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rodger24
Starting Member
United Kingdom
1 Posts |
 Posted - 11 July 2011 : 07:27:58
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Hi
I am 5 months into bankruptcy and would like to try and get my property transferred back to me. The property has no equity at present, nor will it have any equity within the next 3 years!
I have spoken to the OR about this and they have asked me to send a letter in stating the reasons why!
The OR has acknowledged that there is no equity in the property and I expect to get an early release in the next few weeks!
Can anyone give me any feedback as to what I should say to them, apart from the obvious fact that it is our family home (I am married with 3 young children) and we have lived in the house for the past 14 years?)
Thanks |
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RHB
Senior Member
1159 Posts |
Posted - 11 July 2011 : 09:49:18
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| How much negative equity is it in at the moment? |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 11 July 2011 : 11:43:53
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Hiya Rodger24
With the rules regarding property and bankruptcy which came into force a number of months ago, I think that it is unlikely that the OR will relinquish his interest in the house until after at least 2 years and 3 months. If you believe that there will be no equity in the house after 3 years, there is nothing for you to worry about. As far as I am aware , there are no exemptions to the property rules.
All the best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 11 July 2011 : 14:56:49
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Hi,
what I currently understand is that since the rule change on buying out the BI changed, in particular those in neg equity, the case will be transferred to an RTLU, who will then at the 2 years and 3 month point decide what to do with the property. If it's still in negative equity at that point with no chance of going positive, then they will probably re vest the property before 3 years is up.
However, it appears from what I understand, that if an offer of about £1,000 or more is made plus the OR's costs then it is one that the OR would consider, but that will be for properties that are in negative equity, and will be for at least 3 years.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Transfer of property
