Both my husband and I have received a letter from the OR stating that we may be able to transfer the beneficial interest to us or a relative.My parents are willing to do this for us but I am not sure on a couple of things and was hoping someone would be able to answer the following questions - Would we need to buy back both mine and my husbands interest in the property and if so does that mean that we have to pay £211 twice plus £1 for each of us(the house is in negative equity)? Could doing this impact my parents in anyway in the future if anything happened to us which meant we couldn't pay the mortgage or something like that? Any help on the above would be greatly appreciated as we only have 10 days left in which to reply to the OR.
Not sure about whether or not you have to pay twice, and expert will be able to help with that one, but if your parents buy the BI, all it means is that the property will be removed from the bankruptcy. It will have no impact on your parents at all.
Hi just to confirm what kallis said, it would not affect your parents, they only get the benefit of any future equity they do not become liable for the mortgage.
Also if you do it at the same time you only pay 1 £211 fee and 2 £1s for the BI
Hi, thank you for the replies. Do you know if my parents need to contact the IR directly or can they write back with the details requesting, a cheque for the amount requested and a letter stating they would like to buy the BI?
beneficial interest
Posted - 27 September 2009 : 17:21:07
