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gjw
Starting Member
4 Posts |
 Posted - 01 April 2013 : 20:17:45
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Hi, I have/ had btl property jointly with my wife when I went bankrupt, sept 2010, since then the appointed ip has been taking half rent less associated costs. I read recently that their contract only lasts for a short period of time and wondered
A, would we ever be able to buy back my equity?
B, what happens when their contract ends? Does interest refer back to insolvency service?
C, how would a cost to buy back be worked out if this is possible?
Many thanks for any help |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 01 April 2013 : 20:25:49
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Hi,
The OR usually keeps an interest in the property for two years and three months.
Is the property in negative equity?
Do you have money to be able to buy back the BI?
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 April 2013 : 08:26:55
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Hi gjw,
The trustee doesn't have to sell it back as it's not your family home and there is not a time limit of 3 years to deal with it as in a family home either.
However, there is a good chance they may sell the beneficial interest back to you, so ask. The calculation is all about your share of equity and rental income etc.
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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Hi, I have/ had btl property jointly with my wife when I went bankrupt September 2010
