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T O P I C R E V I E W
devild
Posted - 07 July 2009 : 16:27:26 Hoping to keep house . Think its in negative equity. Q: how long will OR take to be appointed and then how long will he/she take to have house valued ???
3 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 07 July 2009 : 20:34:13 i have cases currently going on that are 6 - 12 months after the court date, so not to worry lots of time to sort out
Posted - 07 July 2009 : 18:18:53 Hi, Presuming that the property is in negative equity (i.e no private trustee is to be appointed), i shall go from the start. When you are made bankrupt the OR is appointed as Receiver and Manager which means they can make enquiries but not deal with you property initially. After the Report to creditors is issued by the OR (normally 6-8 weeks after the Order)then the OR will become trustee and can therefore deal with assets. During the inital phase the OR will make his/her own enquiries into the value of your property. The OR will then issue form MP1 to you which gives your or someone else (partner, family member, friend etc)the opertunity to purchase your beneficial interest back. To do this you will be required to provide an independant valuation of your own. once you do this the OR will decide on the "True" value of the property and you go from there. normally takes several months.
Hope that helps
gettingoutofdebt
Posted - 07 July 2009 : 16:53:59 Once you are BR the OR will be appointed to you straight away i.e. on the day that you are BR. I had a quick phone call with mine on the same day.
Before you have the interview (10 days after BR for me) they may check out the value of the house compared to similar properties in the same area.
This is pretty similar to the way they deal with vehicles. They check on the Parker's website for a valuation and if it is over the £2k mark or if they deem that you don't need the car then they will want it sold asap.
