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Worried Essex
Junior Member
United Kingdom
193 Posts |
 Posted - 27 October 2008 : 11:07:42
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I was made bankrupt on 24 June, I have a famil home, which the trustee has just had valued. The value has come in at £440,000 and I have mortgages outstanding of £470,000.
In addition, my father-in-law has a charge on the home of £33,000 in respect of some building work he paid for in 2005 and some advance school fees for one of my Children.
The trustee has asked for proof of the monies changing hands for the £33,000 charge, some of which we can demontsrate, some of which we can not, as it covers advance fees, not yet paid.
On this basis, what is the most that the trustee can force ny father-in-law to offer to purchase my share of the equity, is it limited to £1 + legal costs, or can they force a higher value?
How do you suggest my father in law handles the question of the £33K charge, bearing in mind some of the charge is for future costs? - although I assume this is almost incentital, bering in mind the fact the property is in negative equity.
Thanks,
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John
New Member
United Kingdom
73 Posts |
Posted - 27 October 2008 : 23:37:05
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Hi
I have to say I'm a little confused as judging by the figures quoted in your post the OR appears to be wasting his, your, and your F-I-L's time.
Your beneficial interest will still be available, if the figures are correct, in theory for £1 + fees.
That said your mortgage is very high and the OR has the power to insist the property is claimed to allow you to find somewhere cheaper thus potentially releasing disposable income which then could be directed at an IPA.
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