Hi My wife and I unfortunately decided to declare ourselves bankrupt in July 2014. We were discharged after 12 months. We jointly own our family home. The official receiver contacted us by letter this month at the 2 years 3month interval and asked us for an updated valuation and any outstanding debt on the property. He also provided us with an estimated(internet) valuation which showed that their is about £20000 beneficial interest.I have however had a valuation done by a local estate agent and the property was valued less and at £10000 in negative equity.I sent a copy of the estate agents valuation by special delivery and contacted them yesterday. The person dealing with our case said in view of the information I provided, any legal restrictions will be removed from our property at 3years after bankruptcy and no further action will be taken. He also informed me that they would always take an estate agents valuation over an internet valuation as this is a more accurate reflection of the property value.I asked what will happen should our property increase in value over the next nine months and he assured me that the Official Receiver wont review the property again as it simply is too much fuss logistically with all the cases they deal with.He assured me that all legal entitlement of the property would be returned to us at 3 years and that he would mark our file so no further action would be taken. I would just like to know if this is what normally happens and is there a chance that they would change their mind. We would like to keep our family home as far as possible. Please advise if we should just wait until the 3 years are up.I have asked for written confirmation,but the person I spoke to once again said that they have too many cases to deal with to send out written confirmation.
I would get back in touch with them again and insist on an email at the very least! I don't know if they will do anything else but at least you have the written valuation to back things up.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Too many cases of bankruptcy to issue written confirmation of decision ?
Posted - 25 October 2016 : 20:59:35
