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| T O P I C R E V I E W |
| Lynne.06 |
Posted - 29 July 2011 : 17:51:12
hi can you help. The house my brother lives in at the moment is where we lived as children he is in the process of going bankrupt and I am really annoyed with him because when my mum was alive she struggled really hard to buy that house is there any way that I would be able to buy it , if it went to auction which it probably will there is no guarantee I would get it. Lynne |
| 8 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 31 July 2011 : 22:30:35
Hi,
if the property is heavily in negative equity, then the OR or any other trustee would not be interested in it as an asset, but there again it depends upon what you mean by owing a lot more than the house is worth.
In this case at the moment, the property would vest with the OR for 3 years, but at the 2 year 3 month point, they review it, and decide what they are going to do with it,if still in substantial neg equity,then they will revest it to the owner before 3 years is up.
However, if you want to buy out your brother's beneficial interest(BI) with the property in negative equity, then you could make an offer to the OR to buy out your brother's BI once the OR becomes trustee, which currently as I understand it is a minimum of £1,000, plus the OR's costs, which as it's a solely owned property is difficult to gauge but could be about £500.
However to do this,you would also need the mortgagee's permission, who may agree(i.e thay may stipulate that the arrears have to be cleared etc) and in some instances require a deed of acknowledgement of debt to be signed, which basically means, that once the BI is dealt with, the mortgagee could make your brother responsible for any shortfall if the house subsequently got repossessed,as opposed to being claimed in bankruptcy. The OR's guidance on this,is for people to obtain legal advice if this arises.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| RHB |
Posted - 31 July 2011 : 12:37:53
Would your brother agree to sell to you? If so, get 3 estate agents round to value it & go from there. If not, once he has become bankrupt you could make an offer to the OR but I doubt you will get much knocked off. |
| funkyparrot |
Posted - 30 July 2011 : 20:42:28
I don't know the value of the house my brother has let it go a bit it needs hell of a lot doing to it re-wirimg, central heating, new boiler, new kitchen new bathroom, a lot of damp in the hall, he probably won;t get any more than £60,000 to £70,000 if it goes to auction the house belongs to my brother he has a mortgage which hasn;t been paid this year he is due in court in 2 weeks time he will go bankrupt I really want my mums house he has a lot of debt on the house he will not be able to save it he owe's double what the above value is I don't have any claim on the property. Lynne
l ridge |
| funkyparrot |
Posted - 30 July 2011 : 20:35:11
quote:
Originally posted by debtinfo
What is the value of the house any any debts secured on it, did he buy it, or was it given to him, do you have any claim on the property
I dont know the value of the house my brother has let it go a bit it needs hell of a lot doing to it re-wiring, central heating, new boiler, new kitchen, new bathroom, a lot of amp in the hall, he probably won;t get amy more than £60,000 to £70,000 if it goes to auction the house belongs to him he has a mortgage which hasn't been paid this year he is due in court in 2 weeks time he will go bankrupt, I really want my mum;s house. He has a lot of debt on the house he will not be able to save it he owe's double what the above value is, I don;t have any claim on the property. Lynne
l ridge |
| debtinfo |
Posted - 30 July 2011 : 11:31:07
What is the value of the house any any debts secured on it, did he buy it, or was it given to him, do you have any claim on the property |
| funkyparrot |
Posted - 30 July 2011 : 10:35:03
quote:
Originally posted by Lynne.06
hi can you help. The house my brother lives in at the moment is where we lived as children he is in the process of going bankrupt and I am really annoyed with him because when my mum was alive she struggled really hard to buy that house is there any way that I would be able to buy it , if it went to auction which it probably will there is no guarantee I would get it. Lynne
the house belongs to my brother
l ridge |
| funkyparrot |
Posted - 30 July 2011 : 10:33:05
quote:
Originally posted by Lynne.06
hi can you help. The house my brother lives in at the moment is where we lived as children he is in the process of going bankrupt and I am really annoyed with him because when my mum was alive she struggled really hard to buy that house is there any way that I would be able to buy it , if it went to auction which it probably will there is no guarantee I would get it. Lynne
l ridge |
| debtinfo |
Posted - 29 July 2011 : 18:41:44
who owns the house at the moment |
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