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Christine123
Starting Member
United Kingdom
21 Posts |
 Posted - 08 July 2009 : 23:08:55
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Confused again re purchasing BI. I recently sent TLT solicitors £1 plus £473 fees(sole owner)to buy the beneficial interest in my house. They wrote back saying I needed to let them know the name of my own solicitor where they could forward the transfer documents to or they would not release the paperwork. I searched for solicitors and as none of them understood what to do and the one who I did find was £180 per hour! quote of £870 minimum to deal with the transfer, I asked the forum for advice. I was told I could easily deal with it myself and to write and ask the RTLU to release the documents directly to me.....sucess. I received them today. The main form is a TR1 which I have to sign and get witnessed...ok no problem. The letter that also came says I have to deal with:-
1.Obtaining consent of my mortgage company
2. Complete and submit any stamp duty land tax returns.
3. Deal with the regiastration at Land Reg to have restrictions removed.
Do I have to get any or all of these done before I send the TR1 form back or can I send the TR1 back now while I am dealing with the rest. How do I deal with the rest? I have been given 3 months to complete. Does this mean the TR1 or the other 3 matters aswell? I cannot afford a solicitor at the moment as it has already cost £474. I was hoping if I sent back the signed TR1 I could deal with the rest later. Any advice welcome.
Christine |
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timstott
Starting Member
United Kingdom
7 Posts |
Posted - 09 July 2009 : 13:17:18
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Hi,
Buying back from the OR when you are the sole owner is a bit different to when the property is in joint names as you are really buying back the beneficial interest and the title also if you will. The OR should be lifing the restriction on the property on completion - check with them and I am presuming that if no form for stamp duty was included then this will not apply for a �1 transaction. Your mortgage company will be aware of the situation I am sure so I would just give them a ring to explain what you are doing. Having said that I have clients who have gone through this process and not bothered contacting the mortgage company as they obviously have continued their monthly payments anyway. So, I suggest you sign and pay BUT just check first that they will be lifting the restriction. You can check your Land Reg document for �3 at www.landregistry.gov.uk but give it a month for it to be updated. hope this helps.
[blue]Tim Stott
**Contact details removed as only experts are allowed to advertise** |
Edited by - Skippy on 09 July 2009 14:35:03 |
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Crockett
New Member
68 Posts |
Posted - 09 July 2009 : 16:29:56
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It is my understanding having currently instructed a solicitor to act for me in the same situation, that the mortgage company have a restriction on the title that you are unable to action any transfer without contacting them for agreement, it does state this on the title so I would check if I were you. My solicitor also provided me with copies of the OR's guidance re solely owned properties and it said in there that confirmation from the mortage company would have to be seen prior to the transfer. Also I had it confirmed by both my solicitor and TLT that you will have to pay the land registry fees for the transfer which would be in the region of £40 - £120, unfortunately this is not covered in the £473 paid to TLT. I'm not sure if there any other land registry costs involved but my solicitor advised me their fee would be approx £340 including disbursements.
Sorry if this is not the best news and I hope it all goes ok, but thought it best to pass on the info. |
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RHB
Senior Member
1159 Posts |
Posted - 10 July 2009 : 07:45:12
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| What about seeing a paralegal, would be cheaper than a fulll blown solicitor for what in essence is a straight forward job. |
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 10 July 2009 : 12:12:40
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Thanks for all your replies! There haven't been any set standards all through my bankruptcy. Things I really worried about turned out fine, and things I didn't think would be a problem have caused me a lot of concern. The OR's seem to say different things aswell. I was told a third-party would have to buy my BI. After asking on the forum I was advised to write and ask if I could buy it back myself which I did and was given permission. If it hadn't been for the forum members I wouldn't have known this. I was also told by TLT (the RTLU's solicitors) that they would not release the TR1 document to me but only to my own solicitor. On further advice by forum members I wrote to TLT requesting the documents be sent for me to deal with and within two days I received them. What I have done now is to sign and get witnessed the TR1 transfer form and have sent it back to TLT asking what else is needed to complete the transfer back to me. I think I will deal with everything in stages. I was so desperate to get my home back in my name that I was jumping at the first solicitor who said he could help....it's only that his fees were so high I didn't go ahead with him. I've decided to slow down, stop worrying and take it a step at a time! Will let you know what happens next!
Thanks again for all your support and advice. I wouldn't have got this far without you all.
Christine. |
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 24 July 2009 : 08:24:23
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hi christine, my partner is in exactly the same situation we both went BR at the same time but he is the sole owner of the house, he sent off the £462 and thought that was it but then received a letter stating he needed a solicitor he's at his wits end as we havent got 2 pennies to rub together we borrowed scrimped and scraped for the £462.
Ive been reading your experience and was wondering how easy is it to represent yourself in this situation any advice from anyone will be greatly received. |
Edited by - givemestrength on 24 July 2009 08:25:45 |
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Christine123
Starting Member
United Kingdom
21 Posts |
Posted - 24 July 2009 : 11:52:37
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Hi. I've just replied to another post in the same situation. I have sent back the TR1 documents to the OR's solicitor which I just had to sign and get witnessed by a friend. I am still waiting to hear what else, if anything, I have to do next. I have asked Melanie how I will know if it has gone through ok. Sorry I don't know any more at the moment but as soon as I hear something I will let you know. As said before I thought is was all sorted when I sent my £473. Since then I have been getting really stressed out again. I cannot wait until it really is over, in writing. I decided to try and relax a bit and take things a step at a time and not to worry too much. I hope it is all ok as I cannot afford a solicitor. I really hope I will not need one and can do it all myself especially as my faithful, old Fiesta that I need for work has just miserably failed it's MOT.....more expense! The stress never lets up! Good luck to you anyway.
Christine |
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givemestrength
Junior Member
United Kingdom
141 Posts |
Posted - 24 July 2009 : 13:16:50
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| hi christine, tracey66 is me in the other post, the message didnt come up with my usual name (givemestrength) ,anyway thanks for replying you,ve given us a little bit hope and i hope everything works out for you and your car aswell, Tracey |
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Confused again re purchasing BI.
