benefical interest when bankrupt

robsimps53

im the only person that is on the mortgage agreement for my house but my partner pays all the main houde hold bills, does this mean she has some benefical interest and how does this affect the bankrupcy

thanks, look forward to your replys

betterlife2009

robsimps53 wrote: »

im the only person that is on the mortgage agreement for my house but my partner pays all the main houde hold bills, does this mean she has some benefical interest and how does this affect the bankrupcy

Hi
I am in the same situation with my partner its their mortage
However I have a beneficial interest with paying towards the bills etc
However our house is in negative equity mortage 188K secured loan £100K
Value 240K

So my partner would have to buy my beneficial interest for £1 plus costs think they said about £495

Ring the Insolvency helpline as they told me this

Dont know where i put the number but CCCS can give you it

robsimps53

thanks alot, i think i understand it now.
Basicaly, when i go bankrupt the OR may offer to sell there benefical interest as there is no equity in the home, my partner can then buy this which entitles her to any future equity (profit) my house may gain. this can then be sold back to me in the future (12 months)

i think i got it anyway, i will go down to the CAB just to make sure before i go ahead with the bankrupcy as i dont my home to be taken from me

robsimps53

Just one more thing,

does anyone have an idea as to how long it may take for the OR to offer to sell there benefical interest after you have declared yourself bankrupt

nervousmother

This is a question I would also like the answer to, Im terrified of house prices rising then my mother in law not being able to afford to buy it... I know todays house prices are falling but id rather not take the risk 3 months time they may begin to rise? can we request the house is dealt with sooner rather than later?

robsimps53

i take it you have gone bankrupt but so far have kept your home, did they say how long the bankrupcy would last for you (12months or 3 years) and did you have anything taken from you such as car etc

ive go a mortgage of £61.200 currently and due to the market am sure it's worth less now. This is the only part of bankrupcy that worries me, i realy dont want to lose my home as ive lived in it for 10 years and brought up my 2 kids here to. I dont have any other debts secured on my home but i have personel debt of Just over 20k and with the resession in place i can not find work

i would be very greatful to hear more about your bankrupcy

thanks

tigerfeet2006

robsimps53 wrote: »

i take it you have gone bankrupt but so far have kept your home, did they say how long the bankrupcy would last for you (12months or 3 years) and did you have anything taken from you such as car etc Your BR will last 12 months. If you are issued with an IPA (Income Payment Agreement) then you pay that for 3 years but your BR still ends in 12 months.

ive go a mortgage of £61.200 currently and due to the market am sure it's worth less now. This is the only part of bankrupcy that worries me, i realy dont want to lose my home as ive lived in it for 10 years and brought up my 2 kids here to. I dont have any other debts secured on my home but i have personel debt of Just over 20k and with the resession in place i can not find work If you are in negative equity and your repayments to the mortgage and SL are not to excess then there is no reason you cannot stay in your house. The OR would not like to see you homeless.

i would be very greatful to hear more about your bankrupcy

thanks

Keep your chin up.

kezza90

Hi Robsimp,

i went BR on 25.11.08 and have only just received a letter from OR regarding the BI, it was dated the 23.12.08 but somehow it has taken quite a while to come through to me.

I am the sole owner and live alone and have equity of probably approx. 12k, i want to keep my property but dont want to agree to buying the BI as yet because house prices keep falling and i'd ideally like to pay as little as possible to keep my flat.

JCS1

OR has 3 years to deal with property, and can do nothing for the first year if it is classed as a family home:

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf

robsimps53

nervousmother wrote: »

This is a question I would also like the answer to, Im terrified of house prices rising then my mother in law not being able to afford to buy it... I know todays house prices are falling but id rather not take the risk 3 months time they may begin to rise? can we request the house is dealt with sooner rather than later?

hi there, i spoke to the insolvency and asked a few questions regarding this, they basicaly said that you would have to wait normaly 3months before they offer to sell the benefical interest to you, they couldnt realy say if they would let you do this earlier if you requested it

hope this helps

rob

robsimps53

JCS1 wrote: »

OR has 3 years to deal with property, and can do nothing for the first year if it is classed as a family home:

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/home.pdf

am i right in saying that you if you buy the benefical interest when they offer it to you then the OR can not pursue regarding the property no longer