| T O P I C R E V I E W |
| jayne h |
Posted - 15 July 2009 : 21:24:02
Hi,
Me and my husband are now 9 months into our BR. I was granted ED in May and I think it is now coming round to the time where the OR is tying up our affairs!
Our house is in negative equity and we have just received a letter each regarding the buying back of the beneficial interest. The letter states that it may be possible for the OR to "transfer the beneficial interest to you, your spouse, partner, a relative or friend". It then goes on to say "If we can agree on a value to be paid for the interest in your property on completion of the transfer I will require payment of my solicitors costs in the sum of £211.00".
My questions are:-
1. Is "the offer" the sum of £1 + solicitors costs. My mother is prepared to do this for us - does she simply write a letter stating that she offers the sum of £1 + solicitors costs?
2. As we have both received a letter, do we have to pay this sum twice?
I have to say that it looks like a junior clerk has typed these letters - we both received two letters each - one stating the sum of £212 and with standard paragraphs that hadn't been taken out and another one with the figure of £211 with some paragraphs put in twice!
I would appreciate your response as we have to send them back by the end of July. Many thanks.
Jayne xx
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| 4 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 15 July 2009 : 22:46:14
If they have already quantified their interest (negative equity ) then no further proof is necessary.
Simply confirm the interest to purchase it and the rest will follow. They will require the name of the person buying the BI and will subsequently write to them requesting the £211 + £1 + £1.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| jayne h |
Posted - 15 July 2009 : 22:41:57
Thanks so much for this Paul.
To clarify, do I still need to provide the mortgage redemption statement even though they haven't specifically asked for it? They have even mentioned in the letter what the house is worth and how much we owe on it and they have declared it in negative equity? In hindsight, when they say "once I have received the above information" i suppose that must be what it is - it isn't very clear at all.
Thanks again for your prompt reply Paul.
I am panicking now as it has to be back by 28th July and I didn't realise that we needed an up to date statement! |
| debtinfo |
Posted - 15 July 2009 : 22:37:13
It sounds like you have form MP1. If you want to buy it backyou should get a valuation (2 if they are estate agent valuations) and delete the appropriate paragraph on the bottom and send it back. The reason that you both have two slightly different letters is that in you bankruptcy you have a letter offering your BI back to you and also a letter offing you you to buy your Husbands BI. He also has he same options hence two letters each |
| Reviva UK |
Posted - 15 July 2009 : 22:15:36
The figure to buy the beneficial interest ( if it is in negative equity - and you will need to demonstrate this with valuatations and a current mortgage redemption statement) is
£211 for the legal costs ( if you use the OR's legal people )
PLUS £1 for the notional value of Beneficial Interest.
If you are both buying these back it is £1 for each of the Beneficial Interests PLUS one fee of £211 for legals.
Now you are discharged there is no reason that you couldn't purchase back both yours and hubby's. This will save the legal costs to transfer these back to you later.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
