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Kirsty.tr
Starting Member
5 Posts |
 Posted - 24 May 2012 : 09:19:26
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We have had a chartered surveyors valuation done today confirming that our part built house is in neg equity. I have heard that you can get a relative to buy the bi pre bankruptcy for say 1000 to keep the house and protect it from the bankruptcy. We do not want to
risk the o.r waiting 2 years 3 months to revalue as we would like to get on with finishing our house with the aim of selling it later on without risking any equity. Can anyone advise.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 May 2012 : 09:37:38
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Hi Kirsty,
Yes, you can make that offer at anytime.
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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Kirsty.tr
Starting Member
5 Posts |
Posted - 24 May 2012 : 14:27:53
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quote:
Originally posted by Viki.W
Hi Kirsty,
Yes, you can make that offer at anytime.
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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Kirsty.tr
Starting Member
5 Posts |
Posted - 24 May 2012 : 14:37:27
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quote:
Originally posted by Viki.W
Hi, Viki
If we do this PRE - bankruptcy will it cause us any problems with the O.R? We have got a RICS valuation which was carried out this week, and are planning to see a solicitor next week so that we can keep control over this. We plan to sell the b.i for £1000 to my mother in law and set aside the £1000 for the O.R. I am worried about waiting until after we are BR as the O.R may decide to revalue in 2 years 3 months and not sell us the BI meaning that we would not be able to finish the house.
Also, do we have to wait until we are discharged from BR before we can sell the property even if mother in law has B.I.? (as both myself and husband would need to go BR due to business failure)
Finally, do you know what I should do with the remaining stock in my shop when I close it down?
Thank you so much for your help.
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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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 May 2012 : 15:30:44
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Sorry, I missed your bit about "pre-bankruptcy". You would do this after you've been declared bankrupt.
Your mother-in-law doesn't need to buy it back, she can give you the money for you to do it yourself.
If this is accepted then the OR will have no further interest in your home.
Do you want to keep your home as you mention selling it?
Is the shop closed down now?
I realy suggest you speak to an expert to chat all of this through.
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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Kirsty.tr
Starting Member
5 Posts |
Posted - 24 May 2012 : 16:09:06
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Thanks for your reply. I am really worried that the OR will not let us buy the BI and make us wait. There is quite alot of Negative equity but this doesnt worry us as the equity will come back as we carry on the building work on a gradual basis. I was looking at "purnells" website and they suggest buying the BI out pre bankrupty to stay in control which does appeal to us.
My shop has not closed yet as we have not applied for bankruptcy yet but we will have to do so soon as business is poor and we are personally guaranteeing a very long lease.
Who would you recommend speaking to about all this?
Thanks again
quote:
Originally posted by Viki.W
Sorry, I missed your bit about "pre-bankruptcy". You would do this after you've been declared bankrupt.
Your mother-in-law doesn't need to buy it back, she can give you the money for you to do it yourself.
If this is accepted then the OR will have no further interest in your home.
Do you want to keep your home as you mention selling it?
Is the shop closed down now?
I realy suggest you speak to an expert to chat all of this through.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 May 2012 : 16:11:21
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Speak to any of the experts on here - you can find their details on the left hand side of the page under the 'Expert' link.
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 - 24 May 2012 : 18:11:28
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From relatively recent personal experience.
I had my house valued pre bankruptcy.
I went bankrupt.
Spoke a few weeks later to my appointed Trustee about concerns that I wanted to keep my house.
They accepted my valuation.
They offered the BI to me.
I had a third party pay the £1000 PLUS VAT by cheque.
House was removed from bankruptcy estate.
New land registry form issued to me.
My case seemed to go ahead quite simply. |
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Topic |
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Our part built house is in negative equity. We would like to get on and finish it
