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carl
Junior Member
115 Posts |
 Posted - 07 October 2010 : 12:30:34
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Hello all
I have recieved a telephone call from the OR confirming that they now have all the information they need and that my file is now being transferred to the Property Realisation Unit.
My property is approx £20,000.00 in negative equity and I said that I would like to keep the property after BR.
Can anyone tell me what the next steps are that the OR's office will take and does anyone known where abouts I am up to now in the BR process? Whats stages are there to come?
Thank you for any replies
Carl |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 07 October 2010 : 14:23:43
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Carl
As the name suggests, the PRU is part of the Insolvency Service that deals with your home. You mention that your property is in negative equity in which case you will be asked for proof - usually a current mortgage statement and a valuation certificate or letter will suffice. You will the be asked to pay £1 for your interest in the property plus legal costs of £211 to remove the OR's interest in the building from the Land Register. The property will, once more, vest with you and show you as being the owner.
This, for most people, is the main part of the bankruptcy process and, unless you have other assets or disposable income, it is unlikely that any further investigations will take place. However it is not an exact science.
All the best
John Blackadder |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 08 October 2010 : 00:52:40
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Carl,
when interviewed, you should have been told about the Low cost conveyancing scheme, which is basically what Blackie was on about, in that you pay a nominal £1 for the BI, plus OR's costs of £211. This is only done when the OR is made trustee, but you should eventually receive an MP1 letter advising you of this, and what you need to do. It might be worth giving your OR/case clerk a call to verify if the OR is going to do this,or RTLU.
Big Al |
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Property Realisation Unit at the OR's office
