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Richard P
Senior Member
United Kingdom
1701 Posts |
 Posted - 03 November 2010 : 11:59:54
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Hi Yucel
positioning of a property during and after BR is very important.
As you have equity in the property I would suggest that you have a free chat with one of the experts.
if your brother was to purchase the BI, what happens if you fall out with him, what if he demanded the equity ?
you have 3 experts mentioned on your thread Reviva, Big Al and Vicki have a chat and reassure yourself of the process
regards Richard |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 04 November 2010 : 09:57:52
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Hi Yucel,
as Richard mentioned, you have to bear in mind things that could happen in the future such as your brother (or another relative)falling out with you who had purchased the BI, which could cause problems further down the line.
Even though the equity is about £5,000, it is at a level that could be problematic for the OR, as an IP would not take it on due to the low margins involved(nearly £2,000 has to go to the OR for their costs), which opens up the possibility of strengthening your negotiating position to make a reasonable offer to the OR for the BI(i.e. as with lots of things you don't have to initially offer £5,000 for the BI), and it may be worth doing it before the case gets transferred to the RTLU, who are a bit more hard nosed when dealing with BI.
Big Al |
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My brother wants to buy house when I go br
