Buying hubby's beneficial interest

samk_2

Good morning all,

My hubby was made bankrupt in August, everything is very quiet and we are mostly getting on with our lives. He could keep his car as it was on finance and both the finance company and OR agreed to this as the value of the car was less than the outstanding balance.

We have received a letter from the trustee who has been appointed to him and the only asset he has is a half share of the beneficial interest in the house.

When he filled in the I/E form and booklet, we said our house was worth £150k, which left a BI of £46k. The thing is after speaking to some estate agents we believe our house to be worth less than this as we tried to sell it, it was on the market for 16 months, people came and looked and that was it. I have been told a realistic price to sell would be lower than the £150k, so what I want to know is am I being fair in saying I would like to offer £20k to buy out the BI as if the house sold for a lower price and then the sales costs were also taken into account this is likely to be the amount left over.

I have also looked at these buy your homes quick sites and obviously don't want to go down that route, and I would then only get between £110-£115k, which would leave a much smaller BI. Please advise me, I am expected to make my suggestions/offer in the next 14 days.

Thank you.

dojoman

Make the offer, if the OR does not agree they will tell you. I would get 3 valuations, asking for a quick sale, and go with the lowest, nothing ventured nothing gained.