RTLU, benficial interest at the 3 year point, what happens?

JPS29

Hi All,

Long and short of it is I'm nearly at the 2 and a half year stage and still no nearer to getting back the bi despite chasing several times.

I know that after 3 years either the BI will revert back to me or the OR will put a charging order on the house for any equity or possibly apply for sale?

However I know that my house is DEFINITELY in negative equity, at least 25k. Lets say RTLU finally pull their finger out now or near the eleventh hour and expect me to furnish them with more valuations (I have already done this but they now tell me these are out of date) which I don't. How will they determine the amount of equity and choose which option to take. My valuations came back £25k neg equity nearly 2 years ago and their drive by nearly 60k:eek: in neg equity.

I have already co-operated with them fully and furnished them with what they asked for and now through them not acting on the information I expect them to ask me to go through the whole process again, which I dont want to if I dont have to.

Any help appreciated.

minicooper1961

Just bumping you up the board.......:)

debtinfo

It depends on what the situation is, if it is obvious after a quick check by them that it is still in alot of negative equity they will probably just hand the property back or wait for the 3 years to end when it goes back automatically.

If it is close or possibly in positive equity then they will go through the process of asking you to get new valuations.

hope that helps

JPS29

Thanks Debtinfo.

I suppose the question Im asking is if I or anyone else doesnt engage in the valuation process (bear in mind I've already given them valuations that they let go out of date) then how do they ascertain the amount of BI for a charging order etc...

If its drive by then Im laughing as it came back even worse than my own vals....

I'm all for co-operatiing but think that having to do the same thing twice, with no gtee they will action it again is not right

out_of_cash

Hi jps29

who pays for the valuations as ive been told to do this next year! ?