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gjw
Starting Member
4 Posts |
 Posted - 17 November 2011 : 07:53:23
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Hi,i have just recently completed 1 year of bankruotcy and my case has been moved from the OR to a private insolvancy practitioner.
My wife and i have our own home and also 2 btl properties jointly owned. When discussing htis with our OR last year during the first few months of BR he keep telling me he would resolve our 'home' quickly and allow us to buy my BI back and then look into the BTL properties.
However the new private ip has just informed me that we are unable to buy back our property for £211 as the rules changed in January? And also we could possibly never buy back the BI in the BTL properties??? Extemly worried and confused now as had worked on principle of hopefully wife buying the BI in all properties but now just dont know where we are, who to believe and what to do next?
Sorry so long, but would appreaciate any help offered.
Sorry, all properties are in negative equity and the BTL are tenanted.
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glafy
forum expert
436 Posts |
Posted - 17 November 2011 : 09:05:54
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Hi gjw & Welcome.
Congratulations on reaching your Discharge date.
Although I cannot answer your questions. I can tell you that we have recently purchased the BI on our property (in negative equity) although it wasn't for £211....!
It obviously IS still possible to do this but I'm not sure if it varies from office to office? No idea about buying back the BI on buy to let though.
Hope you get this sorted soon & Good Luck.
Hoping one of the Experts can advise you further.
"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 - 17 November 2011 : 16:43:04
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| This is one of those occasions where you need to understand the difference between rules and guidelines. The rules have not changed since 2004 and are that the trustee has 3 years to deal with the family home and an indefinite period of time to deal with the btl's. They can deal with them by selling them back to you, selling to a third party or placing a charging order on the property. Anything other than that that you may have heard of is merely the or's own internal guidelines which are now not applicable as a private trustee is dealing with it. The private trustee may have their own guidelines which may be more or less lenient than the OR |
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glafy
forum expert
436 Posts |
Posted - 17 November 2011 : 19:52:37
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Thanks for that debtinfo. Makes sense.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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gjw
Starting Member
4 Posts |
Posted - 17 November 2011 : 23:57:17
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quote:
Originally posted by debtinfo
This is one of those occasions where you need to understand the difference between rules and guidelines. The rules have not changed since 2004 and are that the trustee has 3 years to deal with the family home and an indefinite period of time to deal with the btl's. They can deal with them by selling them back to you, selling to a third party or placing a charging order on the property. Anything other than that that you may have heard of is merely the or's own internal guidelines which are now not applicable as a private trustee is dealing with it. The private trustee may have their own guidelines which may be more or less lenient than the OR
hi, thanks for replies, soz so long but working away at moment, so does this mean we are at the whims of the new private IP?
Should i ask him what his plans are? is he obliged to tell me?
Just dont know where to go next, if there no standard procedure on this I could be waiting for 30 years to have properties back!
Is there now set rules anywhere? would appreaciate any help.
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debtinfo
forum expert
2826 Posts |
Posted - 18 November 2011 : 06:16:44
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| As I said 3 years for the family home, you can of course ask the trustee, they have no obligation to decide what to do yet. In most cases you don't get the btl properties back, the rules are designed to protect your own home not to restore financial business assets to you, having said that there is no law against the trustee selling back to you if they want to. What is happening to the tenants rent as the trustee has the right to collect your half of it |
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gjw
Starting Member
4 Posts |
Posted - 23 November 2011 : 21:11:54
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On 1 property i own on my own they are taking all the rental income, 2 others i share with my wife they take half the rental income. Was led to believe they would possibly sell my shares in BTL to my wife but all seems to have gone quiet now. Is this because they earning so much out of properties? Starting to struggle more now than when i was bankrupt especially with the property i own alone, wondering if i would have been beeter advised to have let the flat go when i was a bankrupt? Any advice on how i can go forward and tackle this situation would be greatly appreaciated.
Many thanks for your replies to date.
quote:
Originally posted by debtinfo
As I said 3 years for the family home, you can of course ask the trustee, they have no obligation to decide what to do yet. In most cases you don't get the btl properties back, the rules are designed to protect your own home not to restore financial business assets to you, having said that there is no law against the trustee selling back to you if they want to. What is happening to the tenants rent as the trustee has the right to collect your half of it
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Hi,i have just recently completed 1 year of bankruptcy
