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T O P I C R E V I E W
ripski
Posted - 28 March 2009 : 06:04:02 How does this work? I have only £10000 even if the house realizes the top price. Prob. neg equity. I have fully accepted that the house will go one way or another,but hoped to remain here unless it sells for as long poss.I have seen another post where it suggests that Beneficial interest of £1 ( even with neg equity) was used to reamin in the property.
ripski1
2 L A T E S T R E P L I E S (Newest First)
gally
Posted - 28 March 2009 : 12:48:42 john advise please ref bi . i went br and not my wife i am alone on the mortgage i am sure i have read somewhere my wife has to justify in writing her contribution to the household upkeep is this really neccessary when i / third party am prepared to pay to buy back the bi negative equity or not
John
Posted - 28 March 2009 : 11:30:11 Hi
thats correct, if there is no equity then your partner / spouse or a 3rd party nominee of your choosing will be permitted to purchase your BI from the OR for £1 + £211 fees.
If the very top price would realise £10K in the current market you won't acheive it so when you enter the value of your property on the SOA it should not be what you perceive to be the best price but a realistic one, in your case at least £10K negative equity if your estimation of top price is accurate.
You would of course also need to meet the mortgage repayment schedule to keep the property.
