Trustee refused offer to buy BI

LRE

Hello I am new to forums I just really need some help. In 2008 my dad was made bankrupt he owns a property with my mum they have a mortgage on the property. The trustee asked for £16,000 to buy the BI. My self and my brother have tried to raise the funds we had £4,000 in January I told the trustee this and he asked for £9,000 at the time I didn't have the funds I offered the trustee to pay the £4,000 and make a payment plan for the further £5,000 I didn't here of the trustee for some time with a reply to my offer.on thursday this week the trustee asked mr how long it would take for the further 5,000 I explained we have continued to raise money and now have £6,000 which is what myself and my brother have raised up to now. I offered this to the trustee. Today I received a email that refused my £6,000 offer and said that also the £9,000 offer is now rejected and he is applying for an eviction order today. I am now very upset and angry as it has take us a long time to raise the money. Can the trustee make you an offer then refuse it. Thank you

debtinfo

Yes they can as you have not met the terms of any of the offers made and they will all be subject to contract. It cant go on idefinitly and the trustee has to make a decision at some point to realise the asset. I presume they already have an order for sale from the court

LRE

Hi thanks for your reply. Is there no way of stoping the eviction now or can I appeal it. I have always stayed in contact with the trustee and gave the an update of my situation. Both my parents are ill and will be made homeless. As far as I am concerned the trustees could have my parents house at is almost derelict I am sure they won't get the money they won't for the property it is terraced with lots of damp no central hearing or double glazing ect. But this house was my mums mums house which my mum is very attached to the house her and her mum gave her a large repair to buy the house. Is it worth me getting my own solicitor I haven't done in the past because I thought it was best to keep the money raised to pay the trustee. Thank you

debtinfo

well the choices are fairly straight forward. They will have done a valuation which is acceptable to the court. That sets the value and from that point forward you can either afford it or you cant. They have a right to get the full value of what it is worth and the judge will allow the eviction if you cant meet that valuation. (of course the trustee is free to accept a lower offer but does not have to).

There are only a few options available to you. 1)pay the amount required or 2) prove to the judge that the value is less. Did you do your own valuation? what sort of valuation has been done, if its only an estate agent one then you could get a chartered surveyor although there is no guarantee that it will be lower.

At the end of the day if you cant afford it and the trustee wont voluntarily accept a lower offer then the judges hands are tied, all he/she can really do is allow a bit longer for the move out to be completed

alastairq

Question for DI......?

if the Trustee valued the BI at 16000, and assuming the sale of the property will achieve more than that.....will the balance of the sale revert to the holder of the balance of the BI, ie the mother?

debtinfo

no it would not, the trustee gets what ever the end result ends up being whether that be more or less than the valuation. The Valuation is really only for a basis on which to decide what payment the judge should consider as being acceptable to stop a repossession

LRE

Hi I had an estate agent value the property I did ask the trustee if they would like me to get a surveyer to value the property the trustee told me not to do this because it would cost me so they asked me to get compaieable property and the value that these properties which I did and this is where they got the 16,000 from on Thursday they was happy with 9,000 and on Friday refused this I have £6,000 I have one last option to ask my auntie if she will lend me some money If I could get the three of her do you think they would still accept the nine if I offered it to them on Monday.

mynameistallulah

LRE wrote: »

Hi thanks for your reply. Is there no way of stoping the eviction now or can I appeal it. I have always stayed in contact with the trustee and gave the an update of my situation. Both my parents are ill and will be made homeless. As far as I am concerned the trustees could have my parents house at is almost derelict I am sure they won't get the money they won't for the property it is terraced with lots of damp no central hearing or double glazing ect. But this house was my mums mums house which my mum is very attached to the house her and her mum gave her a large repair to buy the house. Is it worth me getting my own solicitor I haven't done in the past because I thought it was best to keep the money raised to pay the trustee. Thank you

Why would you allow your parents to stay in a property that will make their health even worse?

LRE

Because my mum refuse to move out of the house I have tried on many occasions to get my mum move out she has lived in this property since she was 2 years old both her parents died in this house and she gave birth to is there to me it's bricks to my mum it's much more than that. She see that she hasnt done anything wrong it was my dad that was made bankrupt not her. They couldn't afford to buy another property.

kepar

Can I ask , does your mother have any income? Also How old are your parents?

With equity in the house, is there any way of getting a loan against it to pay the amount owing?