| T O P I C R E V I E W |
| hammy0107 |
Posted - 02 July 2008 : 17:39:00
Hi all,
Wonder if somebody can help me here.
My understanding is that the OR will not commence repossession for 12 months as we are a family with child. Is this correct?
What then happens at the end of the 12 months? Do they kick you out and then sell the house or do they sell the house and then kick you out?
If at the end of 12 months the equity in the house is still minimal would they still repossess or wait until the equity has increased? |
| 7 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 04 July 2008 : 16:56:59
Hi Hammy,
Do you have any supporting evidence to prove your wife's financial input? If so, submit it to the OR to support your claim of her matrimonial interest. You can bet the OR will claim you had a matrimonial interest if the property was in her sole name, so surely it should work in reverse .... or am I being a bit idealistic on a Friday afternoon?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 03 July 2008 : 23:59:46
Hammy
It may be possible to negotiate with the OR on this basis if the equity sum is relatively low. If your wife is going to claim a beneficial interest, she will need to prove how she believes she has developed on, and legal representation will be essential which will cost her money at the end of the day.
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 |
| hammy0107 |
Posted - 03 July 2008 : 12:13:29
Paul, Suzanne,
Thank you both.
Just to get this 100% clear. I am not in arrears and never have been. I intend to pay my mortgage for as long as i am in the house. My intention is to keep my house. If the OR was to ask me to buy the BI now i couldn't however if i had the chance to in 12 - 18 months then i probably could. So basically as long as i keep paying the mortgage i should have enough time to get the money together to buy the BI, is this correct?
Also i want to try and claim matrimonial interest for my wife. The house is solely in my name but my wife made payments to me for the first 2 1/2 years we were in the property. We have been in the property for 5 years. The OR said that i could possibly claim some matrimonial interest for my wife but i would need to take independant advice. Could you advise me on the chances of gaining matrimonial interest (all bills, mortgage etc has always been in my name), who should i talk to and approximately what i should be expecting to pay for this type of service.
Thanks |
| Suzanne |
Posted - 03 July 2008 : 10:21:17
You don't have to leave the house until evicted. So you can stay until then, which would give you quite a few months more.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| Porcorosso |
Posted - 03 July 2008 : 10:00:46
Can I ask a related question? If you aren't paying the mortgage - in a bid to raise a deposit for rented accomodation - and there is little likelihood of remaining equity in a proeprty can I hang on until repossession or do i get out by BR date anyway? Basically can i hang on past the BR date until I'm kicked out?? Its looking more and more unlikely that i can raise the rental deposit before My BR date. I will be 3 months in arrears by then.
Not the best time to be self employed! |
| Suzanne |
Posted - 03 July 2008 : 09:12:53
The OR or the Trustee will have to wait 12 months from the date of the bankruptcy order before they can commence proceedings.
The Mortgage company do not have to wait 12 months, they start proceedings when you are 3months in arrears.
The process for either of them is to issue you with a notice of intent, then you get a hearing date for the possession order. When the possession order has been granted, they then have to get an enforcement date from the court (eviction date).
During this process, which can take several months you would have the chance to find alternative accomodation.
If the equity in the house is minimal and no one can buy the beneficial interest, the OR will hang on for the 3 year limit.
At any point in those 3 years you or a third party can buy the beneficial interest.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| Reviva UK |
Posted - 02 July 2008 : 23:36:46
Hi Hammy
My experience is that if you fail to make the statutory mortgage payments PLUS the agreed monthly amount towards any arrears then the Mortgage company will continue to process the possession then repossession.
If you make these payments then The OR MAY allow you to remain in the property for a period of time to give you the opportunity to find somewhere else to live - with children and certain circumstances up to a year. This is on a case by case basis.
PLEASE REMEMBER that if you are staying in the house without any arrears then you have absolutely no liklihood of getting a deposit and a month in advance for rented accomodation.
if this was the plan please speak to someone to get a better timeline for you and the family
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
