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Hi

Wondering wether it would be prudent for the 3rd party and myself to see a solicitor prior to them purchasing the BI on my property.

Melanie, I would appreciate it if you could suggest a solicitor who is familiar with BR and BI in our area.

Also, I knew that as the sole owner, the whole property transfered to the OR/Trustee (not sure of the exact term), but what I didnt know is that it is myself that is given the option to purchase the BI direct via contribution from a 3rd party and not that they deal with the 3rd party direct.(Hope that makes sense) So do they mean that the property will be fully reinstated to myself? I assumed the value to the BI would be transfered to the 3rd party.

Pippa

You could do not better than Hunt and Morgan - in Park Mews (just off Park Place). Speak to Matthew Hunt or Mark Rostron and their telephone number is 02920-341234.

Have you agreed a price yet with the OR? You don't have to effect a legal transfer to the third party - it is really there to protect the interest of the third party in the event that you become insolvent again in the future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi melanie and thankyou

No price set as yet. But I spoke with the new trustee today and had a good chat. I asked roughly how long the process should take and they said they could act quite quickly but will need to arrange their own internal survey but if I was open to it they could possibly arrange next week. They said they would prefer to deal sooner than later.
So hopefully not too long to wait now. Still not sure we will be able to manage it but at least I will now where I stand.

Unbelievably its 5 months since my petition, doesnt time fly.

Will let you know how it goes, thanks again

Pippa