Beneficial Interest Question

script

I'm new to the forum and I do apologise if this question has already been answered.

If there is no equity in the home and the OR offers the partner (or anyone else for that matter) to buy the BI for £1.00.

What other fees are involved - and what are they?

Many thanks

tigerfeet2006

The BI costs are £1 plus £211 soliciters fees.

script

Thanks for the reply.

Do you know what the "technical" name is for the solicitors fees?

I guess what I'm trying to say is - are they the OR's solicitors fees - or does the B/R have to find a solicitor to organise the BI legal work.

Are there any "conveyancing" fees as well?

Again I greatly appreciate all the help.

tigerfeet2006

They are the OR's soliciters fees. You don't need to find any more money it is just a case of signing paperwork and sending it back to them.

Have a read of these links

Your home/property.

• What will happen to my home? (IS) (pdf)
• FAQ - Bankrupt's Home under the Enterprise Act (IS)
• OR's Case Help Manual - Family Home
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

This is from the Bankruptcy Help sticky. I strongly suggest you give the first post of the Bankruptcy Help sticky a good read as well

And keep asking questions.

script

Again thanks for the reply.

I will read the Sticky.

And I'm sure I'll have a few more questions.

It's great to be able to get the help you need.

script

Does the same apply if there is equity and someone is willing to buy the BI.

I'm guessing if that was to happen there would be conveyancing fees?

tigerfeet2006

No there won't be conveyancing fees. Most OR's will ask for a valuation from up to 3 estate agents for a quick sale. When you know how much equity there is if there is someone else on the mortgage then you split it ie: £10.000 equity would mean £5000 each. You can then negotiate with the OR, say offer £3000.

script

Thanks again - it's good to know all the details

fiveyearplan

script wrote: »

Does the same apply if there is equity and someone is willing to buy the BI.

I'm guessing if that was to happen there would be conveyancing fees?

The £211 fees cover all expenses.