Transfer of Beneficial interest - am I being ripped off?

twiggle

I'm just coming to the end of my dealings with the OR, and I've been offered the beneficial interest in my (negative equity) solely-owned home for £1, which is what I was expecting, but with £464 costs. I thought the costs were going to be £211, but on the letter it's in black and white - £464. :eek:

Money is very tight, and raising the £211 was going to be hard enough, but why they want £464 I just don't know.

Could anyone tell me whether this is right, and if so, why it's so much more than I was expecting?

Thanks very much in advance.

Twig

debt_doctor

Hi,

Yes im afraid the low cost conveyancing scheme ( £211) only applies to jointly owned property. The IS appointed solicitors still operate a fee that is constant throughout England and Wales but is fixed at £464.

Apparently its more complex to deal with solely owned property.:rolleyes:

DD

twiggle

Ouch. :mad:

But thanks for the info, DD. Much appreciated.

Twig.

debt_doctor

IS should wait a while for you to get the money together - they cant do much else, the property is not worth anything to them.

DD

twiggle

Yes, thanks, DD. They've given me 3 months, which I hope should be enough. It was just a bit of a shock to be asked for more than double what I was expecting. Grrr.

Twig

thatsyourlot

A bit of a different senario for me... not a house but my wedding jewellery that I make.

I have got some stock here at home, its the stufff I take with me when I do wedding fairs just so brides to be can see the kind of stuff I make.

I have to list it all & give the price that its cost for me to make, then send that list into the or in the next 14 days.

They will either then, sell it themselves or I will get the chance to buy it back at a nominal fee.

I'm thinking that if they want to sell it themselves, that they may have more luck than me..lol

Its only made with crystals & pearls, not any precious metals

Im just wondering if anybody has come across anything like this in the past?? It would be nice to have an idea on the price it may cost me to buy back