Warning about property from 1st Jan 2011...

kyronsmummy

Oh thank you. From what I understand then, my property will be re-vested back to my husband in April 2011 ish. I can't imagine the property valuation will increase within the next 12 months. Ooh I am even more confused now!

debt_doctor

If the property (house) of any BR person remains in negative equity (sale value less mortgage and other security) 2 years and 3 months after BR date, then the IS will disclaim any interest in it. Re vest it.

DD

kyronsmummy

Thank you so much for your help Debt Doctor :-)

David_F

Hi,

Does anyone know how this affects people who have had an IP appointed to deal with their property?

Does this new ruling only apply to the OR?

Many Thanks for any help.

David

fermi

It's internal guidance from the OR to the OR only.

alastairq

I am very worried that the IS 'directing board', (must find out more about them) are making serious decisions without notice which surely should come under more, prior scrutiny - what next?

very typical of Civil Service management at the higher levels.....best to find out which lowly troll has the relevant data to hand, as a matter of course....and buy them a box of choccies?

imcognito

My 2 yrs 3 months is up in Jan, does this mean it will be back to me, will this happen automatically or should I ask my OR??
We are still in Neg Equity

Thanks

JPS29

I'm at 2yrs 6 months and still heard nothing

When it says that the property will revest am I right in assuming that at the end of the initial 3 years it just gets handed back or is this now being brought forward to 2 years and 3 months, in whihc case mine is overdue, sorry if I have missed it elsewhere.

BB&B

Hang on guys slow down a bit.

Under the new rules the EARLIEST the OR can deal with properties in neg equity is after 2 years 3 months.

The normal latest is unchanged at 3 years

So there is a 9 month window in which they can deal with these.

It DOES NOT mean that properties will automatically re-vest at 2 years 3 months day!!

There will also be a need for the IS to adopt their systems and procedures, so for a while it will be a bit fluid and remember as with most things at present the ORs have been given about a couple of weeks notice of this change, AND it doesn't come into effect until 1st Jan 2011!!

If you have not heard anything by 2 years 9 months then a gentle prod would be in order. Before that and you risk miffing the IS off for the next four months or so, whilst they change over.

Tim

JPS29

Thanks BBB.

But can i ask what the point would be of contacting the RTLU/OR at 2 yr 9 months in a neg equity family home as it will just revert back in another 12 weeks anyway, or have I missed something?