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madness12
New Member
United Kingdom
52 Posts |
 Posted - 09 January 2010 : 21:39:12
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How can I buy the B/I both my husband and I went B/R that is why my mum has offered to buy the B/I. I am so confused I think we need legal advice here..if what we have been told happens then I think it would be easier to give them the house..When its purchased by someone other than a spouse or partner who is not mentioned on the deeds or mortgage its more complicated...The mortgage lender needs to be contacted and amount owed on the mortgage needs to be confirmed..The B/I is less than 5k why would the mortgage lender need to be contacted..It does also state that the title is transfered to my mum too...Get so she gets our home for less than 5k.
S Thomas |
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debtinfo
forum expert
2826 Posts |
Posted - 09 January 2010 : 21:42:22
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| You do not need to transfer it to your mother, you can each buy your own beneficial interest back |
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madness12
New Member
United Kingdom
52 Posts |
Posted - 09 January 2010 : 21:53:02
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| If we both went B/R how can we buy the B/I...We don't have the money, yes my mum would give us the money but surely the O/R would want that?, if that is possible why has no one mentioned this to us before. Great if we can...but I don't see it!. |
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debtinfo
forum expert
2826 Posts |
Posted - 09 January 2010 : 22:01:46
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| The OR is getting the money, you are paying them. Ask if you can buy it back yourself with your mum just providing the money. It is much easier that way |
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madness12
New Member
United Kingdom
52 Posts |
Posted - 09 January 2010 : 22:05:28
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Are you sure you can do this?, that would be great if they allowed us..I'm so confused none of this is as straight forward as everyone says. I mean we both go B/R and we offer to buy the B/I back surely that shows we have access to funds... |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2010 : 00:45:27
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There is no reason why a third party / family member can't give you funds to purchase the BI.
It is easier & cheaper if you do it yourself.
If your mum buys the BI then there will be additional legal costs in the future passing the BI back to yourself.
Most Solicitors don't deal with this or make it too complicated. If it is jointly owned then use the OR's solicitor to do the work and don't pay any more.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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madness12
New Member
United Kingdom
52 Posts |
Posted - 10 January 2010 : 11:21:10
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To another day - Thanks for the info, so if I call the O/R tomorrow and expain my husband and I have decided to buy our own B/I which is being funded by my mother that will be sufficient?, this is all very confusing I have to say and I don't think the solicitor we spoke to helped!.
S Thomas |
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debtinfo
forum expert
2826 Posts |
Posted - 10 January 2010 : 11:38:40
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| yep, try that, there are many people who have bought their own interest back without the need for a solicitor |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2010 : 11:44:07
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I have to say if the property is jointly owned that is probably the easiest part of the bankruptcy because the OR's solicitors do 99.9% of the work
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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madness12
New Member
United Kingdom
52 Posts |
Posted - 10 January 2010 : 12:37:52
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| Cool - I will call the O/R tomorrow and confirm we are both buying own B/I which is being funded by my mother, so no need for a solicitor, I hope we can do this, so far it doesn't seem to have been suggested or made easy. Do you know people who have both gone B/R and are on the mortgage to have purchased the B/I and funded by a relative?. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 January 2010 : 16:23:20
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Hi
yes I know quite a few. We help around 200 people per year with theor beneficial interest purchases so it quite normal
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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madness12
New Member
United Kingdom
52 Posts |
Posted - 22 January 2010 : 22:27:38
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Hello Again, We have heard fromt he O/R's office and we have been told we can purchase the B/I with the aid of my mother, but we do need a solicitor to proceed I have now supplied this information. Do you think something has changed or am I saying it all wrong?, why have other people not needed one yet we do?, I will be glad when this is all over...pain in the butt! 
Oh and I think we annoyed the case officer...lol |
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madness12
New Member
United Kingdom
52 Posts |
Posted - 18 February 2010 : 16:39:16
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| Hi Again - We have today received a letter from the O/R stating our case file(s) will be passed over to the RTLU, is this normal and does this mean there is light at the end of the tunnel? :o) |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 18 February 2010 : 17:49:35
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RTLU regularly handles the matter of assets or IPA
it is quite normal
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 18 February 2010 : 18:00:46
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Hi
Just to add to what has already been said about the BI - it is not something you need a solicitor for. It is a 2 page deed with three signatures on it! The ORs solicitor (TFT in Bristol) will do all that is legally necessary and to use a high street solicitor for this would be folly!
Good luck
Richard
"There are no problems - only solutions" |
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