A little help regarding my home.

Jt1979

So if there was say £3000 equity in the house now would they let me buy the equity back now so its all done and sorted or would i have to wait 2 years and 3 months to see what the situation is then? Is there a exact figure that would get it done now rather than later? Or is each situation different?
Thanks.

Mouse1812

jt1979 wrote: »

would they let me buy the equity back now so its all done and sorted or would i have to wait 2 years and 3 months

You can make an offer any time you want to, day 1, day 37 or day 600

Jt1979

What would happen if the house was in negative equity now, but you feared in 2 years 3 months there would be some equity. Is there a way i could get a family member to buy the benifical now, and how much would it be?

Mouse1812

That's exactly why Mrs Mouse bought my BI back. You (or family) can make an offer anytime you like. Day 1, wait and see, day 346, whenever.

But note YOU (or family) make an offer the OR does not.

The minimum amount would be £1,000 plus fees each = about £2,500. If there is any equity now then the amount would be the value of the equity plus fees subject to the minimum.

Jt1979

So presuming its in negative equity now. And next month we go bankrupt, we then offer £2500 straight away, whats the likely hood of this being accepted? or is that a million dollar question?
Also how does this affect the mortgage? Do they have to be informed?
Thanks for your help.

Mouse1812

If in negative equity you offer £1,000 each (fees will be an add on) and it will be accepted if OR agrees negative equity. You will have to supply (and pay for) valuation to support.

Nothing happens re mortgage company. We got a bit behind at the same time as my BR (about three months) and all mortgage company wanted was an agreement to clear arrears.

Since when Mrs Mouse has bought BI back, we have cleared arrears and house is no longer in negative equity.

Jt1979

Hi, Mr mouse
Thanks once again for your help. Can i ask when you went bankrupt as i am now more confused than ever!
I rang the national debt line today for more advice, and he told me that if im in negative equity, then they would'nt accept any offer and i would have to wait 2 years 3 months, to see what it is worth then! Now i dont know what to think. I hope your right.
Also who values the house, do i sort out a couple of valuations or is it down to them?

Mouse1812

BR Aug 2010. Mrs Mouse missed old (£1) deal and got stuffed by new (£1,000) rules. Bought BI back May (?) 2011. AD Aug 10.

I did get my revenge though

Have a read of this go to part 6

33.152 Mortgaged property (amended February 2011)
Disposal of the property by sale of the bankrupt’s interest by the official receiver, as trustee, should only be considered prior to the two year three months review (see paragraph 33.25 and 33.31) where an offer to purchase the bankrupt’s interest has been received which is clearly in the interest of creditors to accept. In practice, this is likely to be where the bankrupt’s interest in a property is in excess of £1000 (see paragraph 33.20 and 33.21A).



Note the OR does not offer nor suggest you offer, but if you do offer they will accept. Perhaps hence confusion. I drafted letter for Mrs Mouse and all she need to know was how to operate an envelope and stamp and sign her name.

Jt1979

Thanks so much, i didn't mean to doubt you. just didnt know what to think.
Aslo, who values the property, do i sort out valuations or do they?

Mouse1812

The OR will use Zoopla and Mouseprice valuations, check them first. I thought they were out by £100,000 (seriously!)

I paid a local Chartered Surveyor to provide a written valuation - the OR accepted this without question. I understand they will also accept the average of three estate agent valuations.

You are on the back foot, be proactive and find the valuation which works for you. Otherwise the OR will just wait for 2 years and n months, they don't care about you.