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T O P I C    R E V I E W
daisy duck Posted - 11 November 2007 : 00:22:13
I am thinking of going bankrupt very soon but I need clarification on a few matters if anyone could help.

1. I would like to keep my house at all costs as I want to keep a roof over my family. Can the OR refuse my wish for my wife to buy back the beneficial interset in the property.

2. I have approx £130000 outstanding on my mortgage and my property is worth £140000. I have a fixed rate mortgage which is fixed for 8 more years and if I pay it off within them 8 years I am liable for a charge of 3% which is approx £4000. Is this taken into account when the beneficial interest is worked out.

3. When working out the beneficial interest do they allow for selling costs ie solicitors or estate agents, and if so how much do they allow.

4. I have a car which I need for work the value being £3500. I have read that the value the OR usually allows is £2500. Would I be able to make the OR an offer of say a £1000 to keep the car or would he take it.

5. I bought a lcd tv 1 year ago for £1000 it is now not worth much in resale is it likely the OR would take it off me as it would be one of my assets.

Sorry for asking these questions but I am very lucky to have a mother in law who will loan us the money I need to pay the OR and I would like to try and calculate how much she would need.

Thanks very much for your help.
3   L A T E S T    R E P L I E S    (Newest First)
daisy duck Posted - 11 November 2007 : 08:49:14
Thanks very much for the replies. The answers were what I was expecting but needed clarification. Thanks again everyone.
Johnny Debt Posted - 11 November 2007 : 06:39:38
If there is no equity in the property, then it is possible for your wife to purchase the beneficial interest for a £1.00 plus legals. She/you would have to write to the Official Receiver or Trustee dealing with the case, informing them of this. I understand that this should be done fairly early on in the proceedings.

How did you come to valuation of the property? The trouble with Estate Agents is that they tend to over value properties? The Official Receiver will instruct a drive-by valuation, which may increase the value more. Currently your figures are close to zero equity if you take into account sale costs. However like previous post said you would have to negotiate this!! So the lower the true valuation the better.

As for the car, bit of a tricky one this, as it seems to vary from region to region. I have known the Official Receiver to object to someone keeping a car valued at £1500 pounds. OK each circumstance is different, but I would say that your logic with regards to your car sounds good.
h_g Posted - 11 November 2007 : 02:35:18
quote:
1. I would like to keep my house at all costs as I want to keep a roof over my family. Can the OR refuse my wish for my wife to buy back the beneficial interset in the property.


Not unless she didn't have the money to buy it!

quote:
2. I have approx £130000 outstanding on my mortgage and my property is worth £140000. I have a fixed rate mortgage which is fixed for 8 more years and if I pay it off within them 8 years I am liable for a charge of 3% which is approx £4000. Is this taken into account when the beneficial interest is worked out.


If they would have to pay it if they forced a sale within the next three years (the time during which they would have to deal with the house), then yes, it should be taken in to consideration (and it sounds like they would have to pay it).

quote:
3. When working out the beneficial interest do they allow for selling costs ie solicitors or estate agents, and if so how much do they allow.


This is where your negotiation skills come in!

quote:
4. I have a car which I need for work the value being £3500. I have read that the value the OR usually allows is £2500. Would I be able to make the OR an offer of say a £1000 to keep the car or would he take it.


Yes, and this should be their preferred way of dealing with it.

quote:
5. I bought a lcd tv 1 year ago for £1000 it is now not worth much in resale is it likely the OR would take it off me as it would be one of my assets.


You'd have to be unlucky - these seem to have been losing value quite quickly in recent times.

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