urgent qu re-BI

fiveyearplan

Thanks for that Peachy.

fiveyearplan

kezza90 wrote: »

hi fyp, shortly after going br i received a letter from the land registry informing me restrictions had been put on, meaning that i no longer own it and have no right to sell it, i guess you didnt receive this either?

No I didn't receive that either. I did however read the leaflet and information on BR and my house and no where does it say you cannot sell the house. My house is currently up for sale and as I understand it if there is a J restriction on it it just means the Insolvency people will be notified before any money is paid out.

If I were you I would check what your letter means. Do you own your property yourself or jointly?

peachyprice

Yes, I concur with FYP, you can still sell your house, but you no longer have rights to the equity, the restrictions placed on it will mean that the OR must be informed if you do sell. It doesn't change who own the house either, the OR only has rights to the equity, not the house.

If you buy back the BI you are buying back the equity, not the house, because you still own it.

kezza90

ahh, i must have got the wrong end of the stick then. So cud sell the house if i wanted but the equity would belong to the OR.

I've just heard back from my OR to say that i've got a month to make a decision. I think i'll just say no for now and if they write back to say they want to realise the asset then i'll say then that i want to keep it. Fingers crossed that will be ok.

robsimps53

I think you should be fine and you are doing the right thing