Beneficial interest

loobylooireland

Here's a question for you all. The administrators are pushing hard now for me to purchase my husband's beneficial interest in our home. Our property suffered severe damage over the winter from burst pipes and altogether requires about £15,000 worth of repairs which the insurance company have more or less agreed to. I am reluctant to pursue the insuance claim any further or start any repairs until I know that the house is mine. I have got a new valuation from a local estate agent for the house in the condition that it is in at present which takes into account the amount that would have to be spent on it to put everything right. Where do you think I stand in relation to the current valuation ie. can the administrators make me carry on with my insurance claim and carry out the repairs and then have the house revalued or will they have to accept the valuation the way the house stands at the moment?
Would really appreciate any comments.

loobylooireland

Has anybody any thoughts on this?

silvercar

loobylooireland wrote: »

Has anybody any thoughts on this?

Is the insurance company offering you a payout and you arrange the works or are they footing the bills as they come in from the repair people or are they sending their own people in to do the work?

Does the OR know there is an insurance claim? Are they allowing you to spend the money or are they wanting your husband's share to go to creditors? I would have thought that either your husband gets his share of the insurance payout and passes it to the OR and the valuation is based on the current state of the property or the insurance payout is used to repair the property and the valuation is based on the restored value of the property.