| T O P I C R E V I E W |
| toon army |
Posted - 10 July 2008 : 16:01:53
Recevied lettr from the OR. Its regarding our property. there is no equity in it. Asking us both to Pay £211.00 towards solicitors fees and £1.00 to buythe property back?
We wondered if we do this is the property ours and they cant touch it?
Or is it more complicated than this?
Any advise would be of assistance. many thanks |
| 9 L A T E S T R E P L I E S (Newest First) |
| sammy555 |
Posted - 01 July 2009 : 14:33:56
Hi
will this apply in my case?
husband went bankrupt in may 09. OR has asked it i want to buy benifial interest in our home which is sole owned by my husband
unfortunately i will be going bankrupt later as i was also a partner
in the failed business. he has asked for £470 + £1 which could go in my daugthers name. if we do this what would happen if our house becomes no longer in negitive interest or we decide to sell? before
his bankruptcy ends. (can we still sell it if in her name?)
and will this mean the debtors can't touch it?
sorry for all the questions but its confusing.
please help
debbie |
| JulianDonnelly |
Posted - 11 July 2008 : 11:25:05
Hi Scared,
Indeed, this is true. However, with no unsecured debt to service, and with all things being equal, the mortgage should be far more affordable.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| scared |
Posted - 10 July 2008 : 18:35:45
The only note of caution I would add to this is that I have been advised that if there is negative equity and you buy back the beneficial interest then default on the mortgage at some point in the future the shortfall following sale of the property will be recoverable by the lender and not covered by your bankruptcy.
|
| Ian Richards |
Posted - 10 July 2008 : 17:51:57
Yes thats right, i presume that you have sent in valuations of your property and if so the OR is obviously happy with them so thats it. |
| toon army |
Posted - 10 July 2008 : 16:33:18
Thanks for all your advise, it just seems too good to be true!!!!
It must be as there is no equity?
So if we pay the sols fees and the £1.00 thats it? |
| Ian Richards |
Posted - 10 July 2008 : 16:30:34
Yep......true!! |
| John |
Posted - 10 July 2008 : 16:21:48
Hi toon army
there's no come back for the OR here.
If you pay the fees + £1 as per his offer and your property turns out to be sited on the biggest oil find this century - happy days! |
| toon army |
Posted - 10 July 2008 : 16:09:53
so If we pay the solicitors fees and the BI of £1.00 the OR is then finishedwith the property?
What happens if it goes up in value? |
| Ian Richards |
Posted - 10 July 2008 : 16:08:08
Hi TA
I should get the cheque in the poat as soon as you can! Obviously the property isnt yours as it belongs to your mortgage provider, but in a nutshell as soon as you have paid the OR for the benificial interest that part of your BR will be over and done with! |
