Newbie: Needs BR help - fact or fiction??

soapboxfury

monotone765 wrote: »

If the property is jointly owned the OR will have lodged a restriction at the Land Registry which basically states that the property cannot be sold without the approval of the trustee in bankruptcy. As he will also have got his agent to do a valuation of the property any deal which looks significantly undervalue would probably not be sanctioned.

Not correct.

The restriction you refer too is a 'J' restriction and all it means is that the trustee (or OR in this case) is notified of any transaction so that they can claim their share.
Upon legal advice the only real concirn is if the property is sold for significantly less than it's market value then I would be responsible for the short fall.
But, without giving to much away for obvious reasons, I am in a position where my house is valuing at 30% below what it's real value is and my estate agent knows this (Hint hint) and the OR's valuer has just put in a very similar valuation to the estate agent (I wonder why????)

Quote from gov's own web on this issue:-

As the trustee only has a beneficial interest in the property, the bankrupt and his co-owner can sell the property at anytime, and the trustee will claim his share of the surplus sale proceeds.

What is a Form J restriction?

A trustee places a Form J restriction on a jointly owned property to ensure that he is notified if any property transaction takes place, e.g. the sale of the property. The Form J restriction is registered at Land Registry.


My origonal point was not to discus my own dealings but just to say DO NOT BE INTIMIDATED get a good solicitor who knows every aspect of your situation and this includes conveyincing law

My Wife actually has been made bankrupt for a debit that she dosn't owe. That is going to get real fun shortly when the law suits kick in

paul_62

As far as the car goes I put mine down for £2500, they said I'd over valued it they said its more like £1000 and could keep it so long as i use it for work - I couldn't keep it just to go and pick my son up though which suprised me.
The computer is kind of a tool for work, I put down over £3000 worth of tools and didn't have to sell them plus i kept my laptop.

soapboxfury

They wont take anything that you need to live or continue to earn a crust. So you just have to convince them that you need it.