Never Really Understood...

custard_cream_3

I was always worried that the OR might not offer the BI to my wife, and instead sit on the house and wait for it to increase in value again. But they said to me they weren't in the habit of speculating, and it would be dealt with asap. Luckily it was, and now it's ours to do as we want with it. Nice feeling, although I realise I was fortunate.

Angiepange

The way I understand it is this.

When you purchase the BI back from the OR, you are purchasing any future claim the OR would have to any equity in your house if you were to sell it (thts why if you are in NE they offer it to you for £1). I also undersatnd it as if you do not buy the BI and your house was to rise in price during the 3 years the OR has to deal with your property, they could force a sale to release this equity for your creditors.

I dont see it as 'keeping the house' cos the only way you keep your house is if you pay the mortgage and any secured loans on it.

But yes buying the BI does remove the OR's restriction from the Land Registry.

Again I dont profess to know all the ins and outs just what little I have learned going through the process.

Angie x

script

@ Custard - so glad it all worked out

@ Angie - perfectly put angie