Purchasing the beneficiaries interest

desmonds

I have had two independent valuations on my home.

The valuations have come in at:-

1. £350K-£365K
2. £360K-£375K

Can anybody tell me what figure the OR will come to?

Will he average the figures to £362.50K?

The total mortgage outstanding is £357K and my wife has no part in the Bankruptcy.

So can I assume that if they use the average figure then that will leave £5500 equity of which 50% of my share in the property is £2750.

Would that be a reasonable figure a third party to pay to buy my beneficial interest from the OR.

Desmonds

whatatwit

You may get more answers if you post this on the Bankruptcy thread.

Hope it works out ok.

smokey112

Desmonds

You may be able to "debate" the figure lower with your OR - once you point out the OR legal costs etc , things maybe needing doing to the house you could get the figure lower to a nominal sum of say £500 - I am sure there are some posts on this somewhere - I will check another forum for you and get some tips from there

My OH had this done with the property which he is still named on the mortgage of although he has not lived there for nearly 15 years - his ex was taking so long with divorce etc it seemed that the OR was interested in his alleged £25k interest - we got this down to £500 with debating and a little bit of earache from his ex to the OR.

HTH

Ang
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Xbigman

The OR will definately consider an 'offer' from a third party to buy the BI and these deals can be pretty low. I'd think offering £500 to £1000 would be about right, but you might get a !!!!!! of an OR who holds out for more.
Regards



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