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johns
Junior Member
United Kingdom
269 Posts |
 Posted - 16 December 2008 : 16:18:28
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Hi John or Paul,
Have had contact from ip asking what both my wifes and my intention is regarding the purchase of the bi, my wife wants to buy my share and my bankruptcy ends next august is that when the valuation is agreed or before.
Regards
Johns |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 December 2008 : 16:21:32
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Hi
it's up to the IP (trustee) when he deals with it so it looks like he's ready.
Do you need to wait longer in the hope the value decreases or is the property in negative equity already?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 16 December 2008 : 16:23:45
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Could do with another 6 months, how can they sell it if we can stay for the full 12 months and who would buy it now and have to wait 8 months for the property, i think there maybe 30,000 in bi at the momentquote:
Originally posted by John
Hi
it's up to the IP (trustee) when he deals with it so it looks like he's ready.
Do you need to wait longer in the hope the value decreases or is the property in negative equity already?
www.Bankruptcyhelp.org.uk
0800 078 9367
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John
New Member
United Kingdom
73 Posts |
Posted - 16 December 2008 : 16:28:15
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Hi
with that equity you could clearly do with more time, assuming the market will continue to fall.
I would respond and say that your wife will need more time to raise the funds so would prefer the process to be delayed.
That said, the OR will obviously know that the value is likely to drop. And would also be prepared to give your wife time to raise the funds even if the value and BI purchase price was determined now.
It's worth a shot anyway.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 16 December 2008 : 16:29:57
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Thanks John great helpquote:
Originally posted by John
Hi
with that equity you could clearly do with more time, assuming the market will continue to fall.
I would respond and say that your wife will need more time to raise the funds so would prefer the process to be delayed.
That said, the OR will obviously know that the value is likely to drop. And would also be prepared to give your wife time to raise the funds even if the value and BI purchase price was determined now.
It's worth a shot anyway.
www.Bankruptcyhelp.org.uk
0800 078 9367
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 16 December 2008 : 16:32:35
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Sorry John my wife asks does that mean we would not be allowed the full 12 months and even if they value it today the value would be adjusted next august??quote:
Originally posted by johns
Thanks John great helpquote:
Originally posted by John
Hi
with that equity you could clearly do with more time, assuming the market will continue to fall.
I would respond and say that your wife will need more time to raise the funds so would prefer the process to be delayed.
That said, the OR will obviously know that the value is likely to drop. And would also be prepared to give your wife time to raise the funds even if the value and BI purchase price was determined now.
It's worth a shot anyway.
www.Bankruptcyhelp.org.uk
0800 078 9367
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John
New Member
United Kingdom
73 Posts |
Posted - 16 December 2008 : 17:18:47
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Hi
in theory I suppose I am saying that but the reality is that if the purchase could be put off until later why would you, your wife or anyone else pay higher than the value at that time.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 16 December 2008 : 17:35:24
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Hi
I just thought that i would add in my bit.
We went BR in August this year and have at the moment equity in our home. We are waiting till March or April next year to make our offer subject to valuations.
I am waiting on the value to drop and hopefully then we will go into neg and can buy for the £1 plus £211.
I have at present about £10k and both of us went BR, i know its a gamble but its one i am willing to take with regards to saving some money and keeping our home.
Best of luck with it all.
Jo
x
19 Weeks down
33 to go
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 - 17 December 2008 : 13:03:30
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John, Isn't the OR going to be wise to people trying to delay so that prices drop? Is it really the case that someone can say lets do it the day before I am discharged? Just wondering. Also, if negotiations are aloowable and become protracted isn't there a chance that the discharge might be suspended or that the matter is not resolved in time and that the OR keeps a restriction on the property at the Land Registry for 3 years?
Related to this, can someone buy the BI AFTER the bankrupt is discharged but before 3 years are up? Does it have to be settled before discharge? |
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beneficial interest
