Buying the BI?

Worriedandpreg

So far the OR has said it looks like our house is in negative equity so we can buy out the BI for solictors fees plus £1. Today i sent off 2 valuations proving were in negative equity as he asked.

What i want to know is if he agrees and is happy with what we have provided when should we expect the letter confirming we can buy out the BI? Also once we get the letter what happens? Can we move it along as quick as we like and have it done and dusted in say a week?

Also once u have purchases the BI back is that is? Does the OR have no rights to ur property ever again?

Thanks.

nervousmother

Nope once you bought the BI they have no further rights unless of course you end up BR again...

tigerfeet2006

How long it will take is a 'how long is a bit of string' question. They'll do it as and when they have time among everything else. I am afraid there is our time and IS time

Once you have purchased the BI then the house is yours and you can do what you wish with it.

peachyprice

Worriedandpreg wrote: »

What i want to know is if he agrees and is happy with what we have provided when should we expect the letter confirming we can buy out the BI? Also once we get the letter what happens? Can we move it along as quick as we like and have it done and dusted in say a week?

I doubt it very much, it can take months and months to actually be finalised by the OR.

Worriedandpreg

Really??? I'm waiting to decorate my nursery

So whats the procedure, u get the letter then what happens?

Thanks

tigerfeet2006

If you have been offered the BI then I would go ahead and do the nursery as the OR won't suddenly turn round and say no you can't have it after offering it to you.

Worriedandpreg

He has only said we can have it in theory. At that point he hadnt had any valuations?

Dolly-Rocket

I'm sure you'll be fine.
You get the 'yes' letter, then send off a cheque for £213 (£211 legal fees and £1 each BI).
You may then recieve a letter about the OR taking the deeds from the deeds office. It will ask if you want to contest. Do nothing as this is correct. Once OR cashes your cheque you will then recieve copies of paperwork to sign from ORs legal team, you will also need a witness signature.
Once you have sent these back, then I'm presuming that you will get an official letter stating that the deeds are yours again.
I'm at the signing the legal paperwork stage, so far it has taken 44 weeks from recieving their first offer.

Worriedandpreg

OMG thats longer than a pregnancy............... i dont know how im gonna get thro this, im a nervous wreck untill my house is secure i cant relaz. My poor baby im in and out of hospital with problems cos of stress

tigerfeet2006

Sweetheart please, please, please stop worrying about this. You and your baby are the most importent things and you should be concentrating on that.

It will happen in it's own time as the OR want's it to. You are only pregnant for a short while please take the time to enjoy it.

Worriedandpreg

Thanks, i just feel i have failed my baby already with the br and to not have her home secure i just cant cope. I'm a natural worrier.