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poodle
Starting Member
49 Posts |
 Posted - 15 July 2009 : 08:27:21
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Hi Everyone,
After my OR interview yesterday, I was told I would probably be able to get a 3rd party to purchase the beneficial interest in my house which is great as I don't want to lose my home.
My question is, is there no way I can get this bought back directly into my name?
Also if I can't, then how do I go about getting my beneficial interest transferred back to me from my family member who will be buying it and how much will it cost.
Many thanks,
Poodle! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 July 2009 : 17:28:12
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The BI costs £1 plus £211 costs. I believe that it doesn't affect your ownership of the house.
The glimmer gets brighter all the time
Jan
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RHB
Senior Member
1159 Posts |
Posted - 15 July 2009 : 17:38:35
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| BASICALLY what you are doing is giving any equity to a 3rd party. |
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poodle
Starting Member
49 Posts |
Posted - 15 July 2009 : 18:43:47
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| Hi, I know that I'd be transferring the equity to a 3rd party, but what I don't understand is the process of them selling it back to me, does this cost a lot, can I use any solicitor etc? |
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RHB
Senior Member
1159 Posts |
Posted - 16 July 2009 : 10:03:10
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| yes, there would be legal costs for them to transfer it back to you once you are discharged. |
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 16 July 2009 : 15:28:23
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I went bankrupt in Oct 08 and was recently offered a third party to buy the BI in my house, I am sole owner. I had to send £1 plus £473 fees as the legal title also needs if you are sole owner so it's more involved. I was told I would need my own solicitor aswell and could not find one who understood what needed doing and kept telling my friend who was buying the BI that she would be responsible for the mortgage, which is NOT true. On advice from forum members I contacted the OR's solicitor and asked if I could buy back the BI myself. The next day after an e-mail to my OR she obtained permission and I am in the process of putting my house and BI back into my own name. I don't know if it's just my OR who allowed this or whether others will allow it aswell. It's worth asking though as it's saved me a lot of trouble and I think my mortgage company will be happier aswell with the house in my name, although I haven't had any problems with them at all.
Hope this helps.
Christine |
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poodle
Starting Member
49 Posts |
Posted - 16 July 2009 : 15:38:01
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| Thanks Christine, I am with Blackpool Official Receiver, who are you with? |
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poodle
Starting Member
49 Posts |
Posted - 16 July 2009 : 15:41:38
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Also, it is my husband and I who have both gone BR so will both have to buy it back.
My mortgage provider is Abbey and my secured loan is with Barclays. Does anyone have any experience of these companies and how they react in these circumstances? |
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debtinfo
forum expert
2826 Posts |
Posted - 16 July 2009 : 17:33:59
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| There is nothing to stop you buying your interest back yourself and this is what the the letter from the OR informs yu of. The problem can arise when there is equity in the property. For instance if there is £5,000 of equity then the OR would want to know where you are going to get the £5,000 from (if still undischarged) as all assets should have been declared. If there is no equity, just fees to pay for it is reasonable that you could pay this out of your own part of surplus income. |
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 16 July 2009 : 20:10:19
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Hello Poodle. I got transferred to RTLU Swansea a few weeks ago. They are dealing with me now instead of the OR as my house is the only thing left to be dealt with. Don't know if everyone is transferred to them but I think it's to take the pressure off the OR's who are really busy at the moment. The thing I have learnt through the forum over the last 9 months is don't be afraid to ask questions. The OR's solicitors have been really helpful and understanding. Some forum members seem to have had a bit harder time dealing with their OR but I have been lucky. Hope all goes really well for you. I can't advise on the rest of your questions because I am sole owner of my house and it's more complicated so hopefully it will be a lot easier for you. Are you in negative equity?
Christine |
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Beneficial Interest
