Hi there Hubby and I both went bankrupt in December. We live in a property which we own on a buy to let mortgage. Our tustee is suggesting that they are calculating £17 thousand equity in the property, and suggest we stay and try to find a third party to buy the equity on our behalf. If we buy it out what happens if in years to come the property increases in value, or we are able to improve it and therefore enhance it's value. Would it still be of interest to the receiver after we are discharged (assuming this happens after a year?). All this is subject to the building society letting us re-negotiate the mortgage which might not happen! we are a cuople with two kids so hopefully would not be turfed out imminently. Many thanks for any advice - Mary
Hi, If you or someone buys out the BI(beneficial interest) or equity in the property, then as that is the part that vests with the trustee, it will have been dealt with, and the trustee will have no further interest in it, even if it appreciates in value later.
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"
If we buy out house what happens in future years ?
Posted - 23 June 2011 : 15:08:56
