Recevied lettr from the OR. Its regarding our property. there is no equity in it. Asking us both to Pay £211.00 towards solicitors fees and £1.00 to buythe property back?
We wondered if we do this is the property ours and they cant touch it? Or is it more complicated than this?
I should get the cheque in the poat as soon as you can! Obviously the property isnt yours as it belongs to your mortgage provider, but in a nutshell as soon as you have paid the OR for the benificial interest that part of your BR will be over and done with!
there's no come back for the OR here. If you pay the fees + £1 as per his offer and your property turns out to be sited on the biggest oil find this century - happy days!
The only note of caution I would add to this is that I have been advised that if there is negative equity and you buy back the beneficial interest then default on the mortgage at some point in the future the shortfall following sale of the property will be recoverable by the lender and not covered by your bankruptcy.
Hi will this apply in my case? husband went bankrupt in may 09. OR has asked it i want to buy benifial interest in our home which is sole owned by my husband unfortunately i will be going bankrupt later as i was also a partner in the failed business. he has asked for £470 + £1 which could go in my daugthers name. if we do this what would happen if our house becomes no longer in negitive interest or we decide to sell? before his bankruptcy ends. (can we still sell it if in her name?) and will this mean the debtors can't touch it? sorry for all the questions but its confusing.
beneficial interest need some help
Posted - 10 July 2008 : 16:01:53
