I WENT BANKRUPT IN 2007 AND SOLD THE BENEFICIAL INTEREST IN MY PROPERTY FOR £1 I NOW HAVE THE LAND REGISTRY BACK IN MY NAME. IT IS NOW 5 YEARS ON AND THE VALUE OF MY HOUSE HAS INCREASED DOES THE OR GET THE PROFIT MADE OR MYSELF ??
Did you buy the beneficial interest rather than sell it? If so then your house is yours to do with as you wish and the profit is yours.
Ascend may you find no resistance Know that you made such a difference All you leave behind will live to the end The cycle of suffering goes on But memories of you stay strong Someday I too will fly and find you again
When you bought the beneficial interest in your home, it removed it from your bankruptcy estate.
Therefore if you sell it, the profit should be yours.
I assume you are a discharged bankrupt?
-------------- Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated. Professional advice should always be sought.
A FAMILY MEMBER BOUGHT THE BI FOR 1 POUND BACK IN 2007 AS IT WAS IN NEGATIVE EQUITY AND IT WAS TRANSFERRED BACK INTO MY NAME. I HAVE JUST CHECKED THE BR RESTRICTION B11 ON THE CURRENT LAND REGISTRY TO DATE AND IT IS NO LONGER SHOWING ON THE LIST OF CHARGES. DOES THIS MEAN THAT THERE IS NO RECORD OF IT. WILL THIS STILL CAUSE ME PROBLEMS WITH THE PURCHASERS SOLICITOR OR WILL IT NOT SHOW UP ON THEIR LAND REGISTRY CHECKS?
Land registry is no problem as nothing will show up on there at all.
Ascend may you find no resistance Know that you made such a difference All you leave behind will live to the end The cycle of suffering goes on But memories of you stay strong Someday I too will fly and find you again
If a family member bought the beneficial interest in your property from the OR then the property is no longer part of your bankruptcy estate. If the value of your property has now increased and is back in positive equity, this means that anything left after the sale of the property if you did sell would be yours to keep.
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
Does the OR or myself get the profit from the increased value of my house ?
Posted - 25 June 2012 : 18:40:37
