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Andy.30
Starting Member
1 Posts |
 Posted - 04 June 2010 : 09:16:04
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During my bankruptcy i had made arrangements to purchase the beneficial interest in my property, as my flat had next to no equity in it.
I have now been discharged from bankruptcy and although 3 evaluations were submitted around 5 months ago to the OR, we have still yet to hear back from them as to finalise this process.
I now have a dilema, the value in my property has increased to a point of there maybe 10K in equity at current market value...If i chase them up now, will they ask me to submit new up to date evaluations and then force me to sell? Or will i have to pay a huge sum based on the beneficial interest of a possible 10K to secure my property?
If i let sleeping dogs lie and wait to be contacted; will i loose the property anyway because at that time the value will most likely be even higher? |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 04 June 2010 : 09:42:20
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Hi Andy
It is frustrating sometimes dealing with the OR - strictly speaking it is the value of the property at the time of the transfer that matters, not the value at the time you started negotiating, but in this case, as it is through no fault of yours it would be unfair if you had to pay extra as a result of delays in the OR's office.
I can't understand why the OR has taken 5 months to deal with this and would suggest you chase them ASAP - no-one can predict what might happen to property prices in the future but it's usually better to get it done as quick as possible if, for nothing else, to give you a bit of peace of mind.
In any event, if you are asked to get a new valuation, make sure it is on a forced sale basis, not an open market value
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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the value in my property has increased
