Just finished interview with the OF head spinning

Orchidlady_2

Just spent nearly 3 hours being interviewed, he seemed very fair and all went went, well. Allowed to keep my car which I need to take my son to school and sometimes work, we are very rural. He has said that I am allowed to purchase the title deed for my house for a £1000 + legal anytime over the next year, and they will have no interest, this seems wonderful news am I missing something?

egrescrimp

Orchidlady wrote: »

Just spent nearly 3 hours being interviewed, he seemed very fair and all went went, well. Allowed to keep my car which I need to take my son to school and sometimes work, we are very rural. He has said that I am allowed to purchase the title deed for my house for a £1000 + legal anytime over the next year, and they will have no interest, this seems wonderful news am I missing something?

A bottle of wine to celebrate with?

Orchidlady_2

I agree all sounds good.

alastairq

Posh coffee & cream cake?

Orchidlady_2

Think I like the sound of the Red actually. It all seems to have gone to well maybe I was over thinking things. I need someone to explain the £1000 thing.

alastairq

It is about purchasing the OR's interest in the property.

The property must be deemed to be in negative equity?

The OR might not reckon the property will gain any positive equity in the next 3 years..

The choice is, you wait 3 years {?}, then if the property is still in negative equity, the OR's interest reverts back to you, free of charge.

If, on the other hand, you prefer some 'security of knowledge' that, regardless of whether the property gains equity or not, it is yours.....then..for the sum mentioned [plus costs] you can purchase the OR's interest now.

For a grand plus costs, might be a good bet...given how our Government tells us constantly how our economy is 'on the up?'

Orchidlady_2

Thanks for that, yes property is in negative equity, I happen to be in position to pay that now. House does need a lot of work but not inclined to do that until I know it is safe. Quite a lot in negative equity actually. Do you happen to know if there are any restrictions?