Buying back beneficial interest

Pat1

[FONT=Verdana, Arial, Helvetica]I sent £1 plus £473 fees as sole owner to buy back the BI in my house. I was asked to send the name etc of my own solicitor to send the transfer documents to. I had problems finding one who knew what to do and the one who was very understanding and knew exactly what to do was going to cost min £800! I was advised by an insolvency practitioner that if I asked TLT (OR's solicitors) for the documents to be sent to me I could deal with it myself. I asked TLT and they sent the TR1 transfer for me to sign and return which I did straight away. I need help with the next step as a letter I have received from TLT this-morning says :-
We confirm that we are now in possession of the transfer deed duly signed by the Official Receiver. Please confirm to us once you are in a position to complete, whereupon we will date the Transfer deed and return it to you for registration.
I understand by this that they will send me the transfer deeds with which I can then sort out removing the Land Registry restrictions. Do I just contact them and confirm that I am ready to complete to get the Transfer deed or is there something else they will require? Also once I have received the deeds signed by the Official Receiver can I deal with the Land Reg. restrictions in my own time. In other words will my house be safe from the OR now? Is anyone going through the same at the moment? I understand that this process re the deeds only applies to sole house owners. Anyone buying back thier BI in a jointly owned property don't worry as the deeds are not changed in these cases. Thanks for any help.
Christine [/FONT]

Pat1

Doesn't anyone know

tigerfeet2006

Just contact them as tell them you are ready to deal with it, as far as I am aware they will remove the OR's interest from the Land Registry, but I am sure some one will confirm that.

Once this has been done then the OR will have no more interest in the property and will be safe.

Pat1

Thanks a lot, will do.

gardenerswife

Pat1,
Just wondering how you have got on with this.
We bought our BI - or rather a family member has and had the transfer documents sent to family member who signed and returned - and then had official document sent to them. Didn't suggest we needed solicitors for this. Once we are discharged we will have the deeds returned to us - and I was planning on chasing land registary at that point - rather than having to do it twice - hope that all makes sense...

Pat1

Hi. I wrote to the OR's solicitors and said I was ready to complete and a week later received a TR1 transfer deed signed by the OR and a letter to confirm completion. They also enclosed two other documents which I need to apply to Land Registry to get any restrictions removed. I looked on the Land Reg site and you send all the paperwork from the OR plus a completed AP1 form which you can download from their website and just complete yourself. There is a charge but I'm writing to the Land Reg as I cannot work out the fees. My house is worth £112k but the official amount I paid the OR for my house was £1 so I will let you know when I hear back. I am not discharged until October but they sent me the TR1 so I should get it all sorted just before discharge.:T at last!
Pat

rog2

Hi Pat - it took me a long time to 'sort' out my BI - finally sorted a year after my early discharge.
There was equity in my own case, but my trustee (appointed by OR) did confirm that, once settled, he would have 'no further interest' in the house.
I think it is important to have that assurance in writing, but it sounds as though you will be okay.

rog2

gardenerswife wrote: »

Pat1,
Just wondering how you have got on with this.
We bought our BI - or rather a family member has and had the transfer documents sent to family member who signed and returned - and then had official document sent to them. Didn't suggest we needed solicitors for this. Once we are discharged we will have the deeds returned to us - and I was planning on chasing land registary at that point - rather than having to do it twice - hope that all makes sense...

We just used a normal 'conveyancing' solicitor - cost us around £400. I asked for the deeds to be transferred to my wife's name to void any future 'problems'.