21st June 2010 was my bankruptcy date; I have had the letter from the Official Receiver with regard to beneficial interest and I am getting so confused about what it means. The house is in negative equity. I have to get the house valued but I can't afford it. I can't work out how much the beneficial interest would be and am getting very confused about the whole issue.
I have read the letter over and over again and don't understand it. Can anyone explain in laymans terms what exactly would happen to my house if I sorted the beneficial interest?
Hopefully someone can help, and if so, many thanks in advance
Ok, The beneficial Interest is your share of the property, when you went bankrupt your share transfered to the OR who now owns it. As you say this is not worth anything at the momemnt but it may be in the future. Now if you do not do anything then the OR will continue to hold the BI and will get the benefit if it becomes worth something later. The OR has offered for you to buy the BI back so that it it becomes yours again, They have to set a price for this and so need for you to show what it is worth. If it is worth nothing then they will set the price at £1 (plus £211 fees if jointly owned). If you buy it back now then there is nothing to worry about in the future, if the value goes up you then get to benefit from that.
So you need a valuation, try a few estate agents, they will usually give you a market appraisal for free
Beneficial Interest
Posted - 02 September 2010 : 15:50:44
