bankrupt 2 years ago what about house?

torvene

we went bankrupt almost 2 years ago, was asked if we wanted to buy the interest in our house we said yes and had to send off total owed on mortgage (15k neg equity) and also estate agents valuation, we did this and never heard anything... we still hant heard anything almost 2 years later, should we contact them or ride it out? meanwhile what we are paying in mortgage is greatly reducing neg equity to almost no neg equity...

IF

Who did you pay??

Mouse1812

Actually looks to me that while they sent off the requested info the OR never got back to them. Consequently they have not bought back the BI which still vests with the OR. Unfortunately that means they have also missed out on the old £1 deal.

Torvene : With mortgage payments clearing the negative equity you need to be proactive and sort this ASAP. The OR will review the position shortly before three years is up and if there is any equity then will seek to recover it. No point having to pay twice.

Call the OR (today) to discuss. They will require a new valuation and copy of latest mortgage statement. If it is still negative equity they will accept £1,000 (minimum) to return the beneficial interest to you plus their legal fees (£300?). You do not need to use a solicitor yourself - there is help with the process in this forum.

Having paid and signed the relevant paperwork, we are just waiting for confirmation that Mrs Mouse has her house back, so do ask if you have any other queries.

IF

Ahh I'm with you Mouse1812, thank you :beer:

torvene

Many thanks for your help, ive spoken to OR, Unfortunatly we missed out on buying house back for a £1..... but we can either wait until 2 years 3 months has passed (which is 8 months time)and apply for the house to be signed back to us (as long as its in neg equity then) or we can pay £2422 and have it signed back to us this month apparently its £1000 each and £211 each for legal fees
(just have to send proof its still in neg equity)
Think we will pay it for peace of mind as the property prices may rise and also we will have paid more off mortgage...what do you think???

Mouse1812

Well Mrs Mouse wanted peace of mind and paid the £1,000 + fees. She too had noticed the negative equity was falling quite rapidly, but that was because of the mortgage payments not any increase in house prices. Pity you have to pay double, I missed that possibility.

It depends upon how easy it is to value you house, ours was very difficult and opinions varied by significant amounts. The last thing we wanted was the OR using the formula that “mouseprice” use.

I would hate to predict the likely movement in the housing market, but can you see it going up much over the next 8 months? Can you project what the negative equity will be after making 8 more mortgage payments?

I don’t think there is a time limit on making an offer however, so you could just wait and watch the housing market and mortgage figures like a hawk each month. If anything starts moving make a quick offer then.

All you do is write in and offer £1,000 each + legal fess and send evidence of mortgage debt and valuation. OR will accept valuation from a Chartered Surveyor, or three Estate Agents. They will write to confirm agreement to offer (chase them this time ) and ask for payment. Thereafter their solicitor will do everything, even supplied us with a copy of the updated land registry record. You do not need to appoint your own solicitor.