2150; having got help from a friend. Waiting for a response to this. I have set out situation in writing to OR and asked that the legal fees are taken into account.

I'm not sure waht happens if agreement can't be reached - can anyone help?

immoral_angeluk

twoboys wrote: »

I'm right in the middle of this
Equity is £3k and I offered £1k which was declined, I have subsequently gone back with £2150; having got help from a friend. Waiting for a response to this. I have set out situation in writing to OR and asked that the legal fees are taken into account.

I'm not sure waht happens if agreement can't be reached - can anyone help?

If an agreement can't be reached and there isn't anyone else that can buy the BI then the interest will pass back to the trustee who will probably look to sell the house to release the equity for creditors..

debtinfo

but not for that amount of equity, at the moment it would just get put on the shelf and they would look again in a year or two if it was worth doing anything about it then

twoboys

So that means there is always a charge on the property?

If so, is it fixed at the amount of equity that could not be agreed on at the time; assuming prices increase or mortgage lowers will they take all of the increased equity at the later stage?

debtinfo

not as such, you have to think of it like this, The BI is not yours at the moment it belongs to the OR, if you want to buy it you have to buy it at the price it is worth at the time that you buy it, so if you dont buy it for 2 years you pay whatever the price is then wether that be more or less than it is now

twoboys

Thank you that is helpful

I would just say this site is really helpful and I wish I had discovered it a few years ago, still better late than never.............

fiveyearplan

My OR wouldn't take estate agent's fees into consideration and wouldn't negotiate on the amount of BI so I had to pay the full amount, luckily I had the money to buy it.