Buying back the beneficial interest

Carlos1981

Hi all,

Hope someone can advise. Went bankrupt jan 2013. Keeping house and current mortgage. 7000 in negative equity with 35 years left to pay!!. This figure comes from 1 valuation and zoopla estimate.

I am in the process of writing a letter to the OR asking to purchase the BI with help from parents. Would an offer of a 1000 do it or will it need more? Also after they have received letter how long will a decision take.

Reason for wanting to buy back BI is wife has severe depression and stress of not knowing about house causing further problems.

arcon5

Start low and up the offer / negotiate a settlement if necessary.

With 7k negative equity it's unlikely to recover in the next 36 months. Maybe start at £200+ reasonable costs (ask what costs would be first though)

fiveyearplan

If it is in negative equity I wouldn't offer anything but the fees. I thought they were now waiting 3 years to deal with BI?

tigerfeet2006

If you want to offer before the 2 year 3 month mark and it is in negative equity the minimum is £1k plus fees now if I remember correctly.

Carlos1981

Made a written offer for 500 plus costs today so fingers crossed!!

Anyone know how long till they make a decision and will they ring with answer?

Cheers