hello I have 2 questions We recently sold our house to a buy and rent back company the sale paid off our mortgage arears and a £13000 charging order and there was a small amount of cash left over that came back to me and my wife, however I still had some outstanding debts and there was not enough money left over from the sale to pay these,I have now been served with a bankrupcy petition and have been told the sale will probably be reversed because the house was sold below value,so my first question is if the sale is reversed what will happen to the £13000 worth of debt already paid? and will we have to pay back the money that we received from the sale as we have already spent most of it? My second question is once the creditors have been paid if there is any money left over from the sale of my assets would this be returned to me?
What was the market value of the house and what was it ultimatley sold for?
it is also unlikely that if you were unable to repay the debts with the equity when you sold the house that if the sale is reversed you are highly unlikely to have any monies left to you afterwards.
hi I dont know what the market value was as we was not made aware of this as the valuation was arranged by the buyer, based upon similar properties in the area and allowing for some work that is needed on the house I would estimate that the market value was £60,000 - £75,000, but the property was sold for £45,000.
The company that has issued the bankruptcy petition is 1st credit finance
regards john
quote:Originally posted by Reviva UK
Hi
What was the market value of the house and what was it ultimatley sold for?
it is also unlikely that if you were unable to repay the debts with the equity when you sold the house that if the sale is reversed you are highly unlikely to have any monies left to you afterwards.
I wonder if 1st credit are aware that you sold the house - and assume that it was at approx 70 % and hope that it will be challenged.
At this point these is nothing to do but wait and see how it unfolds.
I suspect that the OR will get a little upset that with the funds released form the sale of the house no payments were made to creditors,
if the whole matter is unwound - i suspect it would not be but he company that purchased the house might be invited to find another 8 - 10k- then everything would be as it was before.
hello I have 2 questions
Posted - 17 March 2009 : 07:01:30
