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Dec Bankrupt
Starting Member
United Kingdom
13 Posts |
 Posted - 12 February 2009 : 21:20:56
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Hi
I have received a letter today from the OR regarding my jointly owned property, which has left me a little confused it states:
"As your trustee I have a duty to deal with this interest for the benefit of your creditors.
It may be possible for me, as trustee, to transfer the beneficial interest to you or to a relative or friend."
Is it possible for the BI to be transferred to me? Or is that a typo?
The letter then goes on to state that a valuation needs to be carried out and once done a value can be agreed as payment for the BI plus usual fees.
I also states that a IP may be appointed as trustee and may or may not accept an offer.
It then goes on to state:
"In the event that it is not possible for anyone to make a suitable offer, or agreement cannot be reached, the beneficial interest in the property will remain vested in the trustee until 3 years has elapsed from the date of the bankruptcy order (or 3 years from the date on which the trustee became aware of the interest, if that was later than 3 months after the bankruptcy order). The interest will not be returned to you upon your discharge from bankrutcy."
Am I right in thinking that it is if I sign and return the form stating that I am not interested in the BI that it can never be returned after being discharged?
Is the OR stating that I have the option to purchase the BI?
I have not yet made up my mind as to whether to try and hold onto the house, as after splitting with my partner (in Sept)I have had no financial support. I have also stopped paying the mortgage since Dec and am currently agreeing via the CAB repayment amounts.
If you could provide an interpretation of the quotes from the letter, it would be appreciated.
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John
New Member
United Kingdom
73 Posts |
Posted - 12 February 2009 : 23:31:27
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Hi
yes it is possible for you to buy back your own BI.
The problem there is that you will have to pay an Ad Valorem fee of 1% of the market value.
3rd party's do not have to pay this sum.
In buying your BI sooner rather than later you are avoiding the gamble. The gamble is that if you do not do so and the market value increases so that just prior to the end of the 3 year time limit there is equity, your interest will need to be purchased according to it's equity value. If the property does not reach a value whereby there is equity, prior to the 3 year limit, then on the 3rd anniversary of your bankruptcy then your interest in the property automatically vests back in you.
timendi causa est nescire
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Edited by - John on 12 February 2009 23:36:43 |
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Beneficial Interest on Joint Mortgage
