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nicolegold
Starting Member
6 Posts |
 Posted - 24 March 2011 : 19:28:15
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I've been trying to buy the interest back in my negatrive equity property. Trustee told me they were looking into it, now responded saying:
"...As you are aware there is nil equity in this property and accordingly the trustee is now willing to disclaim title to the property.
It will be necessary for me to submit formal notice of the disclaimer to the Court for their approval, following which this shall be served upon all interested parties at which time the formal disclaimer becomes effective....."
What do you suppose they mean by "all interested Parties"? Who else would want to buy the interest? I thought I would be offered it first? Could a creditor by it? I've never heard of a third party buying back interest unless the discharge bankrupt knew the person? 
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nicolegold
Starting Member
6 Posts |
Posted - 24 March 2011 : 19:31:43
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Should I be informed if indeed there are any other interested parties?
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 March 2011 : 19:35:26
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HI Nicole
My interpretation is It reads good news
The OR is stating that they do not want an interest in your house.
however they are saying that your creditors will receive a copy of the disclaim in title and should they the creditor believe that OR has wrongly valued your property they can stake aclaim.
The likelyhood of creditor disagreeing with OR very very small
Richard |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 24 March 2011 : 21:01:51
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Hi,
if they are disclaiming the property, it is generally because it has become "onerous", this is the exract from the technical manual:
3. What does ‘onerous property’ mean?
Careful regard must be made to the definition of onerous property. The Insolvency Act 1986 defines onerous property as:
a.any unprofitable contract and
b.any property, forming part of the estate, which is unsaleable, or not readily saleable or which may give rise to a liability to pay money or perform any other onerous act.
Has the trustee indicated why it is being disclaimed as the neg equity must be substantial, or there is some other problem with the property( e.g if it needs remedial work for subsidence, then the trustee could become liable for any work claims etc.
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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debtinfo
forum expert
2826 Posts |
Posted - 24 March 2011 : 21:21:55
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dont worry about the interested parties bit, it is not what you think
it means that they have to let everyone that has some sort of stake in the property formerly knoe that they have disclaimed their interest in the property.
this will of course be a copy to you, it could be a copy to any joint owner, it could be a copy to a tenant in the property if it was rented out, it could be a copy to the motgage lender, it could be a copy to anyone else with a charge secured on the property, or for instance sometimes in matrimonial proceedings to the spouse for instance.
it doesent mean that the are offering the property to anyone else just that they need to legaly tell certain people what they are doing |
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Can Someone please tell me what this means?.....
