Hi All S10 Here. Wonder if anyone can help??? After being discharged from BR in June I have finally(after many mistakes by the department in charge of this) have been allowed to buy back the BI for a £1 (+ £473 solicitors fees)I have been told by the solicitors acting for the OR, that I need MY own solicitors to handle the transaction!!
As anyone else had to do this and what do the solicitors acting for me have to do?? There is a mention in the letter Land Tax,stampduty etc but why is this being asked for??
Any advise would be appreciated and rough cost if possible, as greatly worried this is going to be an expensive, and long process.
I used a solicitor to get back the BI in my solely owned property and it cost around £350 which included the transfer fee. It's my understanding that with a solely owned property the OR not only owns the BI but also the legal title of the property. My solicitor had to do a number of things including seeking permission of my mortgage company as they hold a charge on the property the mortgage company have to be consulted before a transfer back to you can be made. My solicitor also completed the transfer documents and sent to the OR's solicitor for the ORs signature and then completed the stamp duty form and registered the transfer with the land registry. The whole process probably took about 8 weeks and I had confirmation last week that I have my house back. I would recommend using a solicitor if you can as it is not as straightforward as with a jointly owned property.
Solicitors ? For Buying Back BI
Posted - 13 October 2009 : 19:52:07
