Author Topic: Buying back the beneficial interest  (Read 1990 times)

james_s_p

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Buying back the beneficial interest
« on: Aug 24, 2013, 05:04:51 PM »
Any help on the following greatly received;

Recently BR and my property value circa £175,000, mortgage of £120,300 and equity loan of 30%. I estimate the BI therefore around £2 - £3k, of which my father is more than willing to pay. However having had my interview with the OR, I was told to wait to hear from a third party who oversees payments (including IPA and NT tax code payback), but am conscious house prices may be rising. Is there anything I should do to speed up? Also, is it sufficient to provide informal estate agent market appraisals, or a chartered surveyors formal valuation? Both fine as am in the industry, albeit would be helpful to know.


Thank you in advance

James Falla

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Re: Buying back the beneficial interest
« Reply #1 on: Sep 05, 2013, 10:49:39 AM »
Hi James
 
This is a normal process. The OR does not normally get involved with the negotiation for the buy back of beneficial interest themselves. They will normally pass this task to someone in the Insolvency Service. You will normally need to provide a written offer including evidence of the value of the property in the form of a local estate agent's valuation in writing. If the offer is acceptable they will continue with the process although you will need to pay the cost of their solicitor's fees up front which will normally be c£400-£800.
 
Your OR should put you in contact with the appropriate person at the insolvency service without much delay. I suggest you chase the OR I  week or so if you have not heard anything.
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