is is possible to keep home with no equty in B/R

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gp_

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Post by gp_ » Wed Sep 19, 2007 2:48 pm
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Hello again,am I correct in thinking that if we make ourselves B/R and that we have no equity in our home it may be possilble to keep it?
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mikebdomain

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Post by mikebdomain » Wed Sep 19, 2007 4:00 pm
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Hi gp and welcome to the forum,

A relative or spouse will be able to purchase your beneficial interest in your home from the official receiver. It has been know for this to be as little as a £1 where there is negative equity.

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pippa

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Post by pippa » Wed Sep 19, 2007 6:06 pm
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Hi

On top of this there will still be a payment of approx £311 to the OR' this has to be paid up front and is non refundable should the buyer of your BI pull out etc, and is payable regardless of the amount of BI there is.

Regards

Pippa
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