If there is no equity left in the property, and I pay the nominal fee of £1 plus solocitor's fees, am I liable for any other costs? Also, by paying the £1 would then have full ownership of the property?
the purchase of Beneficial Interest doesn't pay off the mortgage or secured charges so they must be paid.
Also if you are the only person on the mortgage then you will need to pay around £450 for the OR's legal costs plus around £50 for the Land Registry fees.
Are you saying you are buying the BI in your property? If so, is it jointly owned and is any other "joint" owner also BR?
If it is simply you as having the mortgage then the fees are as Paul has set out
Come back if you need more assistance. Richard
quote:Originally posted by david.en
If there is no equity left in the property, and I pay the nominal fee of £1 plus solocitor's fees, am I liable for any other costs? Also, by paying the £1 would then have full ownership of the property?
If there is no equity left in the property
Posted - 19 March 2010 : 06:45:28
