Author Topic: Home owners& LILA  (Read 1290 times)

windy2

  • *
  • Posts: 1
Home owners& LILA
« on: Apr 30, 2009, 09:54:57 AM »
When is your name removed from the Title Deeds of a property?
For the purposes of a LILA, you can't be a homeowner so when do you technically no longer own your home
(Scottish Bankruptcies)

gordonblair81

  • Full Member
  • ***
  • Posts: 23
Re: Home owners& LILA
« Reply #1 on: Aug 03, 2009, 09:27:28 AM »
Hi Windy,

You must be aware if you have owned a property in the last 5 years and were to proceed with a LILA then the AIB (Accountant in Bankruptcy) could still have an interest in this property or the profits made from this house.

If you are currently a homeowner then you would not qualify for a LILA and a trust deed may be a better option out of your debts.

Gordon Blair