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mab
New Member
56 Posts |
 Posted - 06 February 2009 : 16:17:32
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Hi All
I have speant the last few months checking out this board, and want to say thanks to everyone for all the help and advice you provide.
I am due to go bankrupt on the 24/02 and although a little scared and frustrated I am thankful of this site for the guidance it provides, and also for pointing me in the direction of Reviva Uk, who have helped me a great deal with sorting my problems out.
I must admit I will be glad to start a new chapter in my life and hopefully a brighter future.
My only concern at the moment is working out the equity situation in my house, as we worked hard to get it and to be honest if it wasn't for the credit crunch and housing crash financially we would be doing okay. I am desperate to keep hold of it! does anyone know how the OR calculates the equity situation ie will they take into account Zoopla/Mouse Price etc as these show my property in negative equity.
Thanks
Mark |
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 06 February 2009 : 17:05:39
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Hi Mark
First of all welcome to the Forum.
Don't be worried about the Bankrupcy, or the Court appearance, I was at first, but when it was all over, could not understand why I worried,
I have now had my OR interview, again not as bad as I thought.
With regards to the house, I'm not sure how it works , but I'm sure some one else will shortly.
I'm glad I found the web site before going BR, as it helped me so much,
Just remember most of us have been where you are now, so we understand how you are feeling,
Good luck for the 24th I will be thinking of you
Let us know how it goes.
All the best
Leakie
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 06 February 2009 : 17:15:11
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The OR will do what is called a 'drive by valuation' you can sometimes pre-empt this by providing an up to date market valuation by a local estate agent - get them out on the premise of selling the house, ask them for the 'quick sale' figure (the one the property usually drops to after 6 weeks) you can fob them off with someting like 'I have to move with my job and need to secure a sale asap...they will send you in writing a letter - we would like to market your property at.... You have a market valuation for no cost!!this can given to the OR hopefully your valuation will show that there is no or negative equity if so, the OR will not seize your property. You will be offered (within 3 months usually)the right to buy the 'beneficial interest' back from the OR for £1 plus £211 costs - if you are unsure what this is read on...
when a bankruptcy order is made the OR is automatically recorded at the Land Registry on the property - this means that only he can sell/dispose of the property. If there is equity he will take the appropriate steps to realise the equity for the benefit of your creditors. If there is no equity you will receive a letter offereing you the said 'beneficial interest' which in lay mans terms means you can remove the OR's name from the Land Regsiatry for £1 plus £211 costs - the offer is for a 3rd party (usually spouse or relative to fund the costs) this does in no way affect the mortgage or whatever, you must pay your mortgage and secure loan to be able to keep your property in bankkruptcy -bankruptcy is for unsecured debts....
Hope this helps- any further confusion or concerns please post
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
01446 711780
melanienicholas@jonesgiles.co.uk |
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mab
New Member
56 Posts |
Posted - 06 February 2009 : 17:33:37
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Hi Guys
Thanks for the response.
Its so nice to speak to people who know exactly what it feels like, i think its safe to say I would feel a lot more stressed if I hadnt read posts on here from people who have been in the same boat.
I think it is nice to have a place where no one judges people about how they got in this situation, i for one never thought I would be but hey thats life!!!!.
Thanks for the help regarding the house, I have got a local agent who i think would provide a valuation for me and having spoken to Paul at Reviva again, I know in my heart I have nothing to really worry about.
But I know my wife Sarah will be happier once we have brought the intrest in the property back.
I hope that once the 24th has passed I can move on with my life but also give help to those people still going through the process.
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Crockett
New Member
68 Posts |
Posted - 06 February 2009 : 18:06:33
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Are drive by valuations usually more or less than one you would obtain from an estate agents asking for a forced sale figure?
Cheers |
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RHB
Senior Member
1159 Posts |
Posted - 06 February 2009 : 18:21:53
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| Zoopla is way out so be warned! It has my house at the same price as the others on our street & mine iis the smallest. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 06 February 2009 : 19:04:53
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I've just looked on Zoopla - apparently our house has lost £30k in 18 months and I have no idea how they work out their prices!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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RHB
Senior Member
1159 Posts |
Posted - 06 February 2009 : 19:05:50
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| Do you think it undervalued then? Mine is way over valued, go9ng by the house prices in the local paer. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 06 February 2009 : 19:10:32
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I have no idea! There is one property in the same street that they say is £14k less than ours! Very strange, and I wouldnt have too much faith in it.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Hi All
