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| hammy0107 |
Posted - 27 August 2008 : 14:11:46
Hi Julian,
You have been missed, how are you after your accident?
As you are aware from my many many early posts i am in limbo with my home. I cannot lose my home, if i do i also lose my marriage which i will not do. My current situation is that i responded to the OR's request for details on my property, i snt in a mortgage statement showing £135800 mortgage owing but a redemption figure of £141000 due to early settlement penalty (this is in place until 2012 although reduces by 1% annually). I also sent in a valuation (Allied Surveyors) for £143000 (this had reduced from £148000 6 weeks earlier). My wife enclosed a letter requesting to buy the BI for £500 plus costs. She explained that her offer was based upon a sliding property market, Rightmove actual sold for prices in our street (average at £135000) and that she would fight for a matrimonial interest if needed. This was done about 5 weeks ago and we haven't heard anything, as prices in my area are listed as dropping by another 3% since last valuation what do you think the likely next move by the OR will be? I know each case is different but i am just trying to seek reassurance that i won't lose my home (and family).
Although this post is directed to Julian i would really appreciate any input from anybody with similar experience or expert knowledge.
Thank you. |
| 9 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 28 August 2008 : 15:01:43
You are very welcome!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| hammy0107 |
Posted - 28 August 2008 : 14:35:48
Thank you Julian. |
| JulianDonnelly |
Posted - 28 August 2008 : 12:22:05
Hi Hammy,
Given you've already made an offer of £500, it would be highly unlikely they'd accept anything less. As far as how much time you'd have to rasie the £2k, that's entirely at the OR's discretion. However, given the state of the market at the moment, I would suggest you would get the time you need.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| hammy0107 |
Posted - 28 August 2008 : 10:43:31
Julian / John,
Thank you for your replys.
We have already made an offer of £500 to the OR believing this to be a fair offer in the present climate. By taking their time responding i am positive my house will now be in negative equity, would it not be very unlikely now for the OR to offer to sell the BI for £1 knowing they can get £500?
Also if the OR was to say we could buy the BI for £2k for instance, how long would we have to raise this money? |
| John |
Posted - 27 August 2008 : 20:46:30
Hi mark
Always!
The OR would be delighted if he's offered a sum equal to the BI of the bankrupt thus avoiding the sale.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| John |
Posted - 27 August 2008 : 20:28:43
Hi hammy
with a maximum £2K equity you should be fine.
Normally the OR would not consider a forced sale unless there is £5K equity. Even if the market value was achieved there's still only £2K and the agent and legal costs would swallow all of that and more.
The OR will also be aware that if your wife has been in the property with you since 2003, and if she has had any form of income during that time, despite the fact the mortgage, and probably the deeds, are in your sole name she could legally claim a proprietary interest of her own which could effectively halve your BI value.
If the OR proposes anything other than your wife buying your BI for £1 + fees come back to us straight away (before agreeing).
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| JulianDonnelly |
Posted - 27 August 2008 : 17:29:41
Hi Hammy,
I would suggest you should be ok as far as a forced sale is highly unlikely. The OR will probably conduct a drive-by valuation if necessary. If they deem the property to have no equity, your wife can buy the BI for £1 + costs. However, if there is any equity, your wife will need to come up with that amount to buy your BI (with the figures you've presented, this could be £2k). However, good negotioations could result in this transaction being done for a "nuicance payment".
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| hammy0107 |
Posted - 27 August 2008 : 15:50:58
Julian,
1. Property and Mortgage are solely in my name. Mortgage since 2004 (new mortgage) and property since 2003.
2. Mortgage was purely to buy the house.
3. I can't remember signing anything. When i first went BR i signed a few forms but i think these were authority to obtain information from certain people / bodies etc.
The last letter from the OR read:
' it may be possible for me, as trustee, to transfer the beneficial interest and legal title to you, your spouse, a relative or friend. Before this transfer can begin we have to agree on the value of the interest being transferred. If after i have received the information we can agree on a value to be paid for the interest in your property, i will require payment of my solicitors costs in advance. An insolvency practioner may be appointed as trustee in place of me. Where such an appointment is made the details will be passed to him/her directly on appointment and it will be his/her decision as to whether to accept'
It doesn't ask me to sign to agree to appointing a trustee but it does ask me to sign to say i have received the letter.
Any further thoughts??? |
| JulianDonnelly |
Posted - 27 August 2008 : 14:27:06
Hi Hammy,
Feeling lots better thanks. The physiotherapy has helped enormously and I'm almost back to my old self.
From the figures you have presented, your home is almost in negative equity (and probably will be in a couple of months), so your wife should therefore be able to buy your BI for a nominal sum. However....
1. Is the property and mortgage in joint names? If so, for how long?
2. The mortgage - was is just to purchase the property, or have you used any of your equity to clear of debts in your sole name, start a business etc?
Having said that, I believe you should be safe. It does take the OR a little while to deal with these things. Did he/she get you to sign authority for them to pass information to a private sector Trustee? If not, I think you're in the clear!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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