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harbourmaster
Junior Member
346 Posts |
 Posted - 25 November 2008 : 17:32:26
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| Hi all, I have a date with the court at 12.20 tomorrow for repossession of our main residence. (I would like to say that when we got the court papers we were only 2 months in arrears....) Only missed 3 payments now which is worrying for people who want to stay in thier house. We were glad to say goodbye to ours and moved out 3 weeks ago. My question is this... As there has now been a trustee appointed does he actually own the property? I wrote to the OR and said I was going to send the keys back to the lender, they asked me not to do this until a trustee had been appointed. After the creditors meeting I asked the OR what to do and he said that as the trustee now owns the property as soon as he writes to me I should send him the keys. My problem is that I have had no contact from the trustee so should I send the keys back to the lender, the trustee, or go to court to see what I should do? I am of the opinion that I should explain this to the judge and do whatever he/she says. But is it better to send the keys back or let them do a repo? |
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Integrity
Junior Member
United Kingdom
201 Posts |
Posted - 25 November 2008 : 17:55:24
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Strictly speaking the lender owns the property as it is secured lending and they have first charge. However, the OR has a regisitered interest in the beneficial interest of the property.
My advice is get to the court early. Check the list on the wall to confirm your name is on it. Go to the court usher and let he/she know you are thier.
The lenders would have appointed a solicitor whom I suggest you actively seek out.
I undertand that you have no objection to the repossession order being made. Let them know this. Handing over the keys to the lender will reduce the cost of the repossesssion.
If the lender is not in possession of the keys when the repossession order is made they are within their rights to take a lock smith and change the locks (additional expense).
It is likely that once the lender takes possession they with try to sell it. A common method is via public auction though some agents have a list of private investors. (there are rules about selling the propery undervalue).
It looks like you have tried your best to be upfront and open which in my opinion is the best policy.
If there is money left over after the sale this will go to the OR/Trustee.
If there is a short fall it is likely that the debt will become unsecured.
I hope this helps? :-) |
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Integrity
Junior Member
United Kingdom
201 Posts |
Posted - 25 November 2008 : 18:01:33
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| PS Take a copy of your bankruptcy certificate as you are bankrupt the judge may dismiss the caseor ajorn it so the the OR can have an input. The OR may not object to the repossession but the OR must be able to have an input as they have a registered interest But , still go early and seek out the solicitor representing the lender and tell him/her what you have posted on the forum. |
Edited by - Integrity on 25 November 2008 18:07:30 |
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got there
Junior Member
United Kingdom
461 Posts |
Posted - 25 November 2008 : 18:02:00
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All the best for tommorrow. When did you miss your first payment? We missed ours in Oct??
Take care x |
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Integrity
Junior Member
United Kingdom
201 Posts |
Posted - 25 November 2008 : 18:09:27
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| Yes....go luck for tomorrow :-) |
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harbourmaster
Junior Member
346 Posts |
Posted - 25 November 2008 : 18:14:18
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Thanks for all the advice. I will get there early and see what happens.
Didnt make septembers payment as went BR on 10th and the DD was later in the month. I was just surprised at the speed the lender went to court. I thought they were supposed to offer help etc so you can stay in th property if you so wished. (Not the case with us we just want to send the dammed keys back and MOVE ON!!!!) I will let you know what happens tomorrow. |
Edited by - harbourmaster on 25 November 2008 18:15:12 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 November 2008 : 18:28:58
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Good Luck for tom HM:-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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pix1
Average Member
689 Posts |
Posted - 25 November 2008 : 19:07:51
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The odd thing about this is that if you are already bankrupt (and any other co-mortgagee is also bankrupt) you should be just leaving your side of this to the OR. No need as i see it for you to go sdown to the county court. IF you are BR and the OR has been advised of the house situation then the OR will put what is known as a Form J Restriction at the Land Registry with the effect that no sale can take place by the lender once the property is repossessed without the OR being involved. If the OR does not know about the property he should b einformed asap.
You sohuld not need to go the court especially as you are not trying to keep the property. I hope you have not made mortgage payments since you went BR (assuming you are BR) as this might impeded you in avoiding any mortgage shortfall liability (if this ends up applying) issues once the place is sold.
Really I don't see why you need to pop down to the court at all - if you are BR, that is. |
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Integrity
Junior Member
United Kingdom
201 Posts |
Posted - 25 November 2008 : 19:52:45
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Harbourmaster, I think from what you have said that you looking for some closure so you can move on.
If you do attend court you are more likely to achieve this by doing so-for your own piece of mind.
Good luck....let us know how you got on.... |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 25 November 2008 : 19:56:19
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Hi Hm
Just wanted to wish you look for tomorrow....Hope it all goes as you planned.
Jenny
Onwards and Upwards is the way im going :-0)
xx |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 November 2008 : 20:00:48
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Hi HM
I just wanted to add that you must do what you feel is right for you. We can advise but at the end of the day we are not you and i do hope that all goes well for you tomorrow.
Let us know how it all goes.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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harbourmaster
Junior Member
346 Posts |
Posted - 25 November 2008 : 21:12:25
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| Thanks everyone, I will go to court just to see what happens, (as I went to the creditors meeting) I want to be in a position to be able to explain the process to people if needed in the future from first hand experience. pix, your point is a very good one regarding form J restriction. Thay have done this on 4 of the BTL properties but not on the other 2 or our family home. Yes we are both BR and no we have not made any mortgage payments on the family home since BR. The OR does know the situation as it was them that requested I kept the keys. I feel I need to go to court so I know what to do, the lender is phoning every week, we are getting the court papers from the solicitors, we want to send the keys back but do not want to upset the OR. I think I just need th ejudge to tell me to send the keys back then I am not going against the OR's wishes. Dont want to upset them as I feel there is still a long way to go yet. |
Edited by - harbourmaster on 25 November 2008 21:13:51 |
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harbourmaster
Junior Member
346 Posts |
Posted - 26 November 2008 : 17:17:09
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Well that sit, I went early as advised by integrity, saw the solicitor who was UNAWARE of our BR!!! I explained everything to him, we went before a very nice Judge who issued a repo order and the keys are going back to the lender in th emorning by recorded delivery. This way the OR cannot give me grief for not keeping the keys as they requested.
Thanks for all the advice (again) |
Edited by - harbourmaster on 26 November 2008 17:17:28 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 26 November 2008 : 17:22:47
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Hey HM
At least thats another bit out of the way.
Im so glad that things are starting to come together. Make sure you do send back recorded and signed for.
You take care
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 26 November 2008 : 19:27:50
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Hey HM
I too am pleased you have got one more box ticked, and hope its took a little more stress off you
Take care
Jenny
Onwards and Upwards is the way im going :-0)
xx |
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harbourmaster
Junior Member
346 Posts |
Posted - 26 November 2008 : 21:02:07
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| Thanks for the support guys, only another 6 houses to deal with now!!!!!! |
Edited by - harbourmaster on 26 November 2008 21:02:25 |
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In Court Tomorrow Advice Please
