BI offer accepted but wot about legal stuff

its-hapnin

i'm happy, happy, happy :j

the offer to buy back my OH's interest in our house has been accepted!! in their letter they ask me to send them a cheque immediately and that they will confirm in writing that they have no further interest in it.

is that it?? does anyone know? do we have to do all the legal stuff after that? nothing else is mentioned.

it feels like a weight has been lifted

thanks in advance x

debtinfo

Is this with the OR or a trustee

its-hapnin

hi debtinfo

the trustee is dealing with this

debtinfo

The process you will have read about many times is the one the OR uses, the trustee can use any system they see fit, but what you really want to get to is that when you look at the land reg all restrictions have been removed so at the end i would ask for a copy of the land reg to make sure this has happened

its-hapnin

thank you.

every day's a school day!

sw09

Hi Its-Hapnin.
Glad to hear you've had an offer accepted :j
Do you mind me asking, did you pay the full amount of the trustee's valuation of BI, or did you make them an offer? I'm asking because i'mn waiting to hear back from the trustee, we've submitted a 2nd offer...

Thanks

its-hapnin

sw09 wrote: »

Hi Its-Hapnin.
Glad to hear you've had an offer accepted :j
Do you mind me asking, did you pay the full amount of the trustee's valuation of BI, or did you make them an offer? I'm asking because i'mn waiting to hear back from the trustee, we've submitted a 2nd offer...

Thanks

the trustee didnt do their own valuation as far as we know. we sent in 2 estate agent valuations stressing that they were only suggested marketing prices along with proof of who put what into the house in the first place (we paid unequal amounts when we paid our deposit).

hope that helps

in_need_ofhelp

Hi happy to hear its working out for you!

Same as person before dont want to sound cheeky but what percentage did you pay of the valuation amount? We had the house valued and sent the report to the trustee months ago and they came back with the amount we had to pay for the house. We have just submitted an offer to the trustee for 80% of the equity amount and just wondering how successful we might be.

its-hapnin

in_need_ofhelp wrote: »

Hi happy to hear its working out for you!

Same as person before dont want to sound cheeky but what percentage did you pay of the valuation amount? We had the house valued and sent the report to the trustee months ago and they came back with the amount we had to pay for the house. We have just submitted an offer to the trustee for 80% of the equity amount and just wondering how successful we might be.

in the end i only paid £500 to buy back my OH's equity. our situation was a bit different cos when we had first purchased the house i had put more deposit into it

what was more important to us was that they looked at it fairly and split things according to who put what in (we already had a legal document drawn up when we bought it stating that). luckily they areed with that and we didnt have to fight it

good luck with the offer. i would have thought 80% is v reasonable but who knows how they work . let us know how you get on x