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gally
Junior Member
114 Posts |
 Posted - 19 March 2009 : 21:34:46
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| can a third party negotiate and buy the beneficial interest negative equity or not for a brupt then transfer back to the individual the bi for a fee so as family and friends do not need to get involved |
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John
New Member
United Kingdom
73 Posts |
Posted - 19 March 2009 : 21:51:20
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Hi
yes they can. The 3rd party can be anyone you wish to nominate.
John White
England Jackman & Spacey |
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gally
Junior Member
114 Posts |
Posted - 20 March 2009 : 09:59:47
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| do you ever do this john ? |
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Steve T
Starting Member
United Kingdom
4 Posts |
Posted - 20 March 2009 : 11:00:02
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Further to John's comment, if you are looking to do this it is better to get on with it than leave things hanging. If you have negative equity and you still wish to retain the property take this step now. The OR has up to three years to deal with his interest in the property before it reverts back to the bankrupt and so you do not want to be in a situation, whereby a property with no equity, has equity in three years, and costs more to buy back.
If a property has no equity it can be transferred for �1 plus about �211 in costs.
Steve Thatcher
**Details removed, only experts are allowed to post contact details** |
Edited by - Skippy on 20 March 2009 12:10:36 |
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gally
Junior Member
114 Posts |
Posted - 20 March 2009 : 11:19:44
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c u have been replying late last night helping everyone as usual i would appreciate an answer sometime today john if poss
ps admin how come i can phone direct Steve Thatcher after 3 posts but cannot get johns contact number ? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 March 2009 : 12:10:02
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I seem to remember a post from John saying that he has chosen not to have his contact details in his signature.
Steve, I have removed your contact details as the forum etiquette states that only experts are allowed to post contact details.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
21 IPA payments made, 15 to go - on the home straight! |
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gally
Junior Member
114 Posts |
Posted - 21 March 2009 : 08:53:21
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| john can u answer question please |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 March 2009 : 12:56:22
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Hi gally
sorry for the delay but only just come on line after the weekend shopping!!!!
No this is not a service that I would get involved with.
If you stop to think about what your proposing you will see it is a very very risky thing to do.
You should only ever nominate your spouse / partner or family member or friend that you trust implicitly. You would be handing over the value of the property, or some of it, to the nominee, how do you know they would pass it back?
If there were companies providing such a service they would no doubt charge handsomely for it.
What I can do of course is guide you through the process of establishing the level of the bankrupt's interest (what the BI is actually worth) and also guide you in respect of offers to the OR as these
2 figures are not necessarily the same.
May I ask is your property in negative equity and therefore the sole purpose of asking because you wish to keep it confidential?
(sorry I would normally search your previous posts to get this information but that facility appears to have been removed recently).
John White
England Jackman & Spacey |
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gally
Junior Member
114 Posts |
Posted - 21 March 2009 : 14:37:29
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| afternoon john fortunately/ unfortunately i have equity i just dont want my wife to have the hassle if that makes sense she has been through enough what with losing the business and all our savings she tells me to move on and forget the past but i know it eats her up inside also i am the only name on the mortgage and it was only me who went br . i am in a position where i dont know the correct procedure and obviously dont feel in control of the situation something alien to me . i view the house as our home (2 kids ) not as a financial asset and even though i know the housing market is droping monthly leaving the conformation of no interest letter (assuming there is one ) on the breakfast table for her to read would be priceless any advice would be appreciated greatly. gally |
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gally
Junior Member
114 Posts |
Posted - 22 March 2009 : 10:08:38
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| bump for john |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 March 2009 : 11:39:18
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Hi
you first need to establish what the level of equity actually is so that you know what you are dealing with. I have to admit that outside of a spouse, family member or close friend being in a position to purchase your BI there are few, if any, other avenues open. Except of course you.
You are entitled to purchase your own BI but it works out more expensive than if a 3rd party were to do so.
John White
England Jackman & Spacey |
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gally
Junior Member
114 Posts |
Posted - 22 March 2009 : 12:30:18
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john lets be irrational for one minute
lets say market drops and at the end of br period (3 years )there is no equity in property do i just get it back for a nominal fee ? |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 March 2009 : 13:23:45
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Hi
in that scenario the property would actually vest back in you automatically on the 3rd anniversary of your bankruptcy order if the OR had taken no steps to realise equity, and it would be at no cost to you.
The reality is that the OR is not going to wait more than 1 year if there is equity. If there is no equity but you have not arranged the purchase of the BI then he will of course hold on to see if equity is gained within the remaining 2 years or sell it to you or your nominee.
At no point is there any mileage in the OR taking any steps if equity does not materialise and even then he has to find a buyer as going to auction will not realise that equity.
One could therefore gamble and wait 3 years but the market would need to be watched and if it starts to go up and you then approach the OR they too will know it is rising and maybe hang on longer and remove the offer of your buying the BI until the potential equity level is maximised.
John White
England Jackman & Spacey |
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Topic |
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can third party negotiate and buy beneficial interest
