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Golf88
Starting Member
43 Posts |
 Posted - 28 August 2010 : 14:32:40
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Hi,
I was made BR on 24th June 10 and have just been offered the chance to buy the BI. Fees to OR are £305 and there is a valuation fee of £70. My daughter is purchasing the BI and the letter from the OR states I will need a solicitor to do 'my bit' of it. I am in Northern Ireland but I'm sure it's pretty much the same as the mainland. Why do I need a solicitor? doesn't the OR's solicitor do what is required. I am really worried that all of this is going to get out of control. It has been very difficult to come up with the 375 - god knows what another set of fees for a solicitor will cost. Can anyone offer any help or advice please. I don't want to book an appointment with my solicitor and add extra costs to this if i can possibly help it.
Regards,
Golf88 |
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Golf88
Starting Member
43 Posts |
Posted - 28 August 2010 : 16:28:30
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Come on folks, BUMP
Regards,
Golf88 |
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debtinfo
forum expert
2826 Posts |
Posted - 28 August 2010 : 20:00:00
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| As it is different in NI i cant really say, In england you dont have to have a solicitor but it is recomended as the OR's solicitor only acts for the OR |
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Golf88
Starting Member
43 Posts |
Posted - 29 August 2010 : 16:42:42
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Thank you debtinfo for the reply. What exactly would my solicitor have to do? Is it something that I could do for myself?
Regards,
Golf88 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 August 2010 : 16:57:52
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Julie who posts on here bought the BI when her husband went BR, and I don't think she used a solicitor. Hopefully she'll be able to advise you, but you will need to check whether things are different in Northern Ireland.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Julie
Starting Member
42 Posts |
Posted - 29 August 2010 : 17:58:58
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Hi there Golf88, as Tracey rightly says I bought the BI in our property when my hubby went BR. After taking expert advice, I didn't use a solicitor as there really is no need.A solicitor would only be needed if somone outside the family bought the BI, just to protect yourself from future fallouts I think.
I just sent the cheques off and recieved the confirmation paperwork very quickly. A very simple process in my experience.
As the others have said, you may want to check if its any different in NI, but I wouldn't think so.
Would it be your spouse who is buying the BI? |
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Golf88
Starting Member
43 Posts |
Posted - 30 August 2010 : 20:42:37
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Thanks Julie, My daughter is buying the BI as my soon to be ex-husband is going BR next month too. I'm pretty sure that things here will be the same as the mainland. The sooner this is over with the better as the stress levels are rising again.
Regards,
Golf88 |
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Julie
Starting Member
42 Posts |
Posted - 30 August 2010 : 20:49:07
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In that case, personally, I wouldn't bother with the solicitor.
The stress levels will decrease once everything has been sorted, believe me. My hubby was in an IVA for 18 months before being forced into BR and I didn't think we'd ever get through it. Now hubby has been discharged and we have less than 2 years of payments to make..plus we kept our house. So there is light at the end of the tunnel.
xx |
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Golf88
Starting Member
43 Posts |
Posted - 30 August 2010 : 21:56:17
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quote:
Originally posted by Julie
In that case, personally, I wouldn't bother with the solicitor.
The stress levels will decrease once everything has been sorted, believe me. My hubby was in an IVA for 18 months before being forced into BR and I didn't think we'd ever get through it. Now hubby has been discharged and we have less than 2 years of payments to make..plus we kept our house. So there is light at the end of the tunnel.
xx
Thank you Julie, I will keep you posted with my progress and maybe it will help others too. Take care.
Regards,
Golf88 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 31 August 2010 : 23:23:29
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if the property if jointly owned / mortgaged then the process is reasonably straightforward and the Official Receivers solicitors do most of the work. In these cases it is not usually necessary to use a solicitor ( assuming you are buying your own BI ).
If a third person is buying the BI then there are the possibilites of stamp duty etc.
However if the property is solely owned the matter is significantly more complicated and actually more expensive. Worth getting a professional to assist.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Golf88
Starting Member
43 Posts |
Posted - 01 September 2010 : 11:18:10
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quote:
Originally posted by Reviva UK
if the property if jointly owned / mortgaged then the process is reasonably straightforward and the Official Receivers solicitors do most of the work. In these cases it is not usually necessary to use a solicitor ( assuming you are buying your own BI ).
If a third person is buying the BI then there are the possibilites of stamp duty etc.
However if the property is solely owned the matter is significantly more complicated and actually more expensive. Worth getting a professional to assist.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions
Paul, thanks but what do you mean by buying your own BI? Sorry to sound stupid!!! My daughter is buying it, is that straightforward? She lives at home with me and is 22yr old. God - stamp duty??? help
Regards,
Golf88 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 September 2010 : 17:50:23
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If you daughter buys ( not just pays for ) your BI then she will always own the equity on the property unless you purchase it back from her. This has some challenges for the future.
This is why it is often better to buy the BI yourself ( a much simpler process and you don;t need to ask the persission of the mortgage co ) with funds supplied by your daughter.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Golf88
Starting Member
43 Posts |
Posted - 02 September 2010 : 07:43:36
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quote:
Originally posted by Reviva UK
If you daughter buys ( not just pays for ) your BI then she will always own the equity on the property unless you purchase it back from her. This has some challenges for the future.
This is why it is often better to buy the BI yourself ( a much simpler process and you don;t need to ask the persission of the mortgage co ) with funds supplied by your daughter.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions
Hi Paul, now I am running the risk of sounding completely stupid BUT if I am BR am I able to buy my own BI? I thought a third party had to do this? It would certainly be simpler. Is it all above board? Thanks for all your help.
Regards,
Golf88 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 September 2010 : 09:43:11
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| Yes, as a BR you are allowed to buy the BI in your property. |
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Golf88
Starting Member
43 Posts |
Posted - 02 September 2010 : 13:37:17
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quote:
Originally posted by gettingoutofdebt
Yes, as a BR you are allowed to buy the BI in your property.
I just spoke to the OR who informed me that as a BR i can't buy my BI, it has to be a 3rd party so my daughter will buy it and I will need a solicitor to transfer the deeds to he so i will have legal fees too, the OR advised me to wait a couple of weeks and when my husband's BR goes through we can do it at the same time still costing £375 each BUT only one lot of legal fees. I hope this helps others. It's still a bit of a minefield but i think i am getting a bit better than i was a few months ago.
Regards,
Golf88 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 September 2010 : 15:15:27
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That is an odd position from the OR as it seems to be usual practice now accross the country for one to buy their own BI - provided the funds are from elsewhere
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Fees for BI - Things i need to know.......
