BI, 3 years from BR or discharge?

JPS29

Hi

Can someone clarify how long the OR/RTLU holds the BI for if not bought back. Is it

a) 3 years from the date of BR
b) 3 years from the date of discharge
c) 3 years from the date of the land registry restriction

Thanks in advance

(assuming normal residential property, jointly owned, suspected neg equity)

nudenut0121

Are you planning for a repo?

JPS29

Nope, planning on getting my BI back. But as its been over 2 years and I'm no nearer due to the rtlu telling me they had sickness, maternity leave, absenses, increased workload etc then I'm wondering whether it may come back to me by default anyway. Just trying to work out the cut off date

tigerfeet2006

I always thought it was 3 years from the date of the BO. But I am not 100%. Hopefully someone will be able to clarify this later.

wok_boy

Don't know if this of any help taken from this page on the Insolvency website:

http://www.insolvency.gov.uk/freedomofinformation/technical/casehelpmanual/S/SaleBankruptsInterestJointlyOwnerProperty.htm

iii Time limits

The bankrupt or former bankrupt may introduce an offer to purchase the official receiver’s interest in the property at any stage throughout the case, even if the bankrupt has been discharged from the proceedings. When accepting an offer, subject to contract, for an interest in a property, the official receiver should indicate that the agreement is for a limited period, e.g. 4 months, so that if the matter has not proceeded or if there is any delay during that period, the official receiver is at liberty to review the position.

There are no set time limits as such for completing this work; however, it is expected to take up to 5 months to complete the transaction.

nudenut0121

I read somewhere on this site that its yours after three years:cool: from BO

JCS1

3 years from Bankrutpcy Order date:

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