Beneficial Interest in Bankruptcy

[mish1953]

[}:)]
Anyone want to buy my beneficial interest ?

I went BR on 10/07, and have now got a letter form the OR asking if I want my beneficial interest transferred to someone else ..

There is about £20 k equity on my house ( as a result of the unsecured element of my Together mortgage being blown away by the BR ), I have no relatives other than my 14 yr old daughter , none of my friends are in a position to take it on ... so its got to go.

The OR seem to be moving quite quickly, I know that I should be OK for up to 12 months but it 'feels' like the house is going to be sold sooner rather than later.

Has anyone any experience of how quickly the OR moves in this situation ?


Have another cup of tea !
Slainge
Mish

[scaredkez]

mish they are moving faster than mine and i went BR in april
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

The OR is doing this because they want to determine whether they should appoing a private sector insolvency practitioner to act as your Trustee. If you are in a position to find a funder, this would avoid the additional costs involved in appointment to the benefit of your creditors.

You still have your 12 months, so don't be pressed into making rash decisions at the moment. Take time to think about your next move in this process.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[BrassicLintus]

Hi, regarding BR and property - I have a mortgage of £86 and a secured loan of £26 (these are the settlement figures they have provided) but my house has been valued by three estate agents, one at £100K one at £107K and the third at £117K! Would the OR take the higher figure of £117K? And would then the Beneficial Interest have to be bought at 5K? Thanks.

[MelanieGiles]

The OR should get their own valuation - ask them what this is, and you can then argue that your valuation of £100k may be more realistic, in which case there is no equity and you ought to get a friend or relative to make a nominal offer to the OR for £1 plus legal costs.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[fudge34]

Hi Melanie
I wondered if you could help me with the same sort of enquiry as Mishs' I wanted my husband to buy back the house from me. When I go BR can he do this straight away? within a year the house prices are bound to go up so want to get in there asap. Also we have an early repayment clause in our mortgage which I think is four grand. At the moment the IP has valued our house at 160k we brought it last year for 153k and we currently owe 151k. Obviously the equity is split down the middle as its a joint mortgage so as it stands today so my half of the equity taking into account fees etc would be around three grand. If I take into account the early mtg release penalty that leaves me with almost no equity. Could I then not simply sign the house over for a pound?

[MelanieGiles]

Yes - I would definately recommend that your husband makes an offer to the OR straight away. The ORs staff do like to get cases off their desks as quickly as possible, and will want to be as helpful as they can.

You will probably find that the OR will now allow anything towards costs of sale, but it might be worth a try to see. Can your husband afford to offer £3,000 if he has to?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[fudge34]

Hi Melanie
Thanks for coming back to me - no he hasn't unfortunately! would have to think about how he would find the money - If not we could save up over the 12 months they give us but then would they take into account a further house price increase or use the same rate it was when the BR order was put into place - house prices are going up all the time around our area so would want to be sure that we could afford it in the future

[MelanieGiles]

The OR will probably have the property revalued - so you could end up having to pay more. Any friends or family who could help? Or could your husband apply for a small loan?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[fudge34]

Hi Melanie
We don't have any friends or family with that type of money - would have to try and talk husband into getting a loan which he will hate as he is brilliant at staying out of debt - do you know what valuation service they use? would be interesting to see if I can get it valued even on the internet to see how house rises have gone up in the area over the past year so I can track it.

[MelanieGiles]

The OR will use a local agent known to them with knowledge of your area.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk