Would RTLU intentionally drag their feet?

JPS29

Many on here will be familiar with my case, for the others heres a quick recap.

BR June 2008 due to failed business and HMRC demanding their pound of flesh. I BR'd myself and beat them to it.

2 properties involved in the BR.

One main residence and one BTL

Forms recieved whilst BR asking my intentions on buy back, returned confirming I would like to buy them both back. Valuations and OR drive by confirm neg equity.

Subsequently discharged, file passed to RTLU.

I have rang them 4 times to buy them back to no avail

1st time, case handler off with swine flu
2nd time, will look into it, call back next week
3rd time, will arrange paperwork, be in the post next eek latest
4th time(today and 2 months since last contact) Will look into it and call me back by close of play today, took his name too this time)

My concern is this. There is an ERC of circa £11k on my main residence and £3k ish on the BTL.

Also house prices are slowly increasing where our main residence is. Could/Would the RTLU stall thing until these ERC's are expired, mid next year. This added to rising house prices could mean the BI would cost me a lot more than £1 plus fees.

Any thoughts? Am i just being paranoid/sceptical

peachyprice

They have 3 years in which to deal with your property, so yes, they could/would intentionally leave it as long as possible before dealing with the houses. They're not obliged to sell you the BI.

JPS29

peachyprice wrote: »

They're not obliged to sell you the BI.

REALLY???????? Even though it was them that initiated the potential sale/valuations in the first place?

carrieg_2

Peachy is correct, they have the 3 years

JPS29

I knew about the 3 yrs but didn't know that they eren't obliged to sell back the BI

sieve

InTheBrownStuff wrote: »

REALLY???????? Even though it was them that initiated the potential sale/valuations in the first place?

Correct, they don't have to if they think it might appreciate in value during the 3 years.

Sorry

debtinfo

Hi, as the others have said they do have the three years to deal with the property, i havent heard of them intentionally waiting to get more out of them but the rules don't specify when in the three years they need to sell it back. The problem may be with the Buy to let property as the guidence is changing all the time on these. For instance, it is not a family home which means that there is no limit on how long they have to deal with this (the 3 year rule does not apply), the value to the bankrupty estate could also take into account the value (and liability) of the the tennancy contract and finally the low cost conveyencing scheme that the OR/RTLU uses was set up for family homes not really for business properties, so as you can see alot is up in the air at the moment

JPS29

Heard back from them,

The most senior person in the office is calling me back on Monday. Will update you all then. Fingers crossed eh?

philnicandamy

fingers crossed....

JPS29

:wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall:

Surprise, surprise they didn't call.

Really pi33ed off now. Any thoughts

philnicandamy

InTheBrownStuff wrote: »

:wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall::wall:

Surprise, surprise they didn't call.

Really pi33ed off now. Any thoughts

I presume its the north west office? i'd ring once more then try an email to the regional director listed below..

Office

RTLU North West

OR(s)

S Fearns

Courts With Insolvency Jurisdiction
Click for Court Addresses (not applicable) County Courts Covered
Click for Court Addresses (not applicable) E-mail
Address Ground Floor, Copthall House, King Street, Newcastle under Lyme, ST5 1UE DX DX 20992 Newcastle under Lyme DX

Telephone

01782 664100

Fax

Assistant(s) Senior Office Manager P Spray Regional Director R J Evison Notes