will we lose our house

taib0

Hi Guys, has anyone had any experience of getting a relative or friend to purchase your "beneficial interest" in your house so that you can remain living in it when the HMRC make you bankrupt ?

Thanks,

Taib0

CCCS_Matthew

This link maybe of help to you:

http://www.insolvency.gov.uk/guidanceleaflets/home/home.htm

CCCS

futurehope

my husband was declared bankrupt in feb 2005, I am still in the process of buying the beneficial interest, am about to pay the OR and it will all be settled but it has taken a long time to sort, apparently they have a back log of files!!!
x

moyilla

taib0 wrote: »

Hi Guys, has anyone had any experience of getting a relative or friend to purchase your "beneficial interest" in your house so that you can remain living in it when the HMRC make you bankrupt ?

Thanks,

Taib0

Hi again,

Just wondering if you read my replies to your other post about your I&E?

Moyilla

debbiesaxon

Good Morning,

My husband (now Ex Husband) was made bankrupt in Feb 2004 and I am still negotiating the value of the Beneficial Interest. It has been a long drawn out procedure which I think probably depends on if there is any equity or not. My children and I have been under the threat of a forced sale order for over 3 years. I am still hopeful that there will be a good outcome. I took lots of advice from people who said like any creditor "they" will take a offer...this has not been my experience at all. The IP is holding out for every penny.

rog2

debbiesaxon wrote: »

Good Morning,

My husband (now Ex Husband) was made bankrupt in Feb 2004 and I am still negotiating the value of the Beneficial Interest. It has been a long drawn out procedure which I think probably depends on if there is any equity or not. My children and I have been under the threat of a forced sale order for over 3 years. I am still hopeful that there will be a good outcome. I took lots of advice from people who said like any creditor "they" will take a offer...this has not been my experience at all. The IP is holding out for every penny.

Hi ds, and Taib0

1. ds - I am pretty sure that there is something, in the link that CCCS_Mathew posted, that states that if the matter of BI is not resolved within three years, then the OR/Trustee must return the ownership to the bankrupt. I may be wrong, and I will do some research, but it's worth checking.

2. Taib0 - I am, also, in the position of trying to make an offer to purchase back my BI in the house, and it's proving to be a real nightmare. I am not working at the moment, my wife is about to lose her job, when they close the local hospital in October, and, so far no 'lender' wants to know.
I would be interested to know how to go about 'extending' the 12 month period that my trustee gave me, as I'm un likely to resolve the matter in that time-frame.

debbiesaxon

Thanks Rog, you are correct the OR has 3 years to register their interest....there is no limit on the timescale for negotiations I am afraid.

In my case as soon as we were nearing the 3 year date they secured their interest via the courts and we have been in the never ending circle of rescheduled court dates ever since, I have engaged a solicitor at huge cost as my Ex husband re mortgaged the property prior to bankrupsy so I have been trying to prove my case for "equity exoneration". The OR has valued their interest at £44,000. I have offered £32,000 and been turned down.

My current feeling is to tell them to force the sale then....it could take years to sell as the property has a unfinished extension and is not in the best condition.

taib0

Hi Guys, my BI won't be anywhere near £44,000 if it was the OR can have it and we would move out and rent until we can save another deposit. I am only nibbling at buying the BI because my family god bless em can raise about £15,000 to £20,000 to purchase it off the OR

Taib0

futurehope

Our experience has been that we have had a rather helpful OR, although our case was constantly being moved to a new department as someone would leave or move offices, just as we were nearing the completion of negotiations. I went through the process of getting valuations 3 times. It takes such a long time to resolve and still feel until that is resolved I can't really put behind us the past 3 years of stress caused by my hubbys bankrutpcy, he was discharged after a year but we are still sorting this out!

I have negotiated myself with the OR, there isn't a great deal of equity in the house but I started with a low offer and then increased little by little until we finally came to an agreement. It hasn't been easy though, had to work 2 jobs to earn extra cash etc but makes me feel better in a strange kind of way as my inlaws are helping us with the money for the house, and it lessens my guilt by being able to come up with half of the required amount.

I hope you can come to an agreement.
x

taib0

I am so confused at the moment I am seriously thinking of moving out and renting somewhere until we are back on our feet. That way I won't have to pay back the family what ever it is they manage to raise which will be in the region of £15,000 to £20,000 and the mortgage as well. My mortgage is £995 and if the family (bless em) do raise say £20,000 and the OR agrees to sell my interest to them it will cost around £350 a month. I will end up with a monthly payment of around £1350 !!!! crikey. I could rent a 3 bed semi around here for half that until we get back on our feet, if of course anyone will rent to a bankrupt ? thats another bridge to cross

Thanks guys,
Taib0