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 Hi,if a relative or partner is buying the BI		  New Topic  Reply to Topic
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kellsy
Starting Member



20 Posts
Posted - 20 May 2009 :  15:54:43  Show Profile  Send kellsy a Yahoo! Message  Reply with Quote
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

Suzanne
Average Member



United Kingdom
869 Posts
Posted - 20 May 2009 :  16:12:38  Show Profile  Visit Suzanne's Homepage  Reply with Quote
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.

Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Deedee
New Member

United Kingdom
60 Posts
Posted - 21 May 2009 :  10:42:42  Show Profile  Reply with Quote
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.
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kellsy
Starting Member



20 Posts
Posted - 21 May 2009 :  13:51:07  Show Profile  Send kellsy a Yahoo! Message  Reply with Quote
many thanks you guys :)
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