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Moez
Starting Member
1 Posts |
 Posted - 20 January 2011 : 15:40:33
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I was declared bankrupt yesterday - I took advice and I was informed that because my house is in negative equity my wife could buy back my share
one of the administrative person from the receiver's office told me quite firmly that the will not offer my wife the option to buy back my share. If we have an official valuation (or the receiver pay for a new one) and it shows the negative equity - does the receiver have the right to sell my share just because he feels like it ? or is there a legal way to force the sale - my mariage is affected of this and this house issues is not resolved i could also lose my wife and my baby daugther.
Any advice would be welcome |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 20 January 2011 : 15:49:55
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Hi Moez,
Welcome to the forum.
The rules changed on 1st January this year.
They will wait and value your house after 2 years and 3 months, then if it's still in negative equity, then it will revest back to you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 21 January 2011 : 00:27:02
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Hi,
as Viki.W said with the rule changes on 1st January, it became no longer possible to buy back the BI for £1 plus costs of £211. However,my understanding is that if an offer of say £800 -1,000 was made to buy back the BI, then the OR would have to consider it for the benefit of the estate, but there again it may also depend on different OR's as to how they deal with it.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Need to sort negative equity situation Advice welcomed
