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mattdjuk
Junior Member
214 Posts |
 Posted - 21 May 2008 : 08:40:55
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hi,
I will be made bankrupt next Thursday - My wife will be wanting to buy my half of the BI in the flat we share. I was wondering what the process will be once bankruptcy is confirmed.
We've had one valuation so far but that was done by an Estate Agent and typically is perhaps over ambitious, so I will pay for a chartered surveyor to carry out another one - shall I wait until the OR brings up the question of BI and negotiations start or should I get it done now in preparation?
Whats the best approach to dealing with these types of things?
Thanks
Matt |
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melanie_giles
Senior Member
1191 Posts |
Posted - 21 May 2008 : 09:04:24
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She simply needs to contact the OR acting for you and submit an offer. I suggest that she be proactive rather than reactive - as the OR like to get files closed asap.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 21 May 2008 : 09:37:05
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Hi Matt,
Great advice from Melanie, Normally the Trustee will write to your wife informing her of the Bankruptcy and asking if she wants to purchase your BI, this is usually around three months into your Bankruptcy, but if your wife writes a letter to your Trustee enclosing an up to date redemption figure from your mortgage company together with the valuation and her offer for the BI this will get the ball rolling much faster.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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mattdjuk
Junior Member
214 Posts |
Posted - 21 May 2008 : 09:53:51
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Thanks for the advice - Survey booked in for tomorrow! Will get a redemption figure from the mortgage company and put a letter together.
Any suggestions on how to struture the letter to the OR? |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 21 May 2008 : 10:19:16
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Hi Matt,
Your wife will need to send the letter to the attention of your examiner this is the person who will interview you once you have gone Bankrupt.
She will need to detail your Bankruptcy No & Court the details of which will be on the Bankruptcy order itself once you have been to court.
She can then make reference to the enclosed mortgage redemption statement and valuation giving the figures and her calculation for your BI in the property and then her offer to purchase this.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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mattdjuk
Junior Member
214 Posts |
Posted - 23 May 2008 : 13:29:05
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I've had a survey done by a chartered Surveyor, and we are obtaining a mortgage redemption statement from the mortgage company.
In terms of the valuation, the surveyor said it would be about 195K - How likely is the OR to accept this. I realise its difficult to predict, its just that estate agents in their enthusiasm would probably value it higher, even though another in our block has been on the market for the best part of the last year. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 May 2008 : 14:38:57
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Hi Matt,
The surveyors report is more likely to be accepted than the estate agents, If the Trustee disagrees with this valuation then they have the option to instruct their own surveyor, as long as this fits in with property prices in the area there will be no reason for the OR to doubt the value.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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mattdjuk
Junior Member
214 Posts |
Posted - 23 May 2008 : 15:11:47
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| How do they check it agrees though, are there standard checks for local property values? Would they speak with estae agents, surveyors or consult something like RightMove.com? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 May 2008 : 20:29:37
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Hi Matt,
Yes they can check Land Registry, Right Move and other valuation sights to see if this is a realistic value.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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buying BI - process
