If the property has negative equity then my understanding is that you will be able to get a family member / friend etc to purchase the Beneficial Interest for £1 plus legal fees of about £250.
if the house is in negative equity ( please check first ) then provided that you found someone else to buy the beneficial interest from the official receiver for £1 PLUS legals of £211 then that is OK.
Please check through your income & expenditure to ensure that after the Br you are fully capable of repaying the loans for the duration as you won't have a safety net anymore - i.e. if the house is in negative equity then you are liable for the shortfall.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
If someone buys the beneficial interest the are not on the mortgage but do have a calim for the equity in the property. You need to find someone who you trust to allow you to purchase this back after the Br period.
There arfe companies who offer this service incase it is a secret from family and friends.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
I still dont understand why everyone only talks about a 3rd party purchasing the BI when we have receiced letters from the OR stating that we can purchase the BI. What is the difference and is there any reason for it being a 3rd party rather than yourselves.
We are currently going for an IVA with Melanie but if things don't go to plan. Unfortunately for us I think this will be the way we go. Not ideal for us and our situation - mainly my job but a DMP would finish me off!
But if it is in negative equity then the nominal £1 wouldn't be an issue surely. So is this why we have been offered the opportunity to purchase our own BI?
If your situation has changed then Melanie's team will always give you the very best advice. Stick close to them and if you work with them then all will be come good.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
I suppose I'm just worried about buying it ourselves only to find some where down the line there is a catch, which is why the advice given to everyone on here is to find a 3rd party to purchase it.
If the OR has offered you to buy the BI, I wouldn't worry. Once this transaction has been completed, the OR will deem the property dealt with and will not revisit it.
no equity can we keep the house ?
Posted - 02 July 2008 : 20:28:31
