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carla1612
Starting Member
United Kingdom
5 Posts |
 Posted - 07 November 2009 : 13:07:02
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my partner and I are cosidering a BR, however I don't want to lose my home. I think we have little equity in it but can't be sure without a valuation. If it has no equity in it, how does it all work. Can we stay in our home?, how does it affect our mortgage(which we have never failed to pay). I've read that a family member can buy it back from the OR for £1, but does that mean that it will be in their name, So can we put it back in ours?
Sorry if these are silly questions, but I really have no idea how it all works.
I cannot lose my home, as I have 3 small children. |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 07 November 2009 : 15:28:28
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Hi Carla,
If you are in negative equity you may well be able to buy back the beneficial interest from the OR with a token payment of £1 + £211 solicitor fees.The OR will remove is name at LR, and the property will remain in your name.
You should seek expert advice on this matter so you can discuss your specifics.
Gd luck and let us know how you get on.
quote:
Originally posted by carla1612
my partner and I are cosidering a BR, however I don't want to lose my home. I think we have little equity in it but can't be sure without a valuation. If it has no equity in it, how does it all work. Can we stay in our home?, how does it affect our mortgage(which we have never failed to pay). I've read that a family member can buy it back from the OR for £1, but does that mean that it will be in their name, So can we put it back in ours?
Sorry if these are silly questions, but I really have no idea how it all works.
I cannot lose my home, as I have 3 small children.
Treat EVERY Penny as a prisoner. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 07 November 2009 : 16:47:54
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Hi Carla and welcome to the forum,
As in too deep has said, it is possible to buy the Beneficial Interest (BI) if it is in negative equity - not an absolute given, but highly probable - cost £211 for legal fees, plus £1.00.
Ask a local agent or two for a free valuation - say that you are thinking of relocating - there will be no charge for that - (I was an estate agent in my previous life!)
Is the property jointly owned? Is it just one of you going BR? The mortgage will need to be up to date and I think the OR needs to be satisfied that you are able to maintain the mortgage (one of the experts will be able to confirm that bit)
It might be worth going onto an interest only - you may already have done that.
Good luck and post back and share your situation or seek advice - it is a good forum
Richard
"There are no problems - only solutions..." |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 07 November 2009 : 21:09:49
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just be aware if you change your mortgage to interest only to reduce your outgoings, you may end up with disposable income and then get an IPA
if you can afford the mortgage as it is and it is not seen as excessive by the OR then that will be fine
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 07 November 2009 : 21:58:38
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A very good point Dave
Regards, Richard
"There are no problems - only solutions..." |
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losing home
