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hammy0107
Junior Member
399 Posts |
 Posted - 23 June 2008 : 13:46:32
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Julian,
As i have posted on numerous occassions i have anywhere between £5 and £13k in my property. In your opinion should my wife make an offer to but the BI now or sit it out in the hope that house prices do go down and stay down for the next few years. If we do not make an offer now will we still have first refusal to buy the BI should the OR decide to sell? I suppose i am asking what we have to lose if we don't make an offer now? What do we have to gain by buying it now? Obviously prices could go up but i think this is highly unlikely and if they did then am i right in thinking we could still buy the BI but it would cost us more. On the other hand if prices drop then there would be no equity and we could possibly buy the BI for £1, is that correct?
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 June 2008 : 13:49:19
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Hi Hammy,
Give the small amount of equity and the fact we're in a falling market, the OR would not gain anything by forcing the sale. It is therefore likely they'll bring up the question of BI. Obviously, the longer you leave it, the less equity will be there. I would suggest you hold fire and wait for the OR to bring it up. If there is no equity, the OR will sell the BI for £1 + costs (circa £250).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 23 June 2008 : 14:26:16
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Hi Hammy
One other thing to note, is that your property will be valued by the OR with a drive by valuation and on a forced sale basis. This may mean it ends up worth less than you think. I would hold fire and see what the OR says, you can always say your wife is interested in purchasing the BI and negotiate with them, that way a trustee won't be appointed and you will be negotiating with the OR.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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hammy0107
Junior Member
399 Posts |
Posted - 23 June 2008 : 16:19:47
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Thank you for the advice.
Will i / my wife always get first refusal to buy? i.e if we can't afford to buy the BI now and in 12 months the OR was to decide to sell it would we always be given first option? I cannot lose my home and will do whatever needed to keep it but i don't really want to say 'heres £3k for the BI' if i don't need to. Do i not mention it then and wait for the OR to bring it up? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 June 2008 : 16:21:49
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hi Hammy,
The OR will need to deal with it one way or another. I sugegst keeping quiet for now. It is standard practice for the OR to come to you first so you can nominate someone to buy your BI. The more time that elapses, the lower the valuation will come in ... play the waiting game and you'll be fine!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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hammy0107
Junior Member
399 Posts |
Posted - 23 June 2008 : 16:34:02
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Thank you again Julian.
The waiting game it is then. Another related question, do they give a reasonable amount of time for my wife to raise the money to buy the BI? If so, how long generally? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 23 June 2008 : 17:07:46
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The OR would always want the property to stay within the family, and at the end of the day they are not there to put you out of your home. Suzanne gives good advice to sit and wait things out. I have a client who advised me that their property has depreciated £13k over the last month today, so this could work to your advantage. At the end of the day there are enough professionals now posting on this site to offer you the very best of advice about how to tackle the OR once you have been made bankrupt.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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hammy0107
Junior Member
399 Posts |
Posted - 23 June 2008 : 17:15:21
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| Thank you Melanie. |
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Julian, your opinion please.
