House valuation to buy beneficial interest

silvercar · 11 January 2019 at 2:35PM

Georgia122 wrote: »

Thanks for the update, fingers crossed for you and for us , for us it means the difference between keeping our house and having to let it go so we are going to fight as hard as we can , silvercar are you saying there could be room for further negotiating because if we can buy back the trustee won’t have to pay out agents and legal fees?

Always room for negotiation. Always worth pointing out there is a lot less hassle and costs by allowing a buyback - it also means the OR gets their money sooner.

katyp wrote:

QUICK UPDATE: We have had an offer back from the trustee of £30k. I have made a counter offer of £27k. Fingers crossed.
Any news, Georgia?

Hopefully they will decide there is no point arguing over 3k.

katyp · 28 January 2019 at 2:31PM

Still waiting for a response. Hoping no news is good news.
Georgia, any news?

katyp · 31 January 2019 at 5:34PM

Unfortunately they have come back and decided it Is worth arguing over £3000 and have stated £30,000 is the lowest they can go.
Although, the as usual, the wording is a bit woolly, asking us if we think we could raise that much.
So, assuming my next question - directed at Silver car as I saw a response on another similar thread - is how long we will be able to stay here before we hand over the cash? Our IP seemed to be saying that we had a year from the date of the order, but Silvercar mentioned three years?

silvercar · 31 January 2019 at 6:11PM

Our IP seemed to be saying that we had a year from the date of the order, but Silvercar mentioned three years?

The property where you live is meant to be dealt with within 3 years of the date of bankruptcy. If the OR is willing to deal with it now then it gives you certainty. If you are only in the first year of bankruptcy then you could push back on this, but the risk is that house prices go up and in 18 months to 2 years the OR has a re-valuation.

If you do try and delay make sure you don't increase the equity in the property if you can avoid it. An interest only mortgage would be better than a repayment one!

Although, the as usual, the wording is a bit woolly, asking us if we think we could raise that much.

No harm is pushing back and say family have offered 25k or 27k. Up to you how you want to play it.

katyp · 27 February 2019 at 12:40PM

Latest update (if anyone is interested)
It looks as if we are going to have to find the £30k.
Our IP has authorised £1000 back to us from a savings account, and she suggested she retained that as part payment towards the house.
I countered that with an offer of £27,500 (+ the £1000) and she has come back and basically said no.
The offer she has made is that the £27,000 is paid THIS FRIDAY(!!!) and the remaining £2000 can be paid over the next four months at £500 a month (not sure if this is allowed from us, or we will have to pretend it's from someone else).
So, our inlaws have volunteered £20,000, but I am not sure how quickly they can get their hands on this) and we will have to find a way of getting the £7000 cash we have to them so they can pay the IP.
I don't think Friday is doable at all, and seems a little unreasonable to me? Our BR years are not up until 5 and 15 September!
Thoughts?

katyp · 4 March 2019 at 10:40AM

As an aside on this, I wondered how long other IPs took to get the family home sorted? I will start another thread on that.

House valuation to buy beneficial interest

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