I have recently been made bankrupt and have approximately £12k equity in my property. The trustee has asked if I know somebody who would like buy the Beneficial Interest and if so to make them an offer within 28 days. 2 questions. Firstly what would be an acceptable offer? It it a percentage of the equity or are there no fixed rules? Secondly if the offer is accepted how soon does the money need to be paid? Thanks
You need to make an offer such as it would not be attractive for them to sell it to anyone else, there are no fixed rules, think of it as like buying a house on the open market. The advantage of selling to you for them is that there are less costs involved and it should be completed quickly.
They would probably want the money within a couple of months, remember that the value of your equity could change up or down over time
Beneficial interest
Posted - 26 September 2010 : 11:47:18
