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Buying back BI - last minute'possible' hitch - advice needed
rog2
Posts: 11,650 Forumite
As many of you will know, my wife and I are in the process of 'buying back' my Beneficial Interest from my Trustee.
As with everything - this process has taken absolutely ages. First we agreed a figure (about 85% of his evaluation), with the trustee and then set about raising the money.
The trustee sent my wife a letter confirming that he would accept her offer in 'full and final settlement' and, on receipt of the funds, would remove any interest that he had vested in the property.
We needed to raise some of the funds in the form of a 'mortgage' and my wife agreed terms with her Bank (HSBC) which were approved, and a 'mortgage' offer made.
We had to get our deeds back from the Halifax - which, in itself, took ages as they had not marked the account as closed. Anyway, as soon as we received the deeds, we took them to HSBC and expected the matter to be concluded within a week or so. HSBC were fully aware of my circumstances and of the reason for the 'mortgage'.
On Friday, HSBC came back to my wife and insist that, before they release the funds, I must get a solicitor in order to 'remove' the charge that my trustee has put on the house.
I thought, genuinely, that the letter from my trustee, would have been sufficient - the 'mortgage' represents less than 20% of the value of the house - so I'm a bit confused.
Could anyone, please, advise me why I should need a solicitor and what this is likely to cost?
Thanks.
As with everything - this process has taken absolutely ages. First we agreed a figure (about 85% of his evaluation), with the trustee and then set about raising the money.
The trustee sent my wife a letter confirming that he would accept her offer in 'full and final settlement' and, on receipt of the funds, would remove any interest that he had vested in the property.
We needed to raise some of the funds in the form of a 'mortgage' and my wife agreed terms with her Bank (HSBC) which were approved, and a 'mortgage' offer made.
We had to get our deeds back from the Halifax - which, in itself, took ages as they had not marked the account as closed. Anyway, as soon as we received the deeds, we took them to HSBC and expected the matter to be concluded within a week or so. HSBC were fully aware of my circumstances and of the reason for the 'mortgage'.
On Friday, HSBC came back to my wife and insist that, before they release the funds, I must get a solicitor in order to 'remove' the charge that my trustee has put on the house.
I thought, genuinely, that the letter from my trustee, would have been sufficient - the 'mortgage' represents less than 20% of the value of the house - so I'm a bit confused.
Could anyone, please, advise me why I should need a solicitor and what this is likely to cost?
Thanks.
I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
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Comments
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Have they put in writing exactly what they want and are you sure the loan is 100% approved.Barclaycard 3800
Nothing to do but hibernate till spring
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It is standard procedure for the new lender to have first charge on the property, which means removing the charge placed by the OR. This really is quite routine.
I.m surprised the HSBC can't arrange for it to be done on your behalf, otherwise ring round some local solicitors. It should cost roughly what it would cost for legals on a remortgage (ie when someone changes lenders).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Sorry Rog2 I don't have a clue but would be interested in knowing the outcome as my husband will hopefully be buying my BI in our house. I hope this doesn't take near as long as yours took!
:j :j
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I.m surprised the HSBC can't arrange for it to be done on your behalf, otherwise ring round some local solicitors. It should cost roughly what it would cost for legals on a remortgage (ie when someone changes lenders).
Thanks s-c, I'm a bit surprised that HSBC didn't say this earlier as they have been fully aware of the situation for the last two months.
I will look around for a solicitor tomorrow - just hope it doesn't prolong things too much longer, as we all want to draw a line under things.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
No advice for you on this one sorry - just to send you positive thoughts!
xPay Debt by Xmas 16 - 0/12000
There is something about the outside of a horse that is good for the inside of a man.0 -
No advice for you on this one sorry - just to send you positive thoughts!
x
Thanks Penguin - it's looking a bit clearer since silvercar's explanation.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
No advice for you on this one sorry - just to send you positive thoughts!
x
Me too. Good luck Rog2.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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