Went BR on May 29th, have since had the OR interview and received a letter (my wife and I both got a copy) asking if we want to buy the BI, it needed to be signed and we had to submit valuations within 21 days. We've done all this and so far heard nothing - I was wondering how long before I can expect some sort of price to be put on the BI. Based on the valuations (done in June) we are in Negative Equity.
My concern is that the last time I spoke with someone at the OR office they told me they are investigating whether to get a BRU/BRO against me - Will this be having an effect on buying back the BI?
This will have no effect on your ability to buy the beneficial interest, but may be what is delaying getting the file transferred down to the liquidation unit, as they will be dealing with the beneicial interest issue. The OR has to submit the BRU/BRO within 9 months of the bankruptcy order, so they have until February to make a decision on the BRU/BRO, and you may have to wait until then for the file to be transferred. It doesn't make any difference in terms of you buying the BI so it at least gives you time to save up the conveyancing costs.
What sort of costs are involved in buying the BI - I understand that we have to pay £211 for OR legal + £BI value (potentially £1 in our case). Would my wife need to employ a solicitor to complete the transaction or is it something we can do ourselves?
How long to hear about BI
Posted - 19 September 2008 : 10:17:41
