BI - Do I NEED a Solicitor??? Can i DIY

Ava8

Hi Folks,
Well drama over, I am being offered my BI (mother-in-law):beer:
is 'buying' it for me. The OR rang me this afternoon and it will be fees (305 plus valuation fee 80) Did I read something on here from a lady who did all her own paperwork? Obviously if I can avoid paying a solicitor to fill in forms I want to grab it!!!! I have hunted throughout the forum but can't seem to find it. Is it an easy enough process?

The offer was made after I asked for another valuation, It was valued by them at 175k and they have re-valued it today at 172k which has basically saved my house!!!!!:j:j:j:j
I am so happy, just goes to show, ask the questions, make the calls, question everything, sometimes things work..... I needed some good luck sooner or later and I 'think' it's finally here.:T

thanks all. xxx

IF

Hello Ava, have a look at hopefulfooluk’s thread on how he bought back the BI in his home.

https://forums.moneysavingexpert.com/discussion/2471695

Ava8

Thanks Wishes, You have always been so helpful each time I post.:)
That was really helpful. Now another question if you don't mind? My soon to be ex is going BR next month too. Would it be wiser and cheaper to do the BI thing at the same time? Will that mean only one set of fees or will it make no difference?

Fingers crossed. :beer:

IF

Hi Ava, not 100% sure. I would ask the CCCS or CAB in NI and ask for their advice. Got my fingers crossed too.

Best wishes
If...x

hopefulfooluk

Hi Ava8,

Glad you found my thread useful and thanks to Wishes for posting the link to it.

To answer your question, if your partner's property is a different property to the one you own, (s)he has to do it separately and it will have no bearing on your costs to do yours. I take it your property is not jointly owned if you are having to pay that much for the transfer of the BI?

Cheers

Chris

Ava8

Hi Hopeful,
Yes, it is a joint mortgage. Mortgage stands at 171k and OR valued it at 172k. The OR tells me that their fees are 305 and valuers fee of 80 hence the 385. The letter is winging it's way to me so maybe when I get the full picture I will be better informed. I think I am just so chuffed this week, not losing the house has given me such hope.

emmylou3219

Hi Ava,

Congrats hon, I am in a similar position, and the waiting is awful...hopefully my light wont be far behind yours!!

I have a question tho.......this is going to sound like a really silly question too!

Why is the valuers fee £80? I got the impression I could have an estate agent in to value it...which is what I have done! I was going to send the paper work off tom, if I can sort out some other issues that are complicating things, Have I got the right type of valuation or do I need something different?

hopefulfooluk

emmylou3219 wrote: »

Hi Ava,

Congrats hon, I am in a similar position, and the waiting is awful...hopefully my light wont be far behind yours!!

I have a question tho.......this is going to sound like a really silly question too!

Why is the valuers fee £80? I got the impression I could have an estate agent in to value it...which is what I have done! I was going to send the paper work off tom, if I can sort out some other issues that are complicating things, Have I got the right type of valuation or do I need something different?

I used an estate agent's valuation and it was never questioned. So you should be alright

emmylou3219

oh...praise be......Cheers for that Chris!!

I was nigh on having a panic attack about it then!!!!!

LOL xx

Ava8

Hi Folks, OR Lady just rang today to say the letter is going out today to my Mother-in-law who is helping by agreeing to buy my BI. It has worked out at £305 fees to OR and £70 valuation fee so £375 total.

She tells me that I will have to get a solicitor to transfer the interest in my deeds and that fee will depend on my solicitor. I saw the thread that 'wishes' posted, it tells how to transfer it back after discharge thanks - but i need to know about the first BI transfer to my MIL, but is it necessary to have a solicitor to do this or can I do it myself? I was well capable to fill in my BR forms, can it be any harder than that?

Any advice thankfully received.:beer:

confused?

Ava8 wrote: »

Hi Folks, OR Lady just rang today to say the letter is going out today to my Mother-in-law who is helping by agreeing to buy my BI. It has worked out at £305 fees to OR and £70 valuation fee so £375 total.

She tells me that I will have to get a solicitor to transfer the interest in my deeds and that fee will depend on my solicitor. I saw the thread that 'wishes' posted, it tells how to transfer it back after discharge thanks - but i need to know about the first BI transfer to my MIL, but is it necessary to have a solicitor to do this or can I do it myself? I was well capable to fill in my BR forms, can it be any harder than that?

Any advice thankfully received.:beer:

Do you manage to do this without a solicitor? If so how did u do it. I'm going thru the same thing,

My partner owns half already and I need to transfere mine to her too?

Thanks
Confused?