Can you rent out a house post discharge that the OR has the BI of?

debtinfo

The official receivers have been instructed to negotiate deals with local agents to take on landlords duties for them as a short term measure. Long term the IS is currently negotiateing a national deal for a company to take on landlord duties for them.

dmg24

sieve,

If you are unsure of the info being given here, why not contact your OR? You are not trying to hide anything, so there is no harm in asking the question.

longshot

Sieve,

i'm interested in your comments here,

i have just gone BR and want to buy the BI ASAP..

i have had a very brief conversation on the phone with with the

OR at court but no talk regarding property just yet,

i am waiting a phone call soon so should i try and dive in there

and get the BI sorted ASAP..?

why are you hesitant to buy the BI?

sieve

debtinfo wrote: »

Is the property solely or jointly owned

Thanks debtinfo, it's solely owned.

sieve

dmg24 wrote: »

sieve,

If you are unsure of the info being given here, why not contact your OR? You are not trying to hide anything, so there is no harm in asking the question.

Thanks dmg24. I've been told by the OR not to contact them now until discharge as it will slow things down, so I'm keeping quiet for now. When I'm discharged I will get in touch with them straight away but I was just curious if anyone knew for sure in the interim, so I didn't have to wait.

I know I'll have to talk to them about it post-discharge anyway, I just don't want to ignore their request and delay things even more.

Cheers

S

sieve

longshot wrote: »

Sieve,

i'm interested in your comments here,

i have just gone BR and want to buy the BI ASAP..

i have had a very brief conversation on the phone with with the

OR at court but no talk regarding property just yet,

i am waiting a phone call soon so should i try and dive in there

and get the BI sorted ASAP..?

why are you hesitant to buy the BI?

BI usually gets sorted as and when the OR gets around to it. It was mentioned when I had my interview with my OR a few weeks after I went BR, but that's the last I heard of it and my interview was about 4 months ago now. So just sitting and waiting!

The reason I'm hesitant to buy the BI is because my OR told me that if I did, should there be a shortfall in future, I would not be able to include it in my bankruptcy. Now there is debate as to whether this is true or not and others' experiences on here do suggest otherwise, but it's a risk I am not willing to take should I not be able to afford the mortgage in future. If it looks like the property will be in positive equity within the next 30 months then I will snap it up (as long as it's offered soon) but if info suggests that it's going to stay negative (which personally I think it will as I have quite a defecit), then there's no point me buying the BI as the OR is unlikely to force a sale in negative equity anyway, and if those 30 months pass and the OR hasn't done anything, full title reverts to me anyway.

Swings and roundabouts but hopefully I've made sense there!

Cheers

S

debtinfo

sieve wrote: »

Thanks debtinfo, it's solely owned.

If the property is solely owned then the legal title passes to the OR, not just the BI

31.3.11 Vesting of property
In all cases where a company has an interest in property, that interest remains vested in the company. The only exception to this is in the rare cases that the liquidator has applied to have the interest vested in him/her URL="http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part3/part1/part%201%20notes.htm#3#$35093#3"]note 3[/URL. Where a bankrupt owns property in his/her sole name (unless it is held in trust for another), the legal estate will vest in the trustee URL="http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part3/part1/part%201%20notes.htm#4#$35093#4"]note 4[/URL. Even though the bankrupt owns property in his/her sole name it is possible that another party may have acquired an interest in it. Reference should be made to paragraphs 33.45 to 33.57 for further guidance. Where the property is jointly owned by the bankrupt, the legal estate will remain vested in the bankrupt and other co-owner(s) whilst the trustee will have a beneficial interest in the proceeds of sale. Reference should be made to paragraphs 33.58 to 33.60 for a more detailed explanation.