I have a couple of questions about BI that hopefully someone might know the answers.
Firstly, we have had a letter through from OR to fill in and state that we have got someone to buy the BI (which we have). In this letter it says that the person buying the BI might like to employ a solicitor to act on their behalf. Is this necessary? I'm just concerned that this is more expense and if not needed would like to avoid it if possible.
Also, can my partner buy my BI even though he has been made BR and also can I buy his if I'm BR?
I don't think you have to have one, I'm sure Swans_Girl's hubby didn't.
I think you can buy it even though you are BR. Hopefully one of the experts will be along to confirm (or otherwise!) that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A solicitor is not strictly necessary, but if you are going to use someone outside the immediate family then it may be wise for you all to seek independent advice to avoid misunderstandings in the future. You will not be permitted to buy each other's share and it would be unwise to do so to protect the house from any future insolvency - which hopefully will not happen but cannot be ruled out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Jan, you're right we didn't use a solicitor as I was buying the BI. To be honest if it was someone outside our immediate family, we would have used a solictor, just to be safe.
They would have a claim over it, but this would be dependent upon circumstances and who was paying for the upkeep of the property and the costs of any lending. Not worth getting into a fight over, so best to take the advice in the first place.
Thanks very much for the info melanie. Its our parents that are buying it, so perhaps we will not need a solictor. We both have quite close families so think it unlikely that we will fall out.
