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Lou.71
Starting Member
4 Posts |
 Posted - 20 February 2011 : 13:05:16
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| Does the OR always offer the BI to the bankrupt before going down the forced sale route, or can they force a sale without offering me/my third party the option. Also, seems there is new legislation - if in neg equity will I not be offered the BI before 2yrs 3mth after bankruptcy first agreed |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 20 February 2011 : 14:17:21
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Hi Lou
The thing to remember is the trustee in bankruptcy often the O/R has a duty to the creditors only, and a forced sale route would be not in the best interest of the creditors so would be a last resort, if the property is in negative equity then you can no longer buy it for a pound which makes sense if you are a creditor but there is nothing stopping you offering say £500 plus legal costs, which may have a good chance of being accepted |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 February 2011 : 14:24:57
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As far as I am aware you won't be able to buy back the equity in your property until at least 2 years and 3 months.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 February 2011 : 14:48:49
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I agree with Skippy - things have changed. You cannot just buy the BI these days.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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debtinfo
forum expert
2826 Posts |
Posted - 20 February 2011 : 16:56:51
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Hi Lou, there is no new legislation, the rule is the same as it was before, that is that the Trustee has 3 years to deal with a family home, Only the OR's internal guidelines have changed which is that they wont offer it to you until the 2 yr 3 mth point, as stated above there is nothing to stop you making an offer to them, if it is good enough they may accept.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 February 2011 : 17:10:31
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You can't do the £1 plus the court costs though as far as I am aware now.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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Lou.71
Starting Member
4 Posts |
Posted - 20 February 2011 : 17:19:23
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cheers for that. That means that they the OR/trustee do nothing with the BI for the first 2y3m i.e. neither offer the BI to me/third party, nor attempt to sell the property (currently neg equity), but clearly may change over that time period.
cheers for your help.
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debtinfo
forum expert
2826 Posts |
Posted - 20 February 2011 : 19:48:04
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yes thats the crux of it
Kallis
Althoug they wont offer it to you and they wont do £1 and they wont do the reduced conveyancing fee of £211, they will entertain an offer if you make it worth their while and cover the full conveyancing costs, you have to make all the moves though |
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glafy
forum expert
436 Posts |
Posted - 20 February 2011 : 19:57:37
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I'm confused now.
We had a letter last week, 3 months into BR,
asking if we wanted to purchase the BI in our property.
If we were interested then we had to sign & return the forms, within 14 days, along with an Estate Agents valuation.
Now I'm wondering why they sent this letter 
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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debtinfo
forum expert
2826 Posts |
Posted - 20 February 2011 : 20:05:44
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| mistake maybe, it is a standard letter, and they are just in the process of changing things over |
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glafy
forum expert
436 Posts |
Posted - 20 February 2011 : 20:51:50
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OK, Thanks for that. We will probably get a letter explaining it all soon.
Typical 
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Lou.71
Starting Member
4 Posts |
Posted - 27 February 2011 : 12:42:35
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Can anyone clarify for me - is the bankrupt always given first offer on the BI - regardless of its 'value'. i.e. can the house be sold without offering the BI to the bankrupt first.
Thanks.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 February 2011 : 12:59:38
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I have no idea unfortunately, I hope one of the experts will be along to advise about this.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 27 February 2011 : 13:33:00
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Dear Lou.71
You, or members of your family, would have first refusal of the property. He does not particularly want the house to sell on the open market nor does he want the aggravation of breaking up a family unit. Besides it would cost him to sell it.
As Debt Info has mentioned above, you have got nothing to lose by making the OR a sensible offer now. The worst that can happen is that he says no. However with the property market in such turmoil at the moment, nobody can predict property values in 2 years and 3 months time! You can only ask.
AQll the best.
John Blackadder |
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Lou.71
Starting Member
4 Posts |
Posted - 27 February 2011 : 13:43:34
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Thanks for that.
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glafy
forum expert
436 Posts |
Posted - 27 February 2011 : 20:33:18
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Just an update on the BI purchase.
After receiving the letter from the OR re do we want to purchase the BI. We emailed to say we were interested & they said to send the info' & they would look at our offer.
Not heard anything back yet. I will keep you updated as soon as we hear anything.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Topic |
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New legislation about BI ?
