I am discharged from bankruptcy today, having been declared bankrupt a year ago.
In October 2007 the OR wrote to my wife offering "subject to contract" to transfer the beneficial interest in our house to her for £1 and requested a valuation. She paid an independent valuer and the report was duly forwarded by post and emailed within the 21 day time limit. Receipt was verbally confirmed by the OR's office within the time specified. I understand this was then in turn forwarded to the regional trustees dept for processing. We have avoided progress chasing this matter as evidence suggests that contact with the OR office prior to discharge is a no no! It would appear that my equitable interest in the property can remain vested in the regional trustee for 3 years even though charging orders exceed the value of the equity and there is no benefit.
We believe it possible to satisfy these charging orders and are therefore keen to transfer the beneficial interest. Is there a proceedure for such matters, what happens in 2 years time when 3 years has passed since bankruptcy does the property return to me ??
Thanks in anticipation of help in this delicate matter.
In your situation I would contact the OR and ask them who is dealing with this and find out why there is a delay. It may just be down to workload.
The regional Trustee has until the 3year anniversary of your bankruptcy to deal with the property. If they don't commence proceedings by then the property will automatically transfer back to you.
Transfer of beneficial interest
Posted - 17 July 2008 : 16:06:46
