Me and my husband declared ourselves bankrupt in 18 April 2006, we were discharged in November 2006. However as we have a morgaged property and at the time of bankruptcy the outstanding morgage and secured loan on the property was more then it's value and with the recent turn down in the housing market this is still the case. We were unable to get anyone to buy the benefical interest and the only correspondence from the OR regarding the property we have received has been B178 notice of application to register restriction against the land in May 2007. As we are coming up to the thrid anniversary of our bankruptcy and we are still living and contining to pay the morgage (interest only) and our loan secured on it, we are not sure what the next steps will be. Any advise you can give us would be greatly appreciated.
as you know the B178 restriction is to prevent you from attempting to sell the property without the knowledge of the OR. In itself therefore it is not considered a step made by the OR to instigate a sale. These guys are usually on the ball with such things but if nothing else happens before 18th April 2009 the property should automatically vest back with you. Are you sure about the current value and that there is clearly still equity?
The reason I ask is in cases of no equity and in the absence of a buyer for the BI this is what would happen every time. The truth is that the vast majority, quite understandably so, could not stand the suspense or take the gamble that there will be no equity within the 3 years and so bite the bullet and buy the BI at the earliest opportunity.It would appear your inability to find a buyer could have saved the property and the purchase price of the BI.
Me and my husband declared ourselves bankrupt
Posted - 07 March 2009 : 12:28:08
