B.i.

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
13 replies 885 views
okeydokeyokeydokey Forumite
100 Posts
edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
I am currently negotiating with OR re buying back the B.I.
Can anyone tell me once figure agreed, how long we will have to get the money together and what we have to do or does the OR do it all?
thank you
«1

Replies

  • debtinfodebtinfo Forumite
    7K Posts
    The amount wont really be agreed until you pay the money, so you have as long as you want but the price might change if you take to long
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • okeydokeyokeydokey Forumite
    100 Posts
    hi debtinfo, so if we agree in writing on the amount they are suggesting how longs does the whole process take, and do we have to have solicitor or anything? sorry if i'm being bit thick!
  • debtinfodebtinfo Forumite
    7K Posts
    The process when agreed doesnt take long maybe a couple of months at most. It is not necessary to have a solicitor but the OR will always advise that you do for impartiality, the fee you pay for legal costs is for TLT solicitors and they are very much working for the OR. It is fairly straight forward if it is a joint property but a bit more complicated if it is a solely owned property.
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • okeydokeyokeydokey Forumite
    100 Posts
    It is a joint property with us both BR. what would the legal fee's be?
  • debtinfodebtinfo Forumite
    7K Posts
    presuming that it is the family home then the legal fees would be £211
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • debtinfodebtinfo Forumite
    7K Posts
    how much is your equity likely to be
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • okeydokeyokeydokey Forumite
    100 Posts
    does the amount make a difference to cost of legal? it will be more than 10K
  • debtinfodebtinfo Forumite
    7K Posts
    no the legal is the same regardless of the cost.
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • okeydokeyokeydokey Forumite
    100 Posts
    thanks debtinfo, if there is any further info you think may be useful to me on this matter I would appreciate it. x
  • Hi there, Me & my husband went through this process a few months ago, it all went quite quickly in the end even though we expected it to be a long process. I do remember others on here at the the time advising not to be intimidated by the OR and to try and negotiate as best you can to get a fair deal. We offered about half the asking price initially, got turned down, then upped the amount by a another £1,000, still got turned down, but then another £1,000 did the trick. TLT solicitors were used by OR to finialise everything once a price had been agreed & paid. We didn't have to do anything, TLT changed the lad registry back etc... We were expecting alot of paper work & having to contact lots of different agencies to put everything out, but no.....really straight forward & a relief once everything was sorted.
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