Warning about property from 1st Jan 2011...

BB&B

Just a prompt for them to raise the paperwork.

Well you wouldn't want the Form J Restriction left on the property at the land registry, just because it was overlooked/missed/forgotten about would you!

If your interest in the property is returned to you, the trustee will notify the Chief Land Registrar that the property is now yours again

Tim

JPS29

Cheers again.

From my experience with Stoke RTLU its probably best just leaving it until the 3 year stage then once the time limit has expired and then getting confimation restriction has been removed and if not actioning it.

skylight

Ooo-er.

I guess that it all helps in freeing up the ORs time. Flat IPA's, ignore neg equity property for the time being etc. It does appear to be trying to streamline their working day. Which had to change; they are inundated.

fermi

And maximize potential revenue for the IS. Which is more likely the main objective.

tommo2007

Post moved

sizzler

Please can somebody explain this a little better for me:)


In cases where at two years three months the bankrupts interest in the property is valued at less than £1,000 steps will be taken to re-vest the property interest in the bankrupt.


thanks sizz:)

debtinfo

When you go bankrupt the property(or interest in it) vests with the trustee (ie it becomes the trustee's). All the abobe paragrap is saying is that they will take steps at that time to give it back (to revest) to the bankrupt. This does not happen automatically at the 2 year 3 month point, the OR will have to do someting to make it revest

sizzler

Thanks debt info:T

Wish they would word these things better.

Hope you are well thanks sizzz:)

fiveyearplan

Incognito and JPS29 - I'd lie low if I were you and hope the 3 year period rolls on without any word. That's what I was hoping for myself but was approached re BI at 18 months, I thought they'd forgotten about me!

Menolly_2

OK I'm now panicking. OH and I are probably going to have to go bankrupt (long story - fire at business premises, mess-up by insurers, obstructive landlord all leading ultimately to closure of company) as we have massive personal guarantees etc. We had hoped that we would be able to save the family home, but as we haven't started proceedings yet, this new ruling looks like we won't be able to acquire the BI (we are in neg. equity - house worth less than the mortgage plus the second charge).
Can someone please clarify the situation for me...........brain has just gone into shut-down mode. Thanks