I am thinking of going bankrupt but I have 3 other properties all in negative equity that my 3 sons live in and pay the mortgage on could they buy the beneficial interest or would the official receiver take the houses of me. I did not put the deposit money in they were put in by grandparents
Technically they are not covered by the faily home provisions and should be treated as buy to lets which would probably mean losing them. But i know some OR's take an approach where it is obvious that you were simply helping family rather than profiteering that they will trat them like family homes and offer the BI to the sons.
You wont know until you speak to the OR and if you dont ask you dont get
the whole issue with buy to lets is not clear cut, i am in the process of negotiating to keep one of my properties (it feels one step forward two steps backwards).
The OR appears to speak a different language to the rest of us ! i am glad that during my current negotiations with the OR / Trustee, i had the ongoing support from paul and his team at Reviva.
I know from conversation with Paul that he is dealing with many (hundreds) of investment properties on behalf of landlords that have got into difficulty, it may be best to delay bankruptcy until you have spoken to him.
As the other Richard has said, it is possible to keep a BTL - I did - 3 months out of BR - working and back to my old self - would not like to re-live the experience though.
I have 3 properties all in negative equity
Posted - 15 August 2010 : 12:20:30
