| Author |
 Topic  |
|
Ginny.3
Starting Member
1 Posts |
 Posted - 28 August 2012 : 22:12:48
|
| I was discharged in July 2009, but my house has not been sold, although it is registered as being in the ownership of the OR with the Land Registry. I have heard that I might be able to reclaim it as the time limit for sale of the property is 3 years after the date of discharge. Is this correct? |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 August 2012 : 22:40:11
|
The OR can keep an interest for two years and three months before deciding on what to do about it.
Do you want to sell you house or remain in in it? |
 |
|
|
debtinfo
forum expert
2826 Posts |
Posted - 29 August 2012 : 06:47:01
|
| how much equity is in the property, what was the last contact you had from the trustee about the property |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 August 2012 : 14:06:02
|
Hi Ginny
just recently had similar situation.
as Niobe has stated the Or will make a decision about 2yrs 3 months into BR although retain interest for 3 yrs.
At the end of the 3 yrs the OR will not automatically apply to have their interest removed from the land registry. That is for you to do.
some just leave the interest declaration on the title but obtain a letter fromthe OR disclaiming interest
Good Luck Richard,
|
|
|
|
ginny47
Starting Member
United Kingdom
5 Posts |
Posted - 31 August 2012 : 16:26:01
|
quote:
Originally posted by Richard P
Hi Ginny
just recently had similar situation.
as Niobe has stated the Or will make a decision about 2yrs 3 months into BR although retain interest for 3 yrs.
At the end of the 3 yrs the OR will not automatically apply to have their interest removed from the land registry. That is for you to do.
some just leave the interest declaration on the title but obtain a letter fromthe OR disclaiming interest
Good Luck Richard,
Thanks so much for all the replies! Richard, the situation is a bit more complex (unfortunately). I have not been living in the house, as the state of repair made it uninhabitable. I have been continuing to pay the mortgage and to work on the house as and when I could offord it. However I guess that means that it doesn't fall under the provisions of Section 283A, which seems to be the section relating to the "sole and principal residence". So I'm a bit lost as to whether I can reclaim the property or whether the OR can retain it for as long they want ....
Ginny |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 August 2012 : 16:34:53
|
if it is in a delapidated condition with a risk of causing injury to AN OTHER the OR would want shot of it as soon as possible.
again it reflects on the percieved value, if they have not intructed you to sell or have not served paperwork on you that defines the level of interest from the OR
BUt i would suggest getting the ownership resolved before you complete all of the work.
Good Luck Richard,
|
|
|
|
ginny47
Starting Member
United Kingdom
5 Posts |
Posted - 31 August 2012 : 16:55:58
|
quote:
Originally posted by Richard P
if it is in a delapidated condition with a risk of causing injury to AN OTHER the OR would want shot of it as soon as possible.
again it reflects on the percieved value, if they have not intructed you to sell or have not served paperwork on you that defines the level of interest from the OR
BUt i would suggest getting the ownership resolved before you complete all of the work.
Good Luck Richard,
Do I do this by contacting the OR directly, Richard, or should I try and find the funds for a solicitor, do you think, to guide me through this?
Ginny |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 August 2012 : 17:01:53
|
here is the million dollar question ?
if you contact the OR they will want to enquire and if they feel it has a monitary value they will want to stake a claim, if they feel it has no money they will want to discharge interest
if you wait for the end of the 3 years, you may have increased the value and yes they would more than likely be interested.
why dont you do an online enquiry with land registry it will cost about £20 - £60 you can see the entry that the OR has placed against the property.(and hopefully date limitations) you can then make a choice if it is appropriate to contact the OR
Good Luck Richard,
|
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 August 2012 : 17:04:10
|
oops just read back it is not 3 years from date of discharge but date of interest expressed by the OR
this is normally court date but can be anytime during the year of bankruptcy, the last date being date of discharge.
Good Luck Richard,
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 31 August 2012 : 17:08:09
|
| The Title Register (including restrictions) costs £19.95. |
|
|
|
ginny47
Starting Member
United Kingdom
5 Posts |
Posted - 31 August 2012 : 17:15:54
|
quote:
Originally posted by Niobe
The Title Register (including restrictions) costs £19.95.
Thank you both so much! I'll be off to get the Land Registry details and hope that they contain an indication of date limitations. I think in the case of this property, although I have been very gradually improving it, the dramatic fall in house prices will more than offset the value that the improvements have added so far, so hopefully the OR will want to be shot of it. I'm having to live in rented property at the moment, which in the south-east takes a big chunk of my income, so it would be great to be able to move into the house eventually. I believe that another strategy is to "buy back" my interest for a nominal sum if there is no value to the OR in continuing their interest?
Ginny |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 31 August 2012 : 17:32:11
|
why buy back if you are outside the time frames ?
ownership should have defaulted back to you
Good Luck Richard,
|
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 31 August 2012 : 17:48:51
|
Hi ginny,
can you just confirm if you were living in the property at the date of the bankruptcy order (or if not if anyone was living in it) |
|
|
|
ginny47
Starting Member
United Kingdom
5 Posts |
Posted - 31 August 2012 : 18:03:10
|
quote:
Originally posted by debtinfo
Hi ginny,
can you just confirm if you were living in the property at the date of the bankruptcy order (or if not if anyone was living in it)
No, I wasn't living in it - a the point that I went bankrupt it was really uninhabitable : no heating, floors up, etc, etc.
Would this make a difference to the outcome?
Ginny |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 31 August 2012 : 18:07:32
|
| then as you have alluded to it is not a family home, this means that the 3 year rule does not apply and the trustee can hold property indefinitly, so it will never automatically come back to you and the only way to get it back is to strike a deal with the trustee which they are under no obligation to agree to |
|
|
|
ginny47
Starting Member
United Kingdom
5 Posts |
Posted - 31 August 2012 : 18:18:00
|
quote:
Originally posted by debtinfo
then as you have alluded to it is not a family home, this means that the 3 year rule does not apply and the trustee can hold property indefinitly, so it will never automatically come back to you and the only way to get it back is to strike a deal with the trustee which they are under no obligation to agree to
But surely its not in their interest to have a property on their hands that is empty and will only deteriorate if I do no more to it? There is very little equity in the house now, with falling property values, (possibly about 10K) so isn't the trustee under an obligation to get what they can rather than take no action? Is it worth my while trying to see if I could buy back my interest for a nominal amount, which some of the official guidance appears to suggest that I might be able to do as there is very little equity in the property?
Ginny |
|
|
|
Topic |
|
Reclaiming property
