Beneficial Interest

tigerlily59

Hi


I wonder if anyone can help me with this query, I have searched the boards for hours but cannot find an answer;


Me and my husband had to go bankrupt 6 and a half years ago, we had negative equity in our house and my step dad bought the BI for £2 (£1 for each of us) + costs. It was done through TLT. The OR advised us that a 3rd party should do it to prevent any comeback in the future with us buying it back ourselves and owning it ourselves - but it seems from reading the boards that it has been quite common for people to buy back their own BI.


Anyway, I digress. My stepfather recently made a will, and was advised by his solicitor that he didn't need to 'bequeath' us the BI because he is not named on the Land Registry documents. He gave me all the documents that he signed for the original purchase of the BI.


The only change to the land registry is as follows, and this was done before he did the BI paperwork in 2008, I'm guessing by the OR:


(13.12.2007) RESTRICTION: No disposition by a sole proprietor of the


registered estate (except a trust corporation) under which capital


money arises is to be registered unless authorised by an order of the


court.




All my research can tell me is that the above restriction means that my husband are now tenants in common and not joint tenants.


So my question is, if anything was to happen to my step dad, how will this affect the BI in our property. How can we revert it back to us, I know he will never declare an interest while he is alive, but we are nervous about where we stand with this.


I hope I have made myself clear.


Many thanks


Michelle

silvercar

This has been discussed on here before.

The beneificial interest has been bought off the OR. If the buyer entered into a transaction with you, then that would either be recorded seperately ie an agreement between you and him or recorded as a charge on the register, with your agreement. If neither of those things happened then your ownership of the property is not effected by the fact that someone else paid the OR.

I don't know about a change from tenants in common to joint tenancy, but there is no danger of a beneficiary of your step fathers will having any claim on your property.

tigerlily59

Thank you so much for the reply, I have read so many threads about beneficial interest, but just couldn't find one about this 3rd party query.


I was thinking I would have to go through all the rigmarole of having it transferred back to us again, relieved that I don't.


Thanks again