End of Bankruptcy - House Question

Miles1

My bankruptcy period ends on 16th December and I am trying to find out what to do with regards our home. Obviously Form J has been registered on the property title deeds but no other communication has been received from the Official Receiver regarding the property.

I have a chartered surveyors valuation dated in 2010 showing that the value of the property was less than the mortgage outstanding. I am wondering what the position will be at the end of the bankruptcy and whether I should be doing anything now prior to this. The property is still in negative equity.

IF

Hi Miles1 and welcome, The board is quite quiet over the weekend but until any one can advise further please click and read the blue links below. As the OR now has 2 years 3 months to decide on what to do with your property.


Your home/property.

• Dealing with property interests from 1st Jan 2011 ---> Discussion thread
  
• What will happen to my home? (IS)
  
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

Best wishes
If...x

sundays

Hi , my understanding is the case wiill prob be with one of the RTLU units , they deal with cases that there was homeownership.

they have 3 years and 3 months to decide what to do with it, then there work is complete.

where there negative equity they are asking many do you want to pay the 1.000 plus costs which i think are 211 pound to have it revested back to you, or just wait until that happens at the end of the 3.3 years period.
if you think equity is likley to happen, id buy it back now, if not prob just worth waiting for the time to expire.

But nothing to be concerned about from reading the contents of your post.

hope that helps

debtinfo

mostly right people, but to be clear the trustee legally has 3 years in which to deal with the property before it automatically revests. If the OR is the trustee then they often leave the property to sit until the 2 year 3 month point at which they start to look at the situation again

IF

debtinfo wrote: »

mostly right people, but to be clear the trustee legally has 3 years in which to deal with the property before it automatically revests. If the OR is the trustee then they often leave the property to sit until the 2 year 3 month point at which they start to look at the situation again

Ahh I'm with you now DI, thank you :beer:

Miles1

Thanks for the replies. I believe it was passed on from the OR. I would like to get on with my life without wondering what is likely to happen. Do I contact the trustee directly to try and get the house revested or do I have to wait for them to contact me with the option?

tigerfeet2006

Unfortunately it is up to them when they want to deal with it again. You could write a letter or email and say you are interested but they will follow their own time frame.