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Aaron.mb
Starting Member
1 Posts |
 Posted - 15 May 2012 : 07:08:11
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| hi i had the survey done on my house and rang the offical reciver, i was told you can no longer buy your house back for £1 if in neg equity could you let me know if this is correct thanks |
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pcoventry
Junior Member
United Kingdom
235 Posts |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 May 2012 : 08:23:13
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The OR will keep an interest in your house for 2 years and 3 months from the date of bankruptcy. It may be possible to make an offer to them to buy out the interest.
Follow through
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Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 15 May 2012 : 08:25:24
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Hi Aaron,
As the other posters have said, if this is your home that you live in, then the OR will value your home again 2 years and 3 months after your bankruptcy. If you want to make an offer now, then you can do, but it would be more than £1 I'm afaid.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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James Falla
forum expert
45 Posts |
Posted - 15 May 2012 : 13:41:04
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Hi there Aaron
If you want to buy back the beneficial interest in your home you can still do this straight away but you will normally have to make an offer which is more than £1. Most ORs will require you to pay £1000. If a friend or family member can pay this money on your behalf then you can buy the interest in you home immediately. If you are unable to do this then the OR will hold on to your property for a maximum period of 2 years and 3 months.
After this time the property will be re-valued. If at that time, the equity in the property is still less than £1000, you will simply be given back the property.
However, if the equity is more than £1000 (which will be likely if property prices have risen during the two year period) then the interest must be bought back by paying an amount equal to the equity. If no money can be made available to do this, then the OR will normally hand back the property to you but will take out a charging order against the property for the value of the equity at the time.
The OR will only try to sell the property if prices have risen significantly meaning that the equity in the property is also significant. However given the current housing market, this is unlikely.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
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year 2029
Average Member
590 Posts |
Posted - 15 May 2012 : 21:15:51
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| Dont forget to add the £200 vat onto the £1000! |
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wellerchic
wellerchic
135 Posts |
Posted - 17 May 2012 : 10:56:36
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Hi
I have received a letter this morning saying that the OR has applied to the Land Registry to have the interest in the property vested back to me.
The letter was dated 27/1/12 and this is the first letter I have seen !!
I know this means that they are not going to force a sale on the property because of the Negative equity.
How do I sell the property in future if I want to move?
Is all the negative equity covered in the BR if the house has lost value over the past 3 years from when it was included in my SOA or am I only covered for the figures in the SOA ?
Sorry for all the questions
Gill
There is light at the end of the tunnel, I can actually see it !!!! |
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Topic |
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Is it true I can no longer buy back my house in negative equity for a pound ?
