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T O P I C R E V I E W
Gary Neill
Posted - 08 July 2009 : 07:53:14 Hello and good day.
I am reading alot in the forums about beneficial interest (BI). What does it mean and how does it work?
Regards
1 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 08 July 2009 : 08:17:04 Hi Gary
Beneficial Interest is the term given for the Official receiver's (OR)name which is placed on a bankrupts property at the Land Registry on the making of the order - in essence this prevents an individual selling/disposing of a property without the OR's consent - ie you cannot sell a property without the OR's agreement and your creditors gaining any benefit from any potential equity.
If throught the course of the OR's investigations into the value of your property v outstanding mortgage/charges there is no equity availabe the OR will 'offer' back to the bankrupt the ability to purchase the beneifical interest which in effect means remove his name for £211 plus £1 - thus putting the property back in the individuals hands and out of the reach of creditors.
Hope this helps Melanie
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
