Beneficial Interest
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44lisa44
Posts: 8 Forumite
Hello there,
I am after some advice please. I am about to start negotiating to buy my bankrupt ex husband beneficial interest in my house and was wondering how much levy the trustees will give and what would be a reasonable offer. I think they will say his share is £32,000. How much would they possibly deduct for fees that they would have to take into consideration if they were to make me sell? Obviously I want the best deal possible and not to lose my kids family home!
Any help appreciated.
Lisa
I am after some advice please. I am about to start negotiating to buy my bankrupt ex husband beneficial interest in my house and was wondering how much levy the trustees will give and what would be a reasonable offer. I think they will say his share is £32,000. How much would they possibly deduct for fees that they would have to take into consideration if they were to make me sell? Obviously I want the best deal possible and not to lose my kids family home!
Any help appreciated.
Lisa
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Comments
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Hi 44lisa44,
This is a very difficult question to answer. The Trustee's job is to get the best possible deal for creditors, so if they feel they can get more for the creditors threw a sale, compared to your offer, that is what they will push for.
You can make some educated estimates for the selling costs (by calling some local estate agent's and solicitors for free quotes) and deduct that from his share value. However, as far as the Trustee's fees are concerned, that is something you will struggle to estimate. You have the option to start with a lower offer and openly negotiate with the Trustee to try and an agreement everyone is happy with. They will be looking an offer as close to his share value as possible.
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Hi Lisa,
Can I assume that the property is jointly owned?
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
Hi DD,
Yes property is jointly owned but divorce has been completed setting out ex's entitlement.
Regards
Lisa0 -
Hi DD,
Yes property is jointly owned but divorce has been completed setting out ex's entitlement.
Regards
Lisa
In that case the negotiating position is very much how Laura from National Debtline described it above.
It would not surprise me at all if all of your ex's equity (when realised) goes to the IP's fees and other fees and the creditors will see nothing!
So remember, when the IP says s/he is trying to obtain best return for creditors, they really mean best return for their own back pocket!
I would start obtaining some valuations for 'a quick sale' which should keep the price down.
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
I'm in a similar position too, well just got the part 26 letter I think it's called....saying 21 days to make an offer/decision are you in that time frame too ? I'm not sure if I'm able to buy mine out as his is more nearer 80k what a stupid man I'm just thinking of all the wonderful things we could have done with that money...instead I'm trying to come up with ways not to sell, do you have any advice I'd like to buy some more time for myself x0
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Ex only went bankrupt just over a year ago so I am dealing with my situation earlier rather than wait for the 2 years 3 months when they come knocking. I just want ex out of my life as much as possible and I am very lucky in that I have family who are able to lend me some money.
Most people seem to be in negative equity and I cannot seem to find many who are in our situation so I was just intrigued and after advice from anyone who has had have to negotiate on the beneficial interest.
Anyway I have got all the information the trustee has asked for so let the negotiations commence!!!0 -
Ex only went bankrupt just over a year ago so I am dealing with my situation earlier rather than wait for the 2 years 3 months when they come knocking. I just want ex out of my life as much as possible and I am very lucky in that I have family who are able to lend me some money.
Most people seem to be in negative equity and I cannot seem to find many who are in our situation so I was just intrigued and after advice from anyone who has had have to negotiate on the beneficial interest.
Anyway I have got all the information the trustee has asked for so let the negotiations commence!!!
Just wondering how you got on, fingers crossed for good news xxxx0
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