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John.St
Starting Member
10 Posts |
 Posted - 18 July 2012 : 21:57:05
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The OR has registered a benefical interest in my house - its not huge. I have made two offers to buy back the interest which have been rejected for being too low. I still have 11 months before the 3 year period is up. I dont think I'll be in a position to improve the offer and obviously the equity is increasing as I continue to make payments. What happens at the end of the three years if we cant agree an amount?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 July 2012 : 23:21:13
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Hi John,
I'm sorry but I have no idea on this one. Hopefully one of the experts can help.
Just didn't want you to think that you were being ignored.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 18 July 2012 : 23:35:09
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Hi,
Its normal for the OR to wait until 2 years and 3 months to make their minds up, and anyway have until 3 years to make a final decision.
Ballpark,
What figures are being talked about?
Have you had your own valuation done?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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year 2029
Average Member
590 Posts |
Posted - 19 July 2012 : 00:18:06
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Just to add,
For your family home, after 3 years, if nothing is done by the OR, the beneficial interest (BI), is vested back to you. Ie, its yours.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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John.St
Starting Member
10 Posts |
Posted - 19 July 2012 : 22:12:13
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Thanks guys - they will be doing something that's for sure as they keep asking me to make an offer. At Christmas when it was last valued there was about £8k maximum in it without any cost of sale etc and assuming it reached the asking price. I offered £1k and they asked for £5k which I could not and still cannot afford.
I may be in a position to offer slightly more but still not £5k and obviously I am making payments as well so the equity is increasing all the time.
If they put a second charge on the property for the equity at the time, is that fixed or does the charge increase as the equity does?
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year 2029
Average Member
590 Posts |
Posted - 25 July 2012 : 23:25:32
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Have you had it independently valued?
I had an independent valuation by a local estate agent accepted by my trustee.
Hopefully they haven't gone off Zoopla ;-) which I suppose could work for or against you.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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The OR has registered a benefical interest in my house
