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b17
Starting Member
3 Posts |
 Posted - 23 April 2010 : 06:08:38
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| my husband declared himself bankrupt 7 months ago, i was asked to buyback his interst to the property for 20,000.00 basacally his share of equity on the property. But due to my finacial cercumstances being a pensioner as my husband is a veterans TPI pensioner i find it hard to apply for a loan of 20,000.00 . What are my options now as the trustee is now tretening me to bring me to court if i don't agree on to sale the property. Can i offer for a deffered payment like forthnightly. Please help we are in the verge of breaking down specially my husband war related mental state. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 April 2010 : 09:41:55
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Hi
Have you had the property valued independently of the OR? If not, then you should do so - with a small local firm of valuers/estate agents - say its for a quick sale - NOT bankruptcy.
Come back with more info after that, Richard
"There are no problems - only solutions" |
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b17
Starting Member
3 Posts |
Posted - 23 April 2010 : 13:49:15
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yes it is already valued thats' how the trustee come up with 20,000 buyback.quote:
Originally posted by Housing
Hi
Have you had the property valued independently of the OR? If not, then you should do so - with a small local firm of valuers/estate agents - say its for a quick sale - NOT bankruptcy.
Come back with more info after that, Richard
"There are no problems - only solutions"
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 23 April 2010 : 16:11:25
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Hi B17
Sorry to hear of your problems.
It sounds like a difficult situation. In general terms the trustee's duty is to get as much money as he can for the creditors.
As Housing has said, it is always a good idea to get a local agent to give you a forced sale valuation as that is the probable sale price a trustee would get if he sold it.
Also you don't have to accept the trustee's valuation.
If you have got to the stage of an agreed value, and the £20,000 is based on a forced sale valuation, your next step would usually be to try to negotiate the trustee downwards.
If you take the house valuation as your starting point, deduct estimated estate agent fees for selling the property (2% plus VAT?), deduct legal fees for selling the property, then deduct the mortgage and divide what is left by 2, and you are left with, roughly, what the trustee would get if he forced a sale of the property.
I don't know from your post if the trustee has already allowed for these issues when asking you for £20,000, but if not, it is worth trying to negotiate him downwards.
In addition, if the houses in your area are selling slowly, the trustee has a risk that he will have to reduce the asking price, and, if it takes a while to sell, the balance owing on the mortgage will go up, also reducing the amount of equity he will get.
All of these are issues worth raising with the trustee to negotiate him downwards.
However, ultimately he has to justify his decisions to the creditors, so he won't be able to reduce the interest by too much.
If you are unable to reach an agreement, or raise the amount required, and the trustee applies for possession, you could, through a solicitor, defend the application - although this depends on individual circumstances and is something you ought to get professional assistance on.
Courts have been known to refuse possession applications in cases of ill health, age, etc but you would need to get professional advice based on your own circumstances before going down this road.
Sorry this post turned into a bit of an essay, but I hope it has helped
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Edited by - Bridgewood on 23 April 2010 16:13:02 |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 23 April 2010 : 19:07:07
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Hello again,
Sound advice from Bridgewood.
I cannot add to that I am afraid - post back as you need to and we will, between us, try to offer advice and assistance.
Richard
quote:
Originally posted by b17
my husband declared himself bankrupt 7 months ago, i was asked to buyback his interst to the property for 20,000.00 basacally his share of equity on the property. But due to my finacial cercumstances being a pensioner as my husband is a veterans TPI pensioner i find it hard to apply for a loan of 20,000.00 . What are my options now as the trustee is now tretening me to bring me to court if i don't agree on to sale the property. Can i offer for a deffered payment like forthnightly. Please help we are in the verge of breaking down specially my husband war related mental state.
"There are no problems - only solutions" |
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b17
Starting Member
3 Posts |
Posted - 24 April 2010 : 01:30:50
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thanks a lot for your advice and i have to say you have contributed some good ideas that i have to look at now and start doing my bit of the bargain. Thank you Bridgewood.quote:
Originally posted by Housing
Hello again,
Sound advice from Bridgewood.
I cannot add to that I am afraid - post back as you need to and we will, between us, try to offer advice and assistance.
Richard
quote:
Originally posted by b17
my husband declared himself bankrupt 7 months ago, i was asked to buyback his interst to the property for 20,000.00 basacally his share of equity on the property. But due to my finacial cercumstances being a pensioner as my husband is a veterans TPI pensioner i find it hard to apply for a loan of 20,000.00 . What are my options now as the trustee is now tretening me to bring me to court if i don't agree on to sale the property. Can i offer for a deffered payment like forthnightly. Please help we are in the verge of breaking down specially my husband war related mental state.
"There are no problems - only solutions"
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Edited by - b17 on 24 April 2010 01:38:46 |
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Please help we are in the verge of breaking down
