Hi. Found i very intersting reading all the questions and answers so thought we would ask our own !! Both my husband and I were decalred bankrupt at the beginning of June. We have had our meeting with the official receivers - three hours for each of us !!. We seem to be getting to grips with most things except for the house. We have moved out of the house at the beginning of July as we were not going to be able to continue with the mortgage payments and had been under such stress with everything decided that we needed to close some doors and start to rebuild our life without debt ( all our debt came about as we had stupidly personally guaranteed and loaned money for a limited company - yes I can here you say the point of a limited company is to stop personal exposure - we know that now !! . However we have been in rented accomodation now nearly a month and can honestly tell you that it was the best thing we did - closure on a lot of problems and the start of a much happier and stress fee life for all our family and thankfully with full emotional support of both sides of our family. We owe £207,000 on our mortgage to the Halifax and we owe some £80,000 secured against our propery for a guarantee we gave personally from our limited company which failed and went into administration so about £287,000 secured against house. We had an independant valuation of the house in January where it was valued at around £250,000 and I have spoken today with the guy who valued it and he said it would be worth between 10% and 20% less now so say an average of 15% then value at £212,500. We have received our letters today from the OR asking if we are interested in buying out the beneficial interest of the property. WE have been approached by a couple who are interested in buying our house. What would your advice be in our position. We are not interested in the house ourselves as we can no longer afford the mortgage or the running costs of the house - we have now not paid the mortgage for 2 months - we have spoken with the Halifax building society who are aware we have been made bankrupt - also they agreed that a family friend could sleep at the property a couple of nights a week as we have moved house so that it looks like someone is living there still . Any advice would be greatfully appreciated. Thanks
As you are both bankrupt you have no control over what happens to the house. As an asset it vests in the Official Receiver. Any shortfall would also go into the estate.
The couple who want to buy the house need to speak to the OR and the Halifax in order to negotiate their purchase
As you are both bankrupt you have no control over what happens to the house. As an asset it vests in the Official Receiver. Any shortfall would also go into the estate.
The couple who want to buy the house need to speak to the OR and the Halifax in order to negotiate their purchase
Thank you for replying so quickly - just wished we had found this website prior to the bankrupcy as I see it would have helped to cope with a lot of the fears and worries we went through. Thanks Alwena
Any advice would be greatfully appreciated
Posted - 29 July 2008 : 23:22:49
