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Simpleton
Starting Member
4 Posts |
 Posted - 18 January 2010 : 13:34:13
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Hi
I went bankrupt in July of 2008, in september of the same year my ex partner was offered the opportunity to buy the beneficial interest in the property, we sent a letter recorded delivery with an up to date valuation and a mortgage statement. This put us in negative equity, to be honest I thought nothing else about it , and my partner told me that everything was sorted. My Partner and I then split up in March 2009, I kept the house ( as it's my name on the mortgagee) and she moved out. Yesterday I recieved a letter from the OR addressed to my ex partner, I thought I had better open it , and it said " they knew she had expressed an interest, and was this still the case, and that unfortunatley they would need another valuation and mortgage statement as so much time had passed" What do I now do, do I have any comeback on the fact we sent them the stuff ages ago and it's taken them so long to get back. Obviousley I dont want my ex to buy the bi. But since we sent the original paperwork I've paid 16 mortgage payments (reducing my mortgage) and the value of my house may have gone up, meaning I now may lose the house. Is thier anything I can do , or do I just have to get on with it. It seems a bit unfair
Thanks
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 18 January 2010 : 14:48:49
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hi and welcome to the forum
even though it was your ex who was going to buy thr BI it does not have to be that way now.
if there is someone else who is willing to do it or buy the BI back yourself from the OR
there may be an increase in valu and or equity in the property but over the last 18 months is could have gone the other way.
get some valuations done and get a mortgage redemption figure and check for yourself
if there is equity in it you can buy it off the OR and they are normally flexible about the value if selling to you rather than having to sell it themselves
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 18 January 2010 : 15:13:08
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Hi Simpleton
from the look of it the postal service has helped you by loosing the initial paperwork.
whilst you are working through the plan / ideas suggested by Chester, it may be an idea to contact the OR and just inform them that you have seperated from your EX and that you will formally reply to the letter (think that you have a time frame to do so) shortly
good luck Richard |
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Simpleton
Starting Member
4 Posts |
Posted - 18 January 2010 : 15:20:19
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| Thanks for the replys, is there a way of getting the lowest possible valuation form an estate agent, like a quick sale valuation, is it worth mentioning the house has damp too, (which would need paying for). also it would cost 2000 in redemption figure on the mortge would the or take this into consideration. As i am the only person on the mortgage would the soliciters fees be more ? sorry for all the questions but i really want to keep the house |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 18 January 2010 : 17:56:26
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have a couple of agents value it, tell them you have a job opportunity out of the area and need to sell quickly hence quick sale price.
redemption figures are sometimes allowed but sadly some ORs don't
to buy the BI from the OR as a sole owner does sometimes cost more because of the legal title
if in negative equity £1 for BI £495 for fees
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Hi I went bankrupt in July of 2008
