selling my house

CoffeeBean_2

I am just wondering if it is possible to sell my house when Bankrupt?
I am only 4 months in to Bankruptcy and I jointly own my house with a family member. They are aware of the situation. The OR has an interest in my half of the property and I am aware it will be valued in about 2 years. It is currently in negative equity.
I am just wondering if I can sell when the OR is listed as having an interest in the property? Or do I need to wait for the 2 years and 3 months?
We are considering selling and taking the loss

Just confused with it all to be honest so any advice appreciated.

longtermplanner

(deleted because fermi has pointed out it was incorrect)

fermi

longtermplanner wrote: »

No you don't. The OR now owns your half of the house. This is not your decision to take any more.

Actually they don't.

On a jointly owned property the legal title remains with the bankrupt and joint owner.

"The official receiver will not have an interest in the legal estate of a jointly owned property but will have an interest in the proceeds of sale. "


There OR/trustee could have this registered.

http://webarchive.nationalarchives.gov.uk/20140528044448/http://bis.gov.uk/insolvency/personal-insolvency/bankrupts-home#form-j

What is a Form J restriction?

A Form J restriction is an entry at the Land Registry, made on the application of the trustee, against a property that is jointly owned by a bankrupt. It is a record of the trustee's interest in the property. It means that the Land Registry must notify the trustee of any dealings in connection with the property. A Form J restriction is different from a charge, which relates to a claim for a specific amount of money.

A bankrupt's legal interest in a jointly owned property does not transfer to the trustee. So a bankrupt and the co-owner can still sell the property, but the trustee must be paid the value of their beneficial interest from the sale proceeds.

The Form J restriction will only be removed when the trustee has been paid for their beneficial interest in the property.

CoffeeBean_2

thank you thats cleared a bit up