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totally lost
Junior Member
116 Posts |
 Posted - 18 January 2010 : 11:29:55
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Hi all.
Sorry, I just dont understand 'buying back interest'..?
Can someone please explain what/how this works???
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 18 January 2010 : 13:13:33
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The Insolvency Service publish a leaflet which is very good it is entitled
"What will happen to my home"
You can pick one of these up at a local County Court or a Citizens Advice Bureau or call 0121 698 4241 they will post one to you |
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Steve Thatcher
New Member
United Kingdom
70 Posts |
Posted - 22 January 2010 : 11:08:05
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Hi when you have a bankruptcy order made any interest you have in a property vests in the OR. So if your house which you own has equity then the proportion of equity which belongs to you is an asset of the bankruptcy and belongs to the OR.
If you owe jointly them the expectation is that 50% of the equity is yours. If the equity is £10,000, £5,000 is yours. The OR wants to realise that equity for creditors and so will sell it to a spouse or other party for a value, this may be £5,000 but probably at a discount. This is buying bakc the interest.
If as is often the case there is no equity it can be transferred back for the payment of £1 plus legal fees on a joint property of £211. The fees for a soley owned property are about £450 I think.
Steve Thatcher
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 22 January 2010 : 11:14:55
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Hi
Welcome to the forum.
Steve is right about the process. It is straightforward. It is a Deed of Assignment and the OR normally uses a firm called TFT in Bristol
The fees are as Steve has said.
I always suggest that people get two or three local independent estate agents to give you a written valuation. Do not use the corporates - use local small firms.
Say that you are looking at re-locating for work and want a quick sale. If you say it is linked to going BR, they will shy away and will not see any prospect of an instruction! The valuations will cost you nothing.
When you get the valuations, look at the mean and compare with the sum outstanding to your lender(s).
Come back if you have any more questions.
You do not need a solicitor as it is literally three signatures on a piece of paper, you, a witness and the OR
Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
Edited by - Housing on 22 January 2010 11:16:09 |
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totally lost
Junior Member
116 Posts |
Posted - 25 January 2010 : 11:00:42
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Thanks everyone for your replies!!!
Very helpful! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 25 January 2010 : 11:05:58
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quote:
Originally posted by totally lost
Thanks everyone for your replies!!!
Very helpful!
Good luck and come back if you have any more points to raise - come back anyway and let us all know your experience - it is helpful to learn from others experiences. Richard Parry
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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Buying back interest..?
