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Advice on Beneficial Interest Please
roxy84
Posts: 191 Forumite
Hi, our situation is this:
My partner & I are going BR, together we have about £52k of unsecured debt, my partner works bringing home £1950 a month, i am a stay at home mum 2 a 1 year old and we have another baby due in june. We have a mortgaged house, we had this up for sale for £185k but have just had to drop it to £175k, we owe £172k on it so are now not going to sell. We would be able to get a family member to buy the BI if it wasnt an excessive amount
We have spoken to CCCS and they can not suggest anything other than BR.
I have done research on BR etc but i still have a few questions I am unsure of, if anyone can offer any answers.
1) Can you always buy the BI? I've read somewhere that the mortgage company have to agree to it.
2) How does the OR go about valuing the house? I assume they get valuations but are they for a quick sale. Our house was valued at £185k but have had to drop it to £175k with the current market
3) The house is in joint names and we are both going BR, do we just get someone to buy the full BI or would it be better to go BR individually.
4) Am i right in thinking, if they took our valuation of £175k and we owe £172k our BI would be 3k so this is what we would have to pay?
Any advice on any of these Q's or any other points would be very helpfull
My partner & I are going BR, together we have about £52k of unsecured debt, my partner works bringing home £1950 a month, i am a stay at home mum 2 a 1 year old and we have another baby due in june. We have a mortgaged house, we had this up for sale for £185k but have just had to drop it to £175k, we owe £172k on it so are now not going to sell. We would be able to get a family member to buy the BI if it wasnt an excessive amount
We have spoken to CCCS and they can not suggest anything other than BR.
I have done research on BR etc but i still have a few questions I am unsure of, if anyone can offer any answers.
1) Can you always buy the BI? I've read somewhere that the mortgage company have to agree to it.
2) How does the OR go about valuing the house? I assume they get valuations but are they for a quick sale. Our house was valued at £185k but have had to drop it to £175k with the current market
3) The house is in joint names and we are both going BR, do we just get someone to buy the full BI or would it be better to go BR individually.
4) Am i right in thinking, if they took our valuation of £175k and we owe £172k our BI would be 3k so this is what we would have to pay?
Any advice on any of these Q's or any other points would be very helpfull
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