Value of bankrupts share of a property

Ledley26

I was declared bankrupt in January after being made redundant by the bank that I worked for last year.

An insolvency practitioner was appointed who has asked for various information about our finances, and last month a surveyor valued our property at £250K. Our mortgage is in the region of £200k leaving the value of my share of the property at £25K. The IP has written to my wife inviting her to make an offer for my interest in the property.

I have two questions;

1/ Is she allowed to and should she have the property indepently valued?

2/ If she were to make an offer for the property how much do you think she should offer, assuming that the IP would be prepared to strike a deal?

For example, if her valuation came back at £240K, giving £40k equity, would she be able to offer £10k for the £20k equity that would belong to the IP?

I hope you understand what I mean, its a bit confusing.

Any advice would be appreciated

sniggings

I don't know too much on this but what I have read it seems they normally expect you to get some valuations?

Yes I believe anyone can buy it and offers can be made.

I'm sure someone with some facts for you will be along soon.

Mouse1812

Ledley26 wrote: »

I have two questions;

1/ Is she allowed to and should she have the property indepently valued?
YES, it would be very sensible to do so

2/ If she were to make an offer for the property how much do you think she should offer, assuming that the IP would be prepared to strike a deal?

They will allow a discount to take account of selling costs (eg your half of Estate Agent fees). But I doubt if they would go as far as you are hoping.