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Christine123
Starting Member
United Kingdom
21 Posts |
 Posted - 26 June 2009 : 12:49:26
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Buying back the beneficial interest is turning out to be harder than I thought. I am sole owner of my house and a friend sent of £1 plus £473 to the RTLU solicitors to purchase the BI. The RTLU solicitors wrote to her and said she would need her own solicitor aswell. On enquiring to THREE different local solicitors NONE could understand what was required by them. The RTLU solicitor said they deal with the Land Registry etc and then forward documents to my/my friends solicitor to deal with the mortgage etc. All solicitors thought my friend was buying my house and would have to take over the mortgage payments. I could not get them to understand that she is buying the BI not the house and that I was to continue paying the mortgage. How else can I explain .... I even took the letter from the RTLU solicitors to help them understand. I always understood that a third party buying the BI did not have to have anything to do with my mortgage or am I mistaken. Please if any sole owner has had a friend or relative purchase the BI could they let me know if it went through ok. One of the solicitors I spoke to quoted £700 or more to handle the case. I have already had to find £474 for the RTLU so I am really worried. Thanks for any advice.
Very worried Christine. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 26 June 2009 : 16:38:50
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Hi Christine
You don't have to get a solicitor, your friend can deal with it herself. Just tell the RTLU that she is representing herself and for all the necessary documentation to be sent to her directly.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 26 June 2009 : 17:20:14
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Thanks Suzanne. An update....because of all the solicitor trouble I phoned RTLUs solicitors TLT and they have today got permission from the Official Receiver for me to buy the BI instead of a friend. This would look better to my mortgage company. Can I still deal with this myself or will I need to appoint my own solicitor. The solicitor who I was about to appoint to deal with my BI phoned my mortgage company and told them he didn't think I.....as an undischarged bankrupt...should be allowed to keep my mortgage with them as it was against their interest!!!! I have never missed a mortgage payment and have been fighting to keep my house for eight months after already losing my business. I was going to appoint this solicitor to act for me finalising the BI and it was almost like he didn't like me for being bankrupt and nearly ruined everything for me. I cannot believe this happened today and of course have told this solicitor I will NOT be requiring his services. Hopefully i can deal with this myself now...if not, does anyone recommend a good solicitor who will actually be on my side.
Very disappointed person at the moment. Christine. |
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Crockett
New Member
68 Posts |
Posted - 27 June 2009 : 14:58:35
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Hi,
I'm in a similiar situation as I am the sole owner of my property. was also originally going to put the BI in the name of a relative as was not advised by OR that it could go back in my name. TLT also advised that it be tranferred back to me but would not proceed without me instructing a solicitor. OR agreed that it could be tranferred back to me on enquiry and I have now instructed a local solicitor who is very understanding to act on my behalf. I sought a number of quotes and most solicitors did not have a clue what to do!! I had quotes ranging from the £700 mark to £340 which is who I am using. My solicitor has now prepared the transfer docs and has written to my mortgage company Northern Rock to confirm they have no objection to the transfer. I don't know why that would as I like you am completely up to date and have never missed a payment or been late but is still nerve wracking. I don't think TLT will proceed until you appoint a solicitor as it is not only the BI that rests with the OR on a solely owned property it is also the legal title and this is where the solicitor has to prepare the transfer documents etc.. Sorry for the length of my reply but hope this helps, all in all I have found the OR I am dealing with unhelpful and very condescending so have had to do a lot of research myself. In fact initially they said they had never heard of the BI being transferred back to the bankrupt on a solely owned property!!! |
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 28 June 2009 : 15:52:00
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Thanks for your reply to my post Crockett. I'm glad you finally found a solicitor to help you. I will be going out again tomorrow searching for one who understands what I need! After the horrible experience with the one I saw last week I phoned another one Fiday and to my suprise he was also totally unsympathetic. He said it wouldn't matter how much the fees are as I am bankrupt and wouldn't be able to pay for his services!!! I am dreading tomorrow now but need to get this sorted so I can sleep again. Like you I have had to do a lot of research myself through bankruptcy and have received a lot of different information. Once I had sent TLT the £1 plus £473 fees I thought this was the last the last step in my bankruptcy. I never thought the problem would be to find a solicitor who will be prepared to work for me.....especially as they will be paid, it's not like I am asking them to work for free! What is the document that is changed when you are sole owner? Why do they have to get permission from my mortgage company and what for? If my mortgage company didn't want me to keep the mortgage, surely they would have said something by now as I am 9 months into my BR.  I had stopped all this worrying and questioning! Now I will be going through a nerve wracking couple of weeks waiting for the mortgage company to agree...to whatever. I've paid £474 out now so it MUST go through ok. Thanks again.
P.s can anyone recommend a good understanding solicitor? |
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 02 July 2009 : 11:40:39
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An update in my search for a solicitor. I finally found one on-line who understood what was required, was understanding and prepared to deal with my house. ...........I phoned TLT (rtlu's solicitors) and told them to forward all the documents on to him.
Just received his quote this-morning. I would be paying an hourly rate of £185! and he said it would take around 4 hours work, plus Land registry fees etc. TOTAL £800 - £1000.
I was so desperate to get a solicitor sorted after my experience with the previous one that I just jumped in and appointed him. I have e-mailed him and told him not to proceed as there is NO WAY I can find this amount. I have already paid TLT solicitors £473 leaving me no money to live on for the next 2 months. He was very understanding and has not received anything through yet so won't be charging for any work done already. Now I'm back to square one....what can I do now? I have been going round in cicles with this one and to think I thought it would all be sorted when I sent off my £1 plus £473! I don't want to worry anyone who is about to go through the same, I am SOLE OWNER and that is why I am having difficulties. I don't really know what to do now, I am feeling very deflated today after my excitement a couple of weeks ago sending off my £1 to buy my home back.
Any advice would be very welcome.
Christine |
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Buying back the beneficial interest
