BR and BI in property

Newbie06

Another BR question,,,, I am almost certain I will be going down this route soon....

I am hoping to stay in my house (it's in negative equity - but is a cheap tiny house and want to stay here as bills & mortgage are relatively low)...

I have no partner - I am single - so when it comes to someone purchasing the BI what are my options?? Is this still possible?

sieve

Some ORs will let you buy the BI in your own house if it's in negative equity. If your OR won't let you do it yourself, it might be a good idea to have a VERY good friend or family member do it for you - make sure you implicitly trust the person who buys the BI.

If you don't think the house will go back into positive equity within 3 years of your BR date though (at which point the BI automatically reverts to your possession), you might even consider not buying it off the OR, saving yourself the 200 odd quid in fees. But bear in mind that they might not offer you the chance to buy it twice and if the market suddenly picks up, then you will be in trouble.

Cheers

S

Newbie06

Thanks Sieve,,, I def' want to buy it as it is a cheap house and therefore a cheap option..

I have a very close cousin I can trust and will ask her to buy it... I wasn't sure if the person who bought the BI would have to live with me or not...

iquit

I believe you can have anyone take on your BI. It will have to be someone you trust, I plan to burden my sister with this responsibility. Good luck Newbie, you are obviously taking steps to deal with your debt and that will be applauded and supported by fellow BR members.

Newbie06

Thanks Iquit,,,,

It's seems like a very hard road to BR - but the more I am learning, the quicker I am realising it is probably my only option...

This site is wonderful for people like me and I only hope that some time in the future I too can help others with advice,,,, there are so many lovely helpful people on here...

sieve

Newbie06 wrote: »

Thanks Sieve,,, I def' want to buy it as it is a cheap house and therefore a cheap option..

I have a very close cousin I can trust and will ask her to buy it... I wasn't sure if the person who bought the BI would have to live with me or not...

As iquit says, they don't have to live with you, no.

I am planning on doing the same if my OR lets me - hopefully I will have a better idea after my interview on Friday when I will pose the question. If they let me do it myself, great - if not, I have the folks standing by to do it for me

sieve

Newbie06 wrote: »

Thanks Iquit,,,,

It's seems like a very hard road to BR - but the more I am learning, the quicker I am realising it is probably my only option...

This site is wonderful for people like me and I only hope that some time in the future I too can help others with advice,,,, there are so many lovely helpful people on here...

You're in good company Newbie - I've only been on here myself for a few months and the knowledge and support people have here is unbelievable. You are not alone and if it is the right choice for you, we're behind you all the way.

Good luck.

Cheers,

S

Newbie06

thanks so much,,,, I haven't told any of my family yet - only two of my friends know and one cousin...

They are going to be so shocked and upset, so I plan to do it and then tell them as then the problem has been dealt with.. althought I life after can be difficult too..

Good luck with your interview, I will be following closely behind you.. I have a telephone interview with CCCS on 1st May to discuss and get advice, I imagine I will be filling out the BR forms not long after...

iquit

Newbie06 wrote: »

Thanks Iquit,,,,

It's seems like a very hard road to BR - but the more I am learning, the quicker I am realising it is probably my only option...

This site is wonderful for people like me and I only hope that some time in the future I too can help others with advice,,,, there are so many lovely helpful people on here...

I've been on the forum for only a few weeks but feel so welcome and supported by everyone here. As you work your way through this you'll find you will be able to offer support. People post about about all sorts of things not just bankruptcy (thank God). You will get through this.