Benificial interest??

liddley

Hi all,
Have been following this section on this forum as I have been mulling over the idea of going BR for a while now and have decided its the best option for me.
My property is jointly owned with my partner and was informed by my CAB adviser about the beneficial interest that could be sold to my partner to keep the property. There is no equity in the house as its well into negative equity. But my question is will my partners income be looked into to see if she quallifys for buying the BI as she does not work because stays at home to look after our daughter?

Tinytim

Hi Liddley,

No, her income will not be looked into.

The beneficial interest in a property is not the ownership of the property, and therefore your partner would not need to go on the deeds, or on the mortgage.

The easiest way to think of it is that the beneficial interest is the equity, or in the case of negative equity, the future equity. This is not the complete legal truth, but is correct to all intents and purposes.

liddley

Thanks TinyTim, Think I understand what you mean.So much to take in.