| T O P I C R E V I E W |
| braddy |
Posted - 16 April 2009 : 11:03:10
Hi
I went bankrupt in July of last year, I recieved an early discharge after 5 months. In about October time they offered my partner ther opportunity to purchase the beneficial interest in the property, which is owned solely by me, we sent the forms back with a valuation (which put the property in negative equity) and have heard nothing since. Me and my partner have recently split up and she is moving out, she has also agreed to lay no claim to the house. I would like to know a couple of things.
1. Firstly can another of my family members offer to buy the beneficial interest.
2. Should I ring the OR to explain the situation so my partner can de-register her interest
3. Or is it possible because it's been nearly a year already that I just sit tight and hope the house is passed back to me in 2 years time
Any help would be appreciated
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| 11 L A T E S T R E P L I E S (Newest First) |
| markm |
Posted - 17 April 2009 : 14:47:41
Hi Daniel Griffiths... xX 
(regarding braddy BR & benefical interest) I didnt mean the client couldnt n wouldnt be discharged around the 5 months into his BR... (early discharge) All I meant by it... Seems unususl to discharge when the OR still had ongoing closure to the clients BR... via (his ex buying benefical interest) Then for him to here nothing for nearly a year !!!
Im no expert... But was judging from braddy,s info... !!!
I also said I think if I were him id ring the OR to see where he stood & take his next steps from there... !!!
My Regards lil Shaza. xX
markm. xX |
| Jane.l |
Posted - 17 April 2009 : 09:32:51
I had a house and I was discharged after 5 and half months, the OR just told us to let NR repossess the house, they had already started the procedure and the house was in neg equity |
| Daniel Griffiths |
Posted - 17 April 2009 : 09:18:25
Mark M
Why do you not think the client cannot be discharged after 5 months when a property is involved I cannot see that makes any difference whatsoever. The property now vests in the OR until he/she either sells the same, within a three year time frame or instructs the lender to repossess however he cannot sell in this case as the mortgagee will most likley not take a shortfall |
| markm |
Posted - 16 April 2009 : 23:33:19
Hi Braddy. xX
I meant to to say on my last post to you...
I think you would know if a Trustee had been appointed... In your bankruptcy !!!
There letters alone... Would be the start of there powers...
So !!!
I think if a trustee had been appointed you would know... (I hope you understand my meaning)
My regards lil Shaza. xX
markm. xX |
| markm |
Posted - 16 April 2009 : 23:21:06
Hi Braddy & All. xX
I think if I were you... I would ring the OR... On the full situation... To see what position you are in... They have to hold all info on your BR...
Before making any offers !!!
I carnt see how you were discharged after 5 months... If a property owned by yourself was involved...
I carnt see how the OR (or trustee) !!! would leave the benefical interest for nearly a year... If it were to close your BR...
Your ex, defentley didnt buy the interest ???
Im no expert & know everyones Bankruptcy is different... But seems as if your BR is closed... Unless there is money to be gained on your property...
I myself would ring the OR... If in your position... Sorry I carnt be of more help to you...
My regards always lil Shaza. xX
markm. xX |
| Daniel Griffiths |
Posted - 16 April 2009 : 15:05:38
Braddy
If the property is in negative equity it is totally unlikely a Trustee is appointed as the trustee would not get any costs from the appointment so the OR will act as the trustee. Whatever has gone on in the past is irrelevant, if you wish to take the property out of bankruptcy and the negative equity is not too high (remember you are purchasing a property for more than its current value so you are purchasing debt) simply obtain two forced sale valuations a mortgage redemption statement and if any secured loan redemptions but include any endowment policies if in existance and send a letter like this
Dear OR
Re Your name Bankruptcy date 205 of 2005 ----- County Court
Property concerned (Address of property)
I enclose a recent valuation, a mortgage redemption statement, and endowment statement (if you have one) which is charged to the mortgage lender. I now wish to purchase your interest in the above property. the valuation shows the property at £--------. The recent mortgage redemption statement shows an outstanding balance of £---------. The endowment policy has a value of £-----
Illustrative purpose only
Property Valuation £85000
Endowment Policy 2500
Cost to redeem mortgage £90000
The property is therefore in negative equity £-2500
I therefore wish to offer £1 to purchase your interest in the above property and the endowment policy. I would also offer to pay your reasonable legal costs. I would be grateful for your earliest reply
yours sincerely
Braddy? |
| braddy |
Posted - 16 April 2009 : 13:09:42
It was in the hands of the or at least thats who I had the telephone call meeting with, they then sent out a form asking for a valuation and an up to date mortgage statement, with the early repayment charges and the valuation there was no equity, I think they sent the form to my partner because I had mentioned at my meeting she was living thier and would be interested in having the BI transferred to her. In terms of the early discharge all I know is that I recieved a letter after 5 months saying I had been discharged early.
How would I know if thier was a trustee involved ?
Thanks
Braddy
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| markm |
Posted - 16 April 2009 : 13:00:24
Hi Braddy & All... xX
Without sounding too clinical on my earlier reply to your post...
It seems strange for you to have been an early discharge !!! When you owne property...
Im hoping an expert answers you soon on this...
Is there no equity at all in the property ???
Why did your partner have to buy benefical interest ???
Im thinking wouldnt your BR have to be anauld... For you do do that ???
Unless with no interest in the property the OR... Could have closed your folder... I think you would have heard from him on it... if it were his next step to take !!!
Was your BR in the hands of the OR or was there a Trustee involved ???
Wish I could be more help to you...
My Regards lil Shaza. (markm) xX
markm. xX |
| Daniel Griffiths |
Posted - 16 April 2009 : 12:01:42
Why are you not purchasing the beneficial interest back yourself, I dont understand why an ex or a relative, |
| braddy |
Posted - 16 April 2009 : 11:48:38
Don't know why I got an early discharge, and my ex hadn't bought the interest because we never heard anything back for the official recievers office.
Braddy |
| markm |
Posted - 16 April 2009 : 11:38:43
Hi Braddy...
Im not an expert... Im sure there,ll be someone on the forum who will be able to help you on this soon...
My advice would be to be touch with the OR... To sort the situation out... As the prices in houses are rising... If left for another 2 years... It could be more interest in your property...
In my BR... The trustee gained interest over 3 years... At the time, of having our house valued... We had nearly 100% equity... There costs alone were so high... They said as id left it for so long !!!
Why has the benefical interest not been bought by your ex ???
If its about a year ago... Im sure with no equity it could be bought for £1 + £211 cost...
How were you early discharge ???
(of course you dont after answer on this) ???
I hope you get sorted soon... xX
My regards lil Shaza. xX
markm. xX |
