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T O P I C R E V I E W
kellsy
Posted - 20 May 2009 : 15:54:43 Hi, if a relative or partner is buying the BI in my home what would this mean if i were to sell it in the furture and what exactly does the BI mean? thanks
3 L A T E S T R E P L I E S (Newest First)
kellsy
Posted - 21 May 2009 : 13:51:07 many thanks you guys :)
Deedee
Posted - 21 May 2009 : 10:42:42 It would mean in the future that should you sell your house then the reletive will be entitled to your part of the equity.
When you are discharged you will have to employ a soliciter to sort out buying your I back from the reletive.
I am sure one of the experts can correct me if I am wrong but I think you can buy it yourself.
Suzanne
Posted - 20 May 2009 : 16:12:38 The beneficial interest is the portion of equity that is directly attributed to you. In a jointly owned property this would be 50% of the equity.
In most cases the joint owner would buy the BI so there would be no issue for the future.
