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ste.s
Junior Member
206 Posts |
 Posted - 16 May 2008 : 14:25:09
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ive read the details regarding what happens to house on the 3rd yr anaversary of bankruptcy my question is who gives me my house back is it the IP/trustee and do i recieve a letter stating there is no further intrest in the property.
at the end of the 3yrs what happens to the trustees costs do they get squased or can they still chase me.
as im only one week away from the 3yrs i need advise as my house is not sold and i want to be ready for there next trick,there is no J form restriction on the property just a standard charge order. |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 16 May 2008 : 19:56:19
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Hi Ste,
Have they got a fixed charge over the property?
If so then this is all they need to claim your interest and will want you to release these funds in the future, however this must be a charge for a fixed amount.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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melanie_giles
Senior Member
1191 Posts |
Posted - 17 May 2008 : 00:09:39
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The correct ruling is that the Trustee must have commenced proceedings to realise his interest in the property prior to the three year deadline. This is further on than merely just claiming to have an interest, but as Brett rightly says it could take the form of a charge over the property rather than full blown possession proceedings depending upon the circumstances.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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ste.s
Junior Member
206 Posts |
Posted - 17 May 2008 : 16:11:15
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my situation is the trustee obtained a possesion order last year but handed over possesion to my morgage lender,who inturn handed the property back to me,as im fighting the possesion order in court this is all on hold.
they only have a standard charge on my property which states no amount,the way i look at this is on the date of the 3rd anaversaty of the bankruptcy the property may come back to me,if it does they probably will go for the property as being a charge holder,does the charge come under the credit comsumer act?.
i know im fighting a losing battle with the trustee but i wont to stay one step in front of them so im ready for there next trick.
with regard to the charge order can they make me bankrupt again for ther fees?.
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melanie_giles
Senior Member
1191 Posts |
Posted - 18 May 2008 : 00:20:12
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The trustee has done what he needed to do and has the benefit of a possession order from what you say - so it is now entirely up to him what he does with this and over what timescale.
Is there any equity in the property?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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ste.s
Junior Member
206 Posts |
Posted - 18 May 2008 : 15:07:04
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| there was equity in the property but if the property was sold then there would not be enough money to pay the trustees fees,because the obtained the possesion order does this cancel out the 3yr rule |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 18 May 2008 : 18:51:39
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Hi Ste,
Not unless the property actually sells at a loss to the secured creditors.
The charge will stand until either the property is sold or you come to an agreed settlement.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 18 May 2008 : 19:37:55
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It is not clear to me that a charge is actually in place. It seems that the Trustee has the benefit of a possession order and therefore the three year ruling does not apply as the Trustee has dealt with his/her interest in time. They can now sit with that order for as long as they deem fit as they are in possession of the property - and if I were them I would get on and deal with it to avoid any further worry for this poster. If they choose not to proceed with an order for sale, and you are currently up to date with your mortgage payments and there is little equity in the property, is it not sensible to negotiate with the Trustee to see if you can buy out their interest?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 18 May 2008 : 23:23:41
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Hi Ste,
If I remember rightly from your previous post the Trustee took possession of your property and then handed the keys over to the mortgage company who in turn handed these back to you have, I got this right?
In this instance the trustee has handed the keys over to the first charge mortgage company giving them power of sale over the property.
It is the first charge mortgage company’s responsibility to try and obtain the best price for the property so that the other charge holders may receive their interest from the sale.
If the property was not sold then the Trustee's charge and possession over the property would still stand and they may well apply again for your eviction.
On this basis they have done all that they need to under the three year rule, so you would need to approach this from another angle if you wish to keep your property.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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ste.s
Junior Member
206 Posts |
Posted - 18 May 2008 : 23:42:38
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the trustee has a possesion order but they obtained a standard charging order first which is detailed on my land register report,as the property is jointly owened and we were both made bankrupt they could not file a j form restriction as the insolvency act explains,the fact they placed a charging order on the property this charge we donot know how much its for,does this come under the consumer credit act?.
what angle can i go down to try and keep my house as in my appeal im using the insolvency act,the enterprise act and the human rights act?.
as the morgage company handed me back possesion who legally ownes the property?.
thanks fo the help so far |
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melanie_giles
Senior Member
1191 Posts |
Posted - 19 May 2008 : 00:17:38
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You are now at the stage where you really do need specialist legal advice, as we are all practical insolvency experts but in this instance even I would need to consult a lawyer! I can recommend a very good and reasonable specialist insolvency lawyer if this helps.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 May 2008 : 08:29:40
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Hi Ste,
I think Melanie is right you do need some Insolvency legal advice at this point.
How was the possession handed back to you legally by the mortgage company?
Did you pay anything to the mortgage company to be given possession?
Who's liability was the damage to the property?
and were you insured at the time?
You legally own the property until it is sold even in the event of possession being taken by the mortgage company, however the charge put in place of over the property is over the beneficial interest on the property, so although you legally own the title of the property the trustee will own any equity therein.
Even though the property has been handed back to you by the mortgage company unless an actual sale took place then the charge from the trustee still stands and as they took the action required under the three year rule you will be unable to gain full title until you have negotiated a settlement with the trustee.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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ste.s
Junior Member
206 Posts |
Posted - 19 May 2008 : 14:22:24
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my situation now looks more clear now,i will find a solicitor to see if they can help plus i was searching the internet this morning and found a case the same as mine which the local government ombudsman dealt with so i have contacted them,they said i have a good case and they will get back to me with regards to an appeal as the council did not follow all the guidelines.
the site is worth reading as they found the council did not follow all the procedures,the person still owed the debt but an arangment was set up and the bankruptcy annuled.
http://lgo.org.uk/news/info.php?refnum=220&startnum=
as for the way the property was handed back by the morgage lender,the wrote to me stating that they were handing back the property to me,as the property was empty for 4mth i did not pay the morgage as i thought i had lost it,i came to an arrangment to clear the arrears.
whilst the property was in the possesion of the trustee i did not insure the property as they had insured it,when i was given back the house i insured the property straight away.
i know this case is very technical but the more i look into it the more i learn,i hope members reading these postings find the advise very useful.
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 May 2008 : 14:28:15
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Hi Ste,
I'm glad you have found some information to assist,
However things pan out do come back and let us know the outcome as I will be interested to hear the outcome.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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ste.s
Junior Member
206 Posts |
Posted - 19 May 2008 : 15:42:50
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cheers brett,i spoke to melaine today and shes passing my details forward to a insolvency lawyer,did you read that site?.
i will let you know the outcome,i spoke to the courts today and i will findout if they will exept my appeal.
thanks again |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 19 May 2008 : 19:48:13
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Hi Ste,
Yes i followed the link very interesting, Glad to hear you spoke to Melanie, you can be sure that anyone she refers you too will be the right person for the job.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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Topic |
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the 3yr rule under the enterprise act need advise
