how long did it take to get back your BI?

JPS29

Hi all.

Haven't posted for ages as I'm not in the brown stuff now;)

Can I ask how long it took to get back the BI in your property, and where about in the country are you?
Also anyone who has a BTL how have they found it getting this back as I know that the RTLU doesn't have to deal with this in the 3 year timescale.

I have my main residence and one BTL and went BR nearly 2 years ago, still no nearer getting my BI back in any. Interested to hear if this is case indivual or area specific.I'm in Liverpool btw.

Cheers

confused76

sorry i don't know, found this on the second page so bumping it back up....

JPS29

Edited original post:)

Hammyman

JPS29 wrote: »

Hi all.

Haven't posted for ages as I'm not in brown stuff now;)

Can I ask how long it took to get back the BI in your property, and where about in the country are you?
Also anyone who has a BTL how have they found it getting this back as I know that the RTLU doesn't have to deal with this in the 3 year timescale.

I have my main residence and one BTL and went BR nearly 2 years ago, still no nearer getting my BI back in any. Interested to hear if this is case indivual or area specific.I'm in Liverpool btw.

Cheers

I assume you're talking about your share of any equity?

You have to buy back the ORs share. The advice is to do it AS SOON AS POSSIBLE because if you don't, the amount you'll have to pay will vary with the house valuation so if house prices go up, so does the amount you have to pay.

EVEN IF THERE IS NO EQUITY, you still have to buy back the OR's share for a nominal amount which is usually their legal fees.

Many people haven't done this only to find the OR forcing a sale several years down the line.

JPS29

Fully agree Hammyman,

Thats why I was asking how long it has taken everyone. I have been nearly 2 years since BR and still no further buying it..... Believe me if it were offered it would have been snatched up:(

katalyst2k

I had my BI completed within the first six months of BR, stoke on trent rtlu.

milothewestie

my house bi was about three months just payed money to solicitors and transferred back to me after about 10 months bankrupt.my btl property i was not allowed to keep judged to be an investment property so it gone in the bankruptcy no equity in it either it was negative so i thought they would accept an offer but the or was having none of it,so i wpould presume same rules for you
good luck anyway

JPS29

Thanks for that.

Did they state they would not accept "any" offer, ie one that took into account future earning potential etc.

Also was your BTL jointly owned. Just wondering how they can force a sale/repo with my OH owning half the property. Wouldn't the mortgage co. then chase her for half of the shortfall. Surely that can't be right?

debtinfo

Actually they could chase her for the whole shortfall

Is the OR taking half the rent, is there an LPA receiver, is it a buy to let or residential mortgage.

There is no rule saying that they have to sell it back to you or that they cant sell it back to you. If you make them an offer they cant refuse then they may sell it to you

JPS29

Hi Debtinfo.

RTLU have done nothing at all over the property. No LPA is appointed, they are not collecting any of the rent and when I rang last year I was told that due to staff sickness/maternity this and my residential property had yet to be dealt with. Its been 2 years now since I went BR so my main residence may well revert back to me anyway when the 3 years expires although I would have preferred to buy the BI back sooner.

From other posts made I thought there must have been strict rules the RTLu was implimenting re not returning BTL back to bankrupts/discharged BR's but from what you say I assume this is not the case?

debtinfo

There are rules that differ from family homes, mainly that the RTLU wont offer it back to you like they do a family home but if you press the issue and as i say make an offer they cant refuse then they may sell it back to you. Remember that they can sit on it indefinitly if they want to. The OR's overriding principle is to realise as much as possible so selling it back for £1 like they might do with a family home doesn't really help them. It also helps if it is solely owned as the OR becomes landlord and so had landlord duties, which they dont if it is jointly owned