BI - my offer turned down, help please.

iquit

Hello All,

Been quiet for a while, keeping my head down and staying out of trouble, until today that is! I'm hoping to get some more advice for my situation. I made an offer on my BI which the OR has turned down. They have written to me saying the minimum they are willing to accept is £800 less than their calculated BI value. When I wrote to them with my offer I listed expenses that would come off the BI e.g. estate agent fees of 1.5%, I also highlighted fact that a flat in my block has been on sale for over 18 months and therefore the sale of this property would be unlikely to achieve the full BI. I am distressed and upset by their refusal - obviously, but trying to stay calm and see what my options are. I was keen to keep flat as I know my chances of getting a mortgage again are zilch, zero, nada thanks to my bankruptcy. Can anyone tell me if I leave things in limbo until the three years are up what happens then? Does OR ask me to vacate before they sell? Will another offer to buy back BI be made? Any advice or information you guys can share would be greatly appreciated. Thank you.

now

iquit wrote: »

Hello All,

Been quiet for a while, keeping my head down and staying out of trouble, until today that is! I'm hoping to get some more advice for my situation. I made an offer on my BI which the OR has turned down. They have written to me saying the minimum they are willing to accept is £800 less than their calculated BI value. When I wrote to them with my offer I listed expenses that would come off the BI e.g. estate agent fees of 1.5%, I also highlighted fact that a flat in my block has been on sale for over 18 months and therefore the sale of this property would be unlikely to achieve the full BI. I am distressed and upset by their refusal - obviously, but trying to stay calm and see what my options are. I was keen to keep flat as I know my chances of getting a mortgage again are zilch, zero, nada thanks to my bankruptcy. Can anyone tell me if I leave things in limbo until the three years are up what happens then? Does OR ask me to vacate before they sell? Will another offer to buy back BI be made? Any advice or information you guys can share would be greatly appreciated. Thank you.

Not sure but I am sure Fermi can help bumping you up

ontheroad_2

At my OR interview a couple of weeks ago, we discussed the BI in our house. OR was adamant that when calculating any BI, they would not accept any reduction for selling fees at all - it would be an offer made solely on a valuation of the property minus the outstanding mortgage. So I think its unlikely your OR will budge, especially if they've already told you the lowest amount they will accept for the BI.

cs101

Since this is the matter of property, my advice will be to appoint solicitor who are specialist in this field.

debtinfo

They dont have to reduce for estate agent fees as they are not using an estate agent etc.

Usually if there is less tha £10,000 equity it will now go on the shelf until near the end of the 3 years. Usually at that tie they will offer it to you again before taking any action, the offer will be at whatever the markt price is then

If there is more than £10,000 equity they will look at doing something earlier

iquit

cs101 wrote: »

Since this is the matter of property, my advice will be to appoint solicitor who are specialist in this field.

Thanks for the reply but the problem I have is where do I get the money? If I had it I'd sooner spend it on my BI.

iquit

Thank you everyone for your input and responses, much appreciated.

iquit

Just wanted to update those who care and or are interested in the outcome of this. With help of my family I put in another offer which has been accepted by the OR. The reason I wanted my bi so badly was because I was afraid I'd never get another mortgage otherwise. So now I will work at keeping my 'credit rating' spotless and pray that my current mortgage providor will look upon me kindly in the future when I want to re-mortgage for a bigger place. I will log on for more help with the legalities coz can not afford to pay a lawyer to do the paperwork etc for me. I believe it should take about 3 to 4 months to finalise everything, I can hardly wait. 10 months into my ipa, 26 to go. Life surely can only get better.

Tupperware_Queen

I'm glad you got it accepted, good luck with the paperwork!

Angiepange

iquit wrote: »

Just wanted to update those who care and or are interested in the outcome of this. With help of my family I put in another offer which has been accepted by the OR. The reason I wanted my bi so badly was because I was afraid I'd never get another mortgage otherwise. So now I will work at keeping my 'credit rating' spotless and pray that my current mortgage providor will look upon me kindly in the future when I want to re-mortgage for a bigger place. I will log on for more help with the legalities coz can not afford to pay a lawyer to do the paperwork etc for me. I believe it should take about 3 to 4 months to finalise everything, I can hardly wait. 10 months into my ipa, 26 to go. Life surely can only get better.

Great news on the BI Iquit :T

This thread may help?

https://forums.moneysavingexpert.com/discussion/2471695

Good luck

kepar

The problem is br will be on your credit file for six years and you will always have to disclose the fact if asked. Actually I am amazed how many people buy or try to buy the BI with the current climate in the housing market. In that most posters on here are in negative equity and the housing market is only going to get worse over the next few years. So in reality the OR will never be interested, but also with the way employment is going many people will lose their jobs, if you have bought the BI in your property, you are the responsible for any shortfall if it gets repossessed, because it cannot go in your br.

Maybe I am wrong, but although we gave our house back because we couldn't afford (mortgage and sl) we never thought about the Bi because of the housing market. I suppose you pays your money and takes a chance or don't pay your money and takes a chance. Risks involved all round.