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Blindshrimp
Junior Member
190 Posts |
 Posted - 30 June 2008 : 22:58:16
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Hi
I have a property, which up until now has no mortgage arrears (it is currently rented out).
My family are putting pressure on me to sell it to them, but am I allowed to, is it better to hand the keys back to the mortgage company, or let the OR deal with it ?(there is approx £15 - 20 K equity in the property).
I cannot stop going bankrupt, I have explored the IVA option, and I was planning to try to get to the court this week...but my family are saying that they want to keep the house and I should sell it to them first. Which would just delay a long overdue bankruptcy hearing even further!!
It is hard to know where to turn and what to do, I had made my mind up, but now they are saying it's the wrong thing, please help!!!
One day I am going to look back at all this and not stress right?? |
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Helen030166
Junior Member
United Kingdom
212 Posts |
Posted - 30 June 2008 : 23:05:56
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hi and welcome to the forum, as far as i know the property is your asset and as such needs to be dealt with by the Official receiver when you declare yourself bankrupt.
Please don't let your family browbeat you into changing your mind if you feel you have had enough information about it and gone down other avenues first then you must do whats right for you afterall its your financial future at steak here. One of the experts will be along soon to give you proper advice.
Helen x
Thanks for your Help,Helen x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 01 July 2008 : 00:09:17
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So long as your sell the property at full market value, backed by a professional valuation, there should be no problem in selling to your family - as at least this ought to result in a quick sale.
Have you considered selling the property and then using the proceeds to offer a full and final settlement to your creditors via an IVA? Just a thought or perhaps an alternative to bankruptcy.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Blindshrimp
Junior Member
190 Posts |
Posted - 01 July 2008 : 20:37:15
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Yes, and I've spoken to you about it, but there is not enough equity and I don't have any disposable income. So this really is my only alternative.
But I guess they are right and I can sell them the house first, which would be better I guess in the long run.
Thanks
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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PROPERTY QUESTION
