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| T O P I C R E V I E W |
| TROG |
Posted - 04 February 2010 : 13:05:06
Hi All,
Just a quick question about the BI in our house, if we were to buy it and continue to pay the mortgage, could we still be forced from our home or made to sell it 2 or 3 years down the line because it would be worth more than it is now? Would the creditors listed in our BR come looking for their money if the equity in our house increases?
Any help on this would be appreciated.
Many thanks
Trog |
| 3 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 07 February 2010 : 15:14:16
Cheers Trog,
I hope that you are doing well - come back if you think the forum can assist you in any way
regards, Richard
quote:
Originally posted by TROG
Hi Housing, thanks for your advice again. We'll see tomorrow what the house is worth and we'll start making decisions based on that. We'll keep you informed. Trog
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
| TROG |
Posted - 07 February 2010 : 15:12:02
Hi Housing, thanks for your advice again. We'll see tomorrow what the house is worth and we'll start making decisions based on that. We'll keep you informed. Trog |
| Housing |
Posted - 04 February 2010 : 13:49:41
Hello again Trog,
Hope things are well for you and yours.
First things first.
If the property is in neg equity now or border line, then the OR will not be interested in selling it. If you have say, £40K - £50K equity, then that is a different matter, the OR wil want the property sold.
I am therefore assuming it is the former in which case the following applies:
You should say to the OR that you are interested in buying the BI in the property. Yo can do that in a short letter so they have it on file.
The ORs office will write to you in regards to buying the OR once he has been established as Trustee (about 3 months).
On your SOA, you will have estimated a market value and informed them how much is owed to the lender(s)
The OR sometimes makes some local nquiries and will tell you what they feel it is worth (That is normally when there is some positive value). He does not go to a valuer, they normally do a search on one of the portals - such as Rightmove Upyourstreet etc.
On the basis that there is no equity, you will pay for the ORs solicitors charge of £211.00 - they us a firm called TFT in Bristol to do the deed of assignment.
Plus you pay the nominal sum of £1.00 each if you are both BR = or just £1.00 if your partner is not BR and a joint owner. (I recall you and your wife Jackie are both BR) in which case it will be the £211.00 for the solicitor and £1.00 each to buy the interest.
The OR does not have to sell you the BI as I understand it. However, in the market today, I think there is not a problem here.
Technically, the OR has three years to deal with your property - that could cause a problem, but it is only really likely in my view, if there is some equity now and that equity is going to increase as the market improves.
In answer to your creditors coming after you for money - simple fact is they cannot - once you are BR all your unsecured debt is gone and that is that.  If any of them come after you then that is a matter for the police or the OR to deal with.
Sue, my wife bought the BI in our house and in an investment house we have and she had to pay a few thousand on the investment house to the OR as it has a positive valuation.
I hope this answers the question and I wish you well and post back when you are looking at buying the BI and let us know if we can assisit at that time.
regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and one of my best heroes!!) |
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