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russellcl
Starting Member
2 Posts |
 Posted - 11 December 2008 : 10:07:05
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| Hello, the overdraft is £550.00, can you explain what it means when you say my wife would be offered beneficial interest in the property? does it mean that there is a chance we would not lose the house? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 11 December 2008 : 10:24:07
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Hi Russell
Beneficial Interest is the equity that is in a property or other asset.
So if you have a mortgage of say 190k, the house is worth 200k, your BI would be 10k, but as you are a couple then if she is on the Mortgage or proven to pay into the house that would be halfed so the BI to buy would be 5k.
If both parties go BR then a 3rd party would have to buy the BI which would be 10K.
Hope that makes sense:-)
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Edited by - Needafriend on 11 December 2008 10:25:44 |
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John
New Member
United Kingdom
73 Posts |
Posted - 11 December 2008 : 11:21:59
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Hi Russell
although the use of the overdraft will be frowned upon it is not a huge amount so don't be too concerned by the issue.
Re the property
as only you, not your wife, are planning bankruptcy, if the property is in negative equity and you can afford to continue to pay all secured repayments then yes, you will keep the property.
Your BI will be purchased by your wife, from the official receiver, for the princely sum of £1 plus legal fees of £211.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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what is meant by beneficial interest ?
