deed of assignment

j0s

Hi

I have just received a draft deed of assignment from TLT, I have read this post :
forums.moneysavingexpert.com/showthread.php?t=2471695

My question is do I need to do all those steps listed or can I just sign the paperwork that was sent to me and wait for the reply?

forgot to mention this is for a joint property, with only myself being bankrupt

j0s

anyone please?

silvercar

From that post you linked to:

1) Got offered the BI from my OR and told them I would like to buy it back. Sent them a cheque to cover their solicitors fees (~£470) and the BI amount (£1).
2) OR got their solicitor (TLT) on the case
3) TLT asked me who my solicitor was - I emailed them saying I was representing myself and to forward paperwork directly to me
4) TLT sent a draft transfer deed to me which I signed and sent back
5) I wrote to and obtained written consent to the transfer from my mortgage company (GE money)
6) TLT sent the TR1 transfer deed back to me signed by the OR, complete with a copy of my bankruptcy order and proof that the OR was dealing with the property. They also included a Land Registry AP1 transfer form for me to complete.
7) I completed the TR1 form with the help of this website, and also the AP1 form (requires a bit of guesswork, but put "TRANSFER" in the first column of section 4).
8) I requested an SDLT1 form from the inland revenue (you must complete one of these even though no stamp duty is payable). It comes with quite a useful book explaining how to fill it in.
9) I returned the AP1 form together with the TR1 transfer deed, letter from mortgage company consenting to the transfer, copy of my bankruptcy order and the other documents sent to me by TLT, to the Land Registry office in Gloucester. I had to include a cheque for £50 to cover the registration fee (check with them what the current fee is before you send one yourself).
10) I returned the SDLT1 form to the Inland Revenue which indicated no stamp duty was payable

A couple of weeks after I sent the forms back I checked the Land Registry Online website to look at the title document for my property, and all the bankruptcy notices had been removed and it looked like it did before I went BR

Hopefully this will help you if you're going through a similar process - you don't need your own solicitor if you're happy to do the steps above yourself.

You need to complete all the forms mentioned if you want the deeds to show the new position. You also need the SDLT form completed, even though there is no stamp duty to pay, otherwise you can be fined.

j0s

silvercar wrote: »

From that post you linked to:



You need to complete all the forms mentioned if you want the deeds to show the new position. You also need the SDLT form completed, even though there is no stamp duty to pay, otherwise you can be fined.

As far as I read on that was more for a sole owned house, this is joint as no transfer of the deeds has been given to the OR

j0s

Found the required information, which more applies, except my case isnt a joint bankruptcy

Angiepange wrote: »

Hi Script

We have bought the BI in our house and I can let you know how it panned out for us.

We are both BR and jointly named owners on the mortgage. our house is in NE.

We first received letters from the OR about 6 wks after our BR which were a 'Notice to interested parties of a dwelling-house falling within Section 283A of the Insolvency Act 1986' basically telling us the house forms part of the estate in BR and the trustee has up to 3 years to deal with our property or the interest in it. Also we received correspondence about the possibility of transferring the BI to us and request for an up to date valuation and up to date details of the amounts owed to creditors claiming mortgages and other charges over the property.

About 2 weeks later we each received 2 notices from the Land Registry. A 'B178 Notice of an application to register restrictions against the Land' which detailed the OR as having applied to register restrictions in the Proprietorship Register of the title. And another form 'B136(TIB) Notice of an application to register a restriction against the land' which had the same info but also noted the OR's interest due to their appointment as Trustee in each others BR. We had to sign these forms and return unless we had an objection to the application.

After supplying the OR with the valuation and mortgage redemption statement, we are now roughly 8 wks post BR we had a letter from OR telling us they had worked out the BI to be £1.00 each and we would be required to pay £211 in solicitors fees (£213) total. It took us about a further 3 wks to get the money together.

Then we heard nothing for nearly a month (xmas in the way too!) when we received a letter from the solicitors acting on behalf of the OR concerning the transfer of the BI. They enclosed a draft Deed of Assignment for us to both sign in the presence of an independent witness, which had to be returned to them so they could arrange for the OR's signature. This deed detailed our registration as joint proprietors at the Land Registry, our subsequent BR's and the OR becoming trustee, and the fact the OR had agreed to sell the BI. It also stated that in consideration of the payment by us to the OR, the OR as trustee assigns to the Purchasers all the interest and rights in or to the property now vested in the OR as trustee in BR to hold to the Purchasers absolutely.

Sorry long winded !!

About 2 weeks after that (now 5 months post BR) we received a letter from the OR's solicitors enclosing the assignment deed duly executed and completed and notice they were arranging for the restriction in favour of the OR to be removed from at the Land Registry.

2 weeks later we received a final letter from OR's solicitors confirming the restriction in favour of the OR had been removed. And they had enclosed an official copy from the Land Registry of title which confirms no restrictions.

Hope that might be of some interest.

Angie x