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john.66
Starting Member
2 Posts |
 Posted - 13 June 2010 : 10:55:16
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| posted before,if i went bankcrupt and decided to keep my house,i believe a third party can buy the interest what will that cost,and how does it work thanks |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 13 June 2010 : 11:03:33
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if your house is in zero or negative equity it is normal for the OR to allow you or someone else to buy the Bi back if you wish to stay in the house and can affors the payments of the loans secured upon it.
If there are more then 1 owner ie. Tenants in common, it costs £211 costs and £1 for the BI.
If you are the sole owner it is £475 costs and £1 for the BI. In this case it is normal for the OR to require you to have your own legal representative to complete the sale of the BI back to you, this can vary in cost but i think Reviva do this for about £250 but i stand to be corrected.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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debtinfo
forum expert
2826 Posts |
Posted - 13 June 2010 : 11:42:31
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| Although you can do all the paperwork yourself to save on cost, if you feel confident yourself. The OR really only recomnds that you have yur own representative so that ou can be confident that it has been done correctly |
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debtinfo
forum expert
2826 Posts |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 13 June 2010 : 12:22:59
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although it is possible to do it yourself some ORs will all but insist you have legal help it is like a lot of things you don't need a solicitor to buy a house in the frst place but how many people do it without one?
In effect that is what you are doing, buying the legal interest in the property back if you are the sole owner..
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 13 June 2010 : 21:50:26
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In my view, you do not need a solicitor to buy the BI - it is a simple Deed of Assignment - 2 sides of A4 - the ORs solicitor will do all the necessary work with the LR and you should not have any serious concerns, Richard
"There are no problems - only solutions" |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 13 June 2010 : 23:41:36
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is that not only if there are more than one owner ie. tenants in common, i believe if there is only one owner there is the legal title to deal with ie. conveyancing. which most people leave to a solicitor to deal with.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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if i decided to keep my house ?
