Benificial Interest Question

niccinotts

My husband recived a letter today from the OR saying our property is in negative equity therefore we can buy our BI for £1 plus costs.

The bit I'm confused about is that it says that if I have an interest in the house( which I think I do as our mortage is joint) then I also have to pay a pound.

My question is, is that just £1 or do I also have to pay the costs as well?

I didnt go bankrupt so I cant see how i come into the equation at all!

blind-as-a-bat_2

Thats the first time ive heard that, its just the BR who has to buy there share back so i think you may have misunderstood and it meant if both parties where BR.

You could always ring your OH,s OR to check though

niccinotts

Thanks for your reply. Hubby did ring the OR when he got in from work. Its because I didnt send back the letter I got to state that I had an interest in the property, whoops!!
So now I have to pay £1 too, though its only one lot of costs, thank goodness!!

fiveyearplan

I think I'd pay the pound and not worry too much. At least it isn't costs as well.

fiveyearplan

i've just been thinking - dangerous I know - I haven't heard anything from my OR regarding house, I think he's going to wait the full 3 yeears to se what he can get out of it. Does anyone know if we can approach him and ask him to get a move on?

We are going to put the house on the market in any event by October/November time anyway.

niccinotts

fiveyearplan wrote: »

I think I'd pay the pound and not worry too much. At least it isn't costs as well.

Yes, thats what we've done. I'm not going to worry about an extra pound. Would have been a bit peeved if it had been 2 lots of £211 as well though!!