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Simon.ms
Starting Member
5 Posts |
 Posted - 09 March 2011 : 21:40:19
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Hi - I have a property that is in negative equity by about £35k and I did not get someone to buy the beneficial interest, when I was declared bankrupt (sept 2010), because I am of the opinion that the property will not go into positive equity within the three year period. It seems that as I did not do this I may now be subject to a 'new way of doing things' by the IS, and they will re-visit the property value anytime between 2 years 3 months and the 3 year period, with lots of bells and whistle choices they can make. I genuinely believe it would be a miracle if the property went into positive equity due to the fact there is a problem with the lease (exorbitant ground rent) and it is only a little one bed flat. With all that in mind a £35k increase in value is just not going to happen. My question is what do I do at the end of the 3 years reference the re-investing of the property from the OR to me? Is this an automatic thing? Or does the OR office write to me again? Or do I need to make a note and call them? Any guidance would be gratefully received. This is such a cool place for help.
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debtinfo
forum expert
2826 Posts |
Posted - 09 March 2011 : 22:29:49
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| They have the same options that they always have wheb the get to the 2 year 3 month point, that part has not changed at all, If there is no equity at all at the 3 year point it will revest automatically, they will probably write to you again for mortgage statements, valuations etc |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 March 2011 : 15:13:17
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Hi Simon,
as you correctly identified, the office that deals with you by the 2 years and 3month point(the regional RTLU),will make contact regarding the property and what options there are. If as you believe that there is no hope of the property returning to equity by the 3 year point, and indeed if there has been no improvement they could re vest the property back in your name before 3 years, as they do not want to keep properties on their books for longer than neccessary.
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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Re-investing property
