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 selling a beneficial interest
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keefryan
Starting Member



United Kingdom
6 Posts

Posted - 25 June 2009 :  21:25:16  Show Profile  Reply with Quote
hello is there anything wrong with selling the benficial interest
to a freind before bankruptcy as long as i prove its in negative equity and pay the £1 to the or and do it through a solicitor.
this will take the risk out him holding on to it or putting a charge on it ? anyone done this ? this advice came from an ip

Niobe
Administrator



United Kingdom
4590 Posts

Posted - 25 June 2009 :  22:50:04  Show Profile  Reply with Quote
Hi,

I have not heard of this happening before. I thought that the OR had to decide there was no equity in the property after sorting out a valuation.

Dont't forget that it doesn't just cost £1 - there are court costs to pay on top of that.

Which IP gave you that advice?

The glimmer gets brighter all the time

Jan
xx
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Suzanne
Average Member



United Kingdom
869 Posts

Posted - 26 June 2009 :  16:36:17  Show Profile  Visit Suzanne's Homepage  Reply with Quote
Hi keefman

I don't see any problem with you doing this, as long as you are able to provide documentary evidence that there was negative equity. That was good advice to my mind.

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