Bankruptacy

Queen

If you declare yourself bankrupt will you lose your house if there is no equity.

Comments would be appreciated

Many thanks

RichOneday_2

If there is definitely no equity, to the ORs satisfaction that is, he would probably have no ineterest in it and you would be able to keep the house. You can request to purchase the beneficial interest for a nominal sum, which is often £1 plus expenses.

Queen

how much would the expenses be

fermi

What will happen to my home?

Please note they will have to pay:

For a solicitor or licensed conveyancer to act for them in the transaction;

• £211 (as at April 2008) to cover the official receiver's legal costs. This amount must be paid in advance. It includes an allowance for expenses that may be incurred in the transaction. If the allowance is not fully used, they will receive a refund;
• the cost of an independent valuation unless you already have a very recent independent valuation of the property;
• the agreed purchase price for the beneficial interest based on the valuation. If your home is now worth less than the amount you still owe on it, the price of the beneficial interest will be set at £1.