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| T O P I C R E V I E W |
| Worried Essex |
Posted - 27 October 2008 : 12:58:57
I was made bankrupt on 24 June, I have a famil home, which the trustee has just had valued. The value has come in at £440,000 and I have mortgages outstanding of £470,000.
In addition, my father-in-law has a charge on the home of £33,000 in respect of some building work he paid for in 2005 and some advance school fees for one of my Children.
The trustee has asked for proof of the monies changing hands for the £33,000 charge, some of which we can demontsrate, some of which we can not, as it covers advance fees, not yet paid.
On this basis, what is the most that the trustee can force ny father-in-law to offer to purchase my share of the equity, is it limited to £1 + legal costs, or can they force a higher value?
How do you suggest my father in law handles the question of the £33K charge, bearing in mind some of the charge is for future costs? - although I assume this is almost incentital, bering in mind the fact the property is in negative equity.
Thanks,
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| 5 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 27 October 2008 : 18:56:03
Out of curiosity, is there a maximum amount you are allowed to have as a mortgage? |
| Suzanne |
Posted - 27 October 2008 : 16:34:44
Hi
It sounds to me as if they are suspicious of the charge your father in law put on the property and want to make sure this wasn't a ploy to put assets out of the reach of creditors. If money hasn't already been paid to the school but is still held by your father in law to pay fees in future, this amount would not be a valid charge on the property.
If discounting this amount from the charge still puts the property in negative equity, there should not be a problem with transferring the interest.
The fact that there is such a delay in getting this moved forward indicates to me that they are investigating possible misconduct, and until this has been resolved the case will not be transferred for the property to be dealt with.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| hammy0107 |
Posted - 27 October 2008 : 16:26:53
Worried,
Thank you. So they did a proper valuation then, rather than a drive by?
I am just worried that they will use the valuation i had done in July because prices in my area, as most areas, have come down a lot since then. I just wish they would contact me soon whatever their plans are. |
| Worried Essex |
Posted - 27 October 2008 : 14:48:45
Hello
I got 3 estate agents valuations done in June and submitted them at the time of BR on 24 June - at the time the values were £480,000, my trustee contacted me last month and said they were instructing valuers - the new value is £440,000 - £40K down in 4 months, I guess we have something to thank Gordon Brown for!!! - I am worried, but feel they can not stop the transfer of my beneficial interest to my father in law for £1 + legal costs based on what I have read in various foums. Anyone qualified to answer much appreciated! |
| hammy0107 |
Posted - 27 October 2008 : 13:08:14
Worried,
I can't answer your questions however i am sure someobody who can will be along soon. Maybe you can help me though:
I also went BR on 24th June and i am still waiting on news of my house. My questions to you are:
1. Did you originally put a value of your property on your SOA? and if so how does the trustees valuation compare?
2. Did the trustee let you know they were doing their own valuation or did they do a drive by and then write to you with their valuation?
Thanks in advance, i like you am desperate to keep my house and can't stop thinking about it. |
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