benificial interest

milothewestie

i am transferring the b/i in my house back to me as sole owner as was b4 my bankruptcy in july this letter came from o/r today

i have been advised by goochalk solicitors thier fees are 325 plus vat and land registry fees of 10 pounds.you will require your own solicitor who will need to give gosschalks an undertaking to pay there costs,please let me have details of your solicitors so i can instruct gosschalks to proceed....


my question is what is an undertaking and how much does this cost can anyone tell me thanks in advance,the ben interest has been valued at 1300 do you have to pay it in one lump sum or do they give you a bit of time,other sole owners been through this did you need a solicitor?

have been quoted another 400 for my solicitor just seems an awfull lot of money

milothewestie

anyone:mad::mad:

Mrs_Malaprop

As it is such a straight forward transaction and if you are happy that the OR is not trying to get one over you then there is no need to instruct a soliciter, just inform them that you are happy to sign the forms and away you go.

Though obviously if you feel you need one then you must do so.

milothewestie

its says in the letter i need a solicitor to undertake to pay the ors solicitors costs do you think i may not need one then

ajdj

I'm no expert but my understanding is that an undertaking is a promise to pay. In other words, you would pay your solicitor the fees for the other solicitor (£335 + VAT) and your solicitor would transfer the funds when the paperwork is completed.

No need for an undertaking if you agree to send funds directly to the other solicitor before they commence any work.

Best to ask your OR though if you are uncertain.