| T O P I C R E V I E W |
| chewy22 |
Posted - 19 November 2008 : 21:00:40
BI and 3 years to buy?
It has now happened and my still yet to be ex has gone bankrupt. I phoned the OR in Blackpool who seemed very helpful but came of the phone a little confused today.
Her case has still to be appointed an insolvency practitioner and she still has not had her interview yet.
Just a couple of question It was briefly mentioned on this site and by the OR today that I have 3 years to buy out her BI in the property. There is a large amount of equity at last valuation but the lady said something along the lines of currant valuation. At the moment I know it’s very difficult to value a property because of low sales but what happens if the prices drop even more? At what point do they take a valuation. Also how does the 3-year rule work?
Not lazy I did try a search to find out but nothing to help.
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| 6 L A T E S T R E P L I E S (Newest First) |
| chewy22 |
Posted - 20 November 2008 : 08:02:47
quote:
Originally posted by moneyworries
Hi Chewy
hubby wrote a letter to the OR asking to buy the bi in the house. We got a reply saying that a trustee had not yet been appointed and he should receive a reply shortly. Basically they are so busy at the minute so everything is taking a little longer than normal.
Last time I spoke to them (OR) they said they were dealing with a 3 month back log |
| Needafriend |
Posted - 19 November 2008 : 21:58:23
hi Chewy
I am in a similar situation as you. We both went bankrupt but we are kinda hoping that our value of our house will drop enough to buy the BI next year and then the OR will have no further interest in it.
I know its a gamble but hey lifes a gamble and if you dont take life by its horns and live a little it wont be much fun.
Let us know how you get on.
Take care, from all your friends on the Forum :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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| chewy22 |
Posted - 19 November 2008 : 21:40:24
Thank you both for the fast reply I think I understand. Seems I do need to get the timing right on this one. |
| movin on |
Posted - 19 November 2008 : 21:37:31
Wow...speedy fingers John 
Onwards and Upwards is the way im going :-0)
xx |
| movin on |
Posted - 19 November 2008 : 21:35:28
Hi Chewy
Not sure if im going to help or not but i will tell you my situation.....I went BR on 13 october, hubby did not. We have a joint mortgage and hubby wrote a letter to the OR asking to buy the bi in the house. We got a reply saying that a trustee had not yet been appointed and he should receive a reply shortly. Basically they are so busy at the minute so everything is taking a little longer than normal.
If your soon to be ex has not yet had her telephone interview with the or its still at a very early stage, so try not to worry, as long as you have said you want to buy the BI, then they will contact you in due course.
If there is likely to be any equity in the property then you could either get an estate agent valuation done yourself, but do ask for a realistic selling figure. This may help if you feel like you dont want to wait for the OR's office to get one done.
Take care
Jenny
Onwards and Upwards is the way im going :-0)
xx |
| John |
Posted - 19 November 2008 : 21:33:36
Hi
the trustee in bankruptcy has 3 years to begin to realise your ex's equity in the property. Therefore it's unlikely that they will wait almost 3 years for you to decide to buy your ex's beneficial interest although they will be prepared to give a reasonable time for you to do so. Indeed if you agree a payment plan and can see payments being made early on then you may well get the full 3 years as they would doubt that you would stop paying the more you have passed across throughout the term.
The gamble as to when you declare your interest is yours. With plenty of equity my guess is they will want to move fairly swiftly so you may have to commit sooner rather than later. Or you could risk waiting in the hope that the value drops further before they market the property.
The 3 year rule says the trustee must commence the process for realising the equity before the 3 years is up (from the date of bankruptcy).
They do not have to have sold it by then, but must have begun the process.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
