| T O P I C R E V I E W |
| movin on |
Posted - 25 October 2008 : 16:17:39
Hi all
Please could you take a look at this. Hubby wants this sorting asap.
Dear OR
I am writing to you with regards to the above property. I would like to purchase the Beneficial Interest in the property. Therefore I would like to offer the nominal sum of £1, plus the costs of legal fees for this to be actioned.
I have made a number of calls and been advised that the property is not realistically going to sell for more than £170,000.00, especially in this current market. I am unable to actually get any agents out to the property as they feel it is a waste of time, because the property will not actually be going on the market. I have also purchased an online valuation (which is enclosed) as well as printing off a couple of details of houses with the same specification as ours that are currently on the market with local agents. Finally I have printed off a few ‘sold’ house prices for the past 2 years with a very close vicinity to ours (1 is actually in the same road).
I am eager for this to be completed as soon as possible, as you can imagine this is a very stressful time for all concerned, and would like it to be finalised before Christmas if at all possible.
I would like to add that my wife was only working part time (24 hours per week) when we applied for the mortgage, in fact I am not even sure my wife’s income was taken into account on the application. We only got her name on the mortgage as security for the children. My wife has never contributed to the mortgage, as her wages didn’t even cover her debts at the time. I also took out a loan of £15,000.00, and have paid for it ever since, to service the deposit as there was not enough equity in our previous property.
With all this in mind I feel that even if there were any equity in the property it would indeed be mine.
The weights are coming off my shoulders very slowly, but making such a big diference !! |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 26 October 2008 : 17:31:17
Hi Jayne
Yes there is equity in my home, but i am holding out for a little while and then offer to buy the BI, as im kinda hoping that the value will drop enough not to have to spend out loads to get it.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| jane.m |
Posted - 26 October 2008 : 16:26:52
[
Hi Jo
The work you do on here is unvaluable and you are a great support to many people especially as you have been through this yourself and understand how people feel.
I hope you don't mind me asking but is the reason you are still fighting for your house due to having equity in it as I was under the illusion that if you were in negative equity the or would have no interest in it.
Many thanks
Jane
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| Needafriend |
Posted - 26 October 2008 : 11:58:49
By the way, im not on commsion, i do this as i have been there and do it for free!
I speak from personal experience and from my heart.
I know what it is like also and i want to there for you all.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| Needafriend |
Posted - 26 October 2008 : 11:55:03
Hi Mark
I can see where your coming from, as i too thought that nothing is for free. I tried different companies prior to me doing my own BR but there fees and their overall attitude stunk.
They would pester me to give them and answer and i was not ready for that.
So i did it myself. Its finding places that you know you can rely on and i know from finding this site that the posters on here are genuine, but thats only after going through it myself.
I also know that most of us have no money thats why BR is our last option, but i am also aware that sometimes companies charge a fee. But when i look back if i had found a company that could have been there and not made me feel just like another number as one or 2 i called i think i would have found the money esp when my home and now i have found out my car was concerned.
I also know that you were not intending to upset or implicate anyone just having a gripe like we all do, but i wish now i for one had done things differently.
I would not have lost a 2 year old car and be fighting to keep my home.:-)
I also want to add that i know the helpline is free, i have called them, they are not sales men they are human beings.
If you feel you need a verbal then thats one of the places that i know i have found now the strength to carry on and try and undo the mistakes i made with my assets.
What is it they say "hindstight is a wonderfull thing" well it may be too late for me, but for you then the world is your oyster along with all our other members.
Best of luck. :-)
Your mate
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| John |
Posted - 26 October 2008 : 11:49:03
Hi again mark
I can assure you the free helpline is just that....free. Those on the helpline will give their advice freely in every sense of the word. (I should warn you they are busy and at times it can be the next day before you receive a call back).
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| John |
Posted - 26 October 2008 : 11:44:01
Hi mark
I've only read the first line of your post and feel the need to write.
At no point Mark were you personally in mind when I climbed on that soapbox earlier.
Indeed my thanks for your positive comments are sincere.
Now I shall read the rest of your post mate...............
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 26 October 2008 : 10:52:42
I agree as always John, i look back now and wish i had paid for someone to help me through, i know we did not have loads of money but i could have done with someone in the know to hold my hand so to speak and show me what i should have done.
Dont get me wrong i am glad i did it myself in a way but when it now comes to my home that is one area that i could have done with someone who knew how to deal with it :-)
If there are assets then i believe whilst this forum is good for some advice thats a good thing but somethings need a bit more of a one to one approach and like i said before its "personal choice" and at the end of the day only those that are going through it can make the choice.
I know i wish i had the professional help to guide me through. Oh well thats life but for those of you looking at the site and wondering it is up to you but i have made many mistakes doing it myself and now some are too late :-(
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| John |
Posted - 26 October 2008 : 10:37:58
Hi Mark
I have edited this post (virtually deleted actually) as I had no intention of offending anyone or pointing the finger in any particular direction.
It was merely a point of view that is clearly open to misinterpretation so maybe it's best to leave the soapbox aside. |
| movin on |
Posted - 26 October 2008 : 10:02:23
Wow John
Thank you so much for the advice and i will take those 2 comments out of the letter. As mark says your advice is so invaluable as so much appreciated.
The mortgage outstanding is £171k also with a penalty of £8.5k on top until 2010.
I will be sending it off tomorrow, so am glad that i can come here for advice over the weekend and still get replies
Thank you all so much - it means alot
xx
The weights are coming off my shoulders very slowly, but making such a big diference !! |
| Needafriend |
Posted - 26 October 2008 : 09:56:42
Here here!
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| John |
Posted - 26 October 2008 : 09:18:56
Hi
I would take out the request to have the purchase of your wife's BI completed by Xmas and would also take out the offer of £1 as both are a little assuming.Most certainly it is important to inform the OR that you are keen to purchase the BI when the OR has completed his deliberations regarding the property, but leave it at that.
Your thoughts are that the property is worth £170K based on local valuations past and present. What you have not mentioned to the forum is how much you have secured against the property at present.
If the £170K is a realistic current sale price the OR will know that in reality the property would likely sell at auction in what is a stagnant market and probably only realise a maximum 75% of the market value so this will further strengthen your case.
We are about to enter a recession for what is projected to be by the experts a minimum period of 2 years. This will again strengthen your case as property values will continue to fall throughout this period which negates the practicality of a trustee sitting on the property for the best part of 3 years to see if the market improves, it won't from its current position and the OR is too busy anyway.
Finally, and perhaps most importantly, the letter refers to who paid the deposit and who serviced the mortgage payments since the purchase of the property. THIS SHOULD STAY IN THE LETTER.
Irrespective of who is on the mortgage or on the deeds, in law, it can be argued the party paying the greater amount by way of deposit and regular payment can claim a greater part of the the value.
This is known as equity of exoneration and from what you have written you could easily argue the first £15K of equity belongs to you, never mind the ongoing payment situation.It is not actually necessary for a spouse to have a deed of trust in place to prove this.
By leaving this in the letter the OR will note that you appear to be aware of your rights (because he most certainly would not raise the issue if you didn't)and on balance I would say if the +/- equity situation is borderline, and provide you stand your ground, you are home and dry.
BUT to appear in your letter (excuse me for saying this) to be a bit of a clever clogs and asking them to hurry up and sell the BI to you for the £1 (which will very likely be the case) may not go down too well.
It's usually best to stand your ground but appear a little subservient at the same time.
Best of Luck.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| RHB |
Posted - 26 October 2008 : 08:27:26
As I understand it there is a time slot of 3 years for the OR/trustees to realise any equity in a home so they may not be in as much of a rush as you are to sort it for Chrstmas. Also, I don't think that argument regarding your wife will wash, how much she earns doesn't really come into it her name is on the mortgage. If you had the house before marrying her then maybe that would be a different scenario |
| movin on |
Posted - 25 October 2008 : 22:53:27
Well i tried Allied for advice and was told they only come out for mortgage companies. The OR told me they would only do a drive by valuation anyway - how can they determine what my house is worth by just driving down my road - i completely agree with you mark. Its just all money making at the mo and we just dont have it.
The weights are coming off my shoulders very slowly, but making such a big diference !! |
| Needafriend |
Posted - 25 October 2008 : 19:59:20
Oh right Mark
I just thought OMG i have upset my mate and i never meant to do that ;-)
I see what your saying but again as you know it is personal choice again and i think there should be more options for BR and the fees they have to pay to keep things like life policies etc.
To pay the £50 each, ridiculous! Thats my grump now, so were even
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| Needafriend |
Posted - 25 October 2008 : 19:53:02
Ooooops sorry Mark,
I was just trying to mention about companies that do surveying and never ment for anyone to take it as personal advertising. I will try not to do so again. Slapped wrist for me tonight then.
Anyhow as you pointed out you can do it yourself but the OR may well ask for a more indepth valuation if they feel the need to.
So sorry again. I am not an advertising agent for them it was the only one i could think off.
Soz
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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