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| T O P I C R E V I E W |
| Freefromdebt |
Posted - 28 February 2012 : 19:13:16
Hi all, wonder if anyone can help please.
I was declared bankrupt in September 2008 and discharged in 2009. I had 4 BTL properties included in the bankruptcy, all with negative equity. 2 of these have been repossessed by the lender, the other 2 have been handed over to a receiver of rents, (not the one dealing with my bankruptcy) I have just been informed that one of the properties is now empty. I have spoken to the lender and they are willing to hand the property back to me (there are no arrears). I am luckily back on my feet now and living in a rented house. My question is that if I do take over the BTL can I go and live in it and does my receiver in bankruptcy still have a call on it? I know they cannot touch your own home after 3 years but does this still apply for BTL properties, although I would be moving into it. I am in a fortunate position and could take over the mortgage again but do not want to if the receiver could potentially claim further down the line. I would expect to be able to start to pay off the capital as well. This is the only way I can see ever getting back on the housing ladder and I would be trying to pay off the mortgage over the next 10 years. |
| 3 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 04 March 2012 : 08:03:00
For that amount they may as well just sign it over to you!!! I have a feeling they may be looking for more. |
| Freefromdebt |
Posted - 29 February 2012 : 12:07:54
Thanks for the quick reply. I have spoken to the trustee this morning who have suggested I make them an offer to "purchase the trustees interest". There is no equity in the property and there are works that need doing, with that in mind I was thinking of offering £1.00, would this be OK? |
| debtinfo |
Posted - 28 February 2012 : 19:18:53
no, the property would not go back to you, If the LPA receiver (the one appointed by the mortgage company to collect rent) removes themselves and the mortgage company do not repossess then the property (or if it was jointly owned your interest in it) remains vested in the bankruptcy, so you cannot move back in without the trustees agreement which is unlikely, none family homes remain vested with the trustee permenantly until they or the mortgage company enforce their rights and dispose of the property,
You have a continuing duty to inform the trustee of any changes to assets that were part of your bankruptcy and so should inform them if the dont already know of this change |
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