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T O P I C R E V I E W
cjbss9
Posted - 26 February 2010 : 14:28:54 Myself and my wife went into voluntary bankrupcy in Nov 09, the OR registered an interest with the Land Registry on our house in January. Our house is definately in negative equity at the moment and i am aware that you can transfer/sell any future equity over to a family member or friend for a £1 and i am aware that you have to pay the solicitors fees of £220. My question is how soon in the whole process can you do this or is there a cutoff point at which the OR will get the future equity and there is nothing you can do about it. I do have the money but there are also alot of other things the money should be going on so would like to wait possibly till the end of the year to transfer the future equity is this possible or do i need to get it all done ASAP
2 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 26 February 2010 : 16:02:21 Hi CJBSS
I believe that you have upto three years to purchase BI adn the OR to decide if they have interest
obviously keep an eye on house increase / decrease in prices as you do not want to caught out
when within the time frame you decide to buy the BI is upto you
regards Richard
Housing
Posted - 26 February 2010 : 16:01:40 Hi
Assume the house is in joint names?
You can approach the ORs office and inform them you want to buy the BI in the property. They will, at some stage write to you anyway - but nothing to stop you being proactive as they are very busy!
It will cost you £211.00 plus £1.00 each - £213.00 and the ORs solicitor, will do all the wrok. they are called TFT and based in Bristol.
It is a 2 page deed of variation with 3 signatures - you do not need a solicitor
