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| debtrider |
Posted - 30 July 2009 : 20:42:13
Hi
I went bankrupt on October 20th last year, and although I expressed an interest in buying the beneficial interest in my home, I have not heard from the OR since. I also stated that I wanted to buy back a life insurance policy because it had no surrender value.
I eventually phoned the OR office the morning because nothing seemed to be happening. I spoke to this lady who looked up my records and said she would send the appropriate forms out to me and also look into the life insurance policy. So nothing seems to have moved at all since my bankruptcy, but she did say they have hundreds of people on their system so they are very busy.
She said that I would need to get two independant valuations on my property and a outstanding balance mortgage figure.
Can anyone advise on the best course of action to get these valuation figures without paying too much, and do I tell the valuer of my circumstances in that I want the lowest valuation possible for the purpose of buying the beneficial interest after bankruptcy.
I only wish I had phoned the OR sooner to get things moving.
Thanks again
Debtrider |
| 4 L A T E S T R E P L I E S (Newest First) |
| Andrewski |
Posted - 01 August 2009 : 11:35:10
I too went bankrupt last October. In my case a Trustee in bankruptcy was appointed. My ex-wife negotiated with the Trustee to buy my beneficial half share in our home. After getting what he claimed was a valuation from a local estate agent, the Trustee required £50K for my share. He did include in the calculation the cost of redeeming the mortgage including the early redemption penalty.
The Trustee refused to provide a copy of the valuation which we thought was strange. We thought the valuation was far too high and submitted two lower valuations we obtained from other estate agents. We also pointed out that due to a subsidence claim made with the insurers in which we were disputing the proposed repair works, the house was virtually unsaleable. After much correspondence, eventually a price of £10K was agreed. Quite a difference!
Andrewski |
| debtrider |
Posted - 31 July 2009 : 13:26:16
Hi Christine123
Thank you for that information it was very useful.
After phoning the OR office yesterday regarding buying the beneficial interest in the house. I have received a letter this morning with details of my property and what to do next in buying the BE. I thought the OR was already aware of my position in buying the BE, so I was just sitting back and waiting for the OR to send me a letter. Unfortunately it seems as if this was not the case, so now I need to get things moving quickly and get this sorted out.
I will keep you informed of how I get on.
Debtrider
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| Christine123 |
Posted - 31 July 2009 : 12:42:42
Hi. I am in the process of buying back my BI for £1 plus fees. I also went bankrupt last October but was offered to buy the BI back in January so obviously my OR wasn't as busy. I did pester a couple of times though to chase it up. I have a mortgage for £130,000 with a £5,000 redemption penalty and the OR had a drive by valuation which came out at £135,000 which was way too high. When I was also advised that they don't take early redemption penalties into account that meant that according to the drive by I had £5,000 equity in my house, scary! I actually told a local estate agent what my situation was and that I needed a valuation which showed the correct value for my house. Most estate agents want to get the highest value for you so that's why I decided to be honest. He was really understanding and came out to do a quick sale valuation which came out at £120-£125k. This was much more realistic than the drive by which doesn't take into account things like central heating which I do not have. They also valued it as a 3 bed but it is now a 2 bed terrace. I sent the estate agents valuation off and also downloaded an internet valuation which come out even less. I also sent a covering letter stating my house was only 2 bed,no heating etc. This was accepted by the OR and I was now in negative equity. I don't know if all estate agents would be as nice as mine but good luck and keep in contact with the OR and send all you can.
Christine |
| gettingoutofdebt |
Posted - 31 July 2009 : 08:05:23
As far as I am aware it is normally up to the OR to decide how much the property is worth and whether there is any equity in it or not although if you have a recent independent valuation then the OR can take this figure.
If you get the valuations yourself tell the Estate Agents that you want a quick sale as they will then give you a lower valuation. Tell them that you are moving abroad, emigrating, relocating to another part of the country for a new job, etc. rather than you are buying the BI.
The easiest option would probably be to call 2 local Estate Agents and say you want a valuation. You will need a written copy of the valuation to provide to the OR. |
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