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BankruptC
Senior Member
1030 Posts |
 Posted - 29 July 2008 : 08:38:23
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Hi again,
Can someone please clarify beneficial interest for me? Can the OR decide NOT to sell the BI and if so, how likely is this? Also, if a third party is going to buy it for us, by what point of the process do they have to have done this by for it not to be too late? We're hugely in negative equity so the chances of there being any equity in the next 3 years are minimal, and we can't think of anyone who could get hold of the money to buy the BI in the first few months of BR and so we're not sure where we stand with this.
Thanks again,
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 29 July 2008 : 09:41:20
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Hi Ian,
The OR or trustee will always look to sell the beneficial interest, however if you are in negative equity this the transaction will be completed at the nominal sum of £1 plus the legal costs for the transfer which should be no more than £250.
The trustee has 3 years in which to deal with the BI, but as yours is in a position of negative equity they will more than likely offer this within the first 3-6 months.
Are you both going Bankrupt or just you?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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BankruptC
Senior Member
1030 Posts |
Posted - 29 July 2008 : 09:50:47
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Thanks Brett,
We're both going BR. We're in the position of having to make a decision today as to whether to stay in the house or to hand back the keys back and rent somewhere. If we rent somewhere, hopefully over the next 6 years or so we could save a deposit for another house (depending on the cost of housing then!), when our credit rating would be much better, but we'd rather stay in the house if there's a chance the price could increase enough to get us out of the position of negative equity. It's a real gamble
BUT if there's a chance the OR wouldn't sell us the BI, there's no point staying here, where we won't be able to save a penny cos of the huge mortgage costs. Help! 
Thanks so much again,
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 29 July 2008 : 12:01:39
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Hi ians
The OR would prefer you to buy the BI from him as it is far easier for him, so it will be fine.
As you are both going BR you would normally sell the BI to someone close to you who you feel is trustworthy enough. However you can buy it yourselves but you would have to prove to the OR where the money came from. For instance Great Aunty Mavis could give you the money as a gift for you to buy it back and as long as you could prove to the OR/Trustee that Aunty Mavis gave it to you as a gift it will be fine. |
Edited by - Ian Richards on 29 July 2008 12:04:01 |
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BankruptC
Senior Member
1030 Posts |
Posted - 29 July 2008 : 13:01:04
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Thanks Ian,
And can anyone clarify whether we have to pay the £211 each or just once? We've asked several differet people and nobody seems to know for sure-not even the OR's office!
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 29 July 2008 : 13:03:39
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Just the once, so that's £211 plus £1 each so a total of £213.
If you are in need of any further help or assistance, please contact me regarding my services via email. |
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BankruptC
Senior Member
1030 Posts |
Posted - 29 July 2008 : 13:11:16
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Thanks again Ian,
And finally, does it all have to be done through a solicitor so there'll be solicitor's fees to pay too? If so, any idea what those fees will be?
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 29 July 2008 : 13:20:16
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It will be done through the OR's solicitor that's what the £211 is for......its their fee's.
Ian
If you are in need of any further help or assistance, please contact me regarding my services via email. |
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BankruptC
Senior Member
1030 Posts |
Posted - 29 July 2008 : 13:32:27
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Ahhh right. That clears things up in my mind.
Thanks so much Ian,
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Beneficial interest confusion!
