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Tracy.v
Starting Member
1 Posts |
 Posted - 20 May 2012 : 12:16:35
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| Hi, myself and my husband are facing the prospect of bankruptcy. We are worried about keeping our house. We have had 2 estate agents round and we have managed to talk our valuation down by explaining our unfortunate financial circumstances. We have 2 valuations in writing showing a neg equity figure. Can these valations be accepted or will they want a paid for valuation done? I am worried hat this will be higher and subsequently affect our bi. Our house is also part renovated so it is difficult to place an accurate figure on it. Any advice would be helpful to us. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 20 May 2012 : 18:00:47
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Hi Tracy,
The Official Receiver will carry out their own valuation on your property.
If your home is in negative equity, then it will be valued again in 2 years and 3 months. You can offer to buy back the interest during that time.
I suggest you speak to an expert for advice.
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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year 2029
Average Member
590 Posts |
Posted - 20 May 2012 : 22:20:48
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From personal experience I had a local estate agents valuation accepted, which placed the property in negative equity.
I was then able to find a third party to buy the beneficial interest in the property for me, therefore removing my home from the bankruptcy estate.
This meant I never had to go through the worry of waiting for the 2 years 3 months to find out if it had increased in value etc.
This would also mean you could then continue to work on your house, knowing your efforts would not be in vain. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 May 2012 : 22:25:43
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The vast majority of people will have to wait the two years and three months.
Most people will not have anyone who can make an offer to the OR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 21 May 2012 : 09:55:29
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What are you basing 'vast majority of people will have to wait' on?
Tracy, have a look at this link
http://www.bis.gov.uk/insolvency/Publications
Then scroll down to the publication 'what will happen to my home'.
That is one of the publication you are given when you declare Bankruptcy. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 May 2012 : 10:01:02
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Post on here and other forums by experts.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 21 May 2012 : 10:10:28
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Fair enough.
There doesn't seem to be many people on here giving their own recent personal experiences, hence me trying to give mine, plus a link to the insolvency services own publication.
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 21 May 2012 : 11:43:07
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Hi year 2029
I always advise people that I help/assist to gather the local agent valuations, and if in negative equity to approach their OR, regardless of the 2 year 3 month rule - That is a date for the OR to make their decision on, if no decision has been made prior to that date
There is nothing to stop an individual approaching their OR with an 'offer' at any point during their bankruptcy
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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year 2029
Average Member
590 Posts |
Posted - 21 May 2012 : 11:51:06
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Hi Melanie.
Which is exactly what I did, and what I was trying to convey in my initial reply to Tracy.v |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 21 May 2012 : 12:05:56
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Unfortunatly, the forum often has misinterpretation, due to the fact that things read back, appear rather different, that what you/I meant to say.. it is often so much easier to chat through a problem with a client that try to write an explanation - Like you I have had others seize on something in completely the wrong way...... (you get used to it....) Keep posting though! Melnaie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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year 2029
Average Member
590 Posts |
Posted - 21 May 2012 : 12:20:57
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I will keep posting, as when I first contemplated going Bankrupt I found skippys blog, and found it intriguing and helpful reading.
I want to share my recent experiences as well, and also do that within the constraints of remaining anonymous.
Professional advice should always be sought, but even some of their replies are very 'guarded', and I would like to think that giving personal experiences would be helpful, as I have found them to be. |
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Hi, myself and my husband are facing the prospect of bankruptcy
