Post 3 years from BR - no equity in house - Land Registry

holsten_2

Hi All

Just wanted to let you know that we have passed the 3yr mark, and have had communications with the RTLU Office, advising the following:

"I am writing to give you notice that I consider that the continued vesting of the property in your bankruptcy estate to be of no benefit to creditors.

One month from the date of this notice (03/06/15), your interest in the property will cease to be part of the bankruptcy estate and will automatically re-vest in you. I will send out further notification and, if applicable, will apply to the Land Registry to have my interest in the property removed from the register - you will receive separate notice of this application. Yours Sincerely xxxxx OR".

This is great news. We had a valuation and there was probs £200 equity in the property. However, I've had no further comms from the OR, and have checked our land registry entry.

Under B: Proprietorship Register

5 (12.07.2012) RESTRICTION: No disposition of the registered estate,
other than a disposition by the proprietor of any registered charge
registered before the entry of this restriction, is to be registered
without a certificate signed by the applicant for registration or their
conveyancer that written notice of the disposition was given to (OR Name) (the trustee in bankruptcy of "Me") at care of The
Insolvency Service, PO Box 10089, Birmingham, B2 4WH.

6 (12.07.2012)

RESTRICTION: No disposition of the registered estate,
other than a disposition by the proprietor of any registered charge
registered before the entry of this restriction, is to be registered
without a certificate signed by the applicant for registration or their
conveyancer that written notice of the disposition was given to (OR Name) (the trustee in bankruptcy of "my partner") at care of The
Insolvency Service, PO Box, Birmingham, B2 4WH.

Does this mean they haven't got round to removing the entries on the land registry? Does anyone know if it takes a long time for entries to be updated?

Just a bit worried as it's been over 3 months now.........

And to anyone who wonders what information we provided, it was (as requested), a local valuation and a letter from mortgage company showing outstanding balance.

Good luck to anyone who is worried. We made it through, and have a Santander 123 account, 2 x vanquis CC's 2 x aqua CC's, with a total limit of nearly £5k (all managed and paid off well!!).

Anyone with anymore info on the above would be much appreciated.

Thanks
Holsten

fermi

The OR should have removed the entries as far as I can see from the OR's guidance?

You should ask your OR why they haven't done this?

https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part3/part3/part_3.htm#31.3.89

31.3.89 Action by the official receiver when the interest in the family home ceases to form part of the estate

(Amended February 2014)

Where a property re-vests early (see paragraph 31.3.87), or through expiration of the three year period (see paragraph 31.3.80), the official receiver must make application, within five days, to the Land Registry to amend the register of proprietorship where the dwelling house is on registered land, using form RX4 for jointly-owned or form RX3 for solely-owned [note 27] [note 28]. The application should be accompanied by evidence of the bankruptcy and the trustee’s appointment, and by a certificate stating that the property interest has re-vested [note 26a].
Where the property is unregistered, the official receiver must issue the bankrupt with a certificate or re-vesting [note 29] [note 29a].
The official receiver should ensure that any insurance is cancelled once the property re-vests with the bankrupt. Further guidance on cancelling insurance is contained in paragraph 49.27B.
The official receiver must also inform [note 25] [note 26] [note 26a]:

• the bankrupt and,
• any spouse or civil partner who has the relevant property as a principle residence and,
• any former spouse or civil partner who has the relevant property as a principle residence and
• any other person claiming an interest in the family home or under any liability in respect of it

that such application has been made.

holsten_2

Thanks Fermi for confirming, will chase as to why this info has been removed. :-)