Our home

Djem6

Hi

We will be bankrupt at the end of November, our biggest worry is our home and if we will loose it and how quickly it will happen. I understand if there is no equity the OR will wait for 2 years 3 months then revalue? We have had 3 estate agents valuations and there is between zero and £20,000 equity in the house at the minute, we have family who are willing to buy the beneficial interest as soon as able, would the OR allow us to do this or will he insist on waiting the 2 years 3 months? Thanks for reading.

debt_doctor

Hi,
If the valuation is correct, I would expect that there is every chance of your family to buy the beneficial interest.
You are correct in that the OR has up to 3 years to deal with the family home - reviewed at the period 2years 3months.
Generally the OR prefers cash now rather than speculate later, and (if jointly owned?) there is not enough equity to attract an IP - Which is always a good thing.
DD

Djem6

Thank you , I am hoping we can sort it out sooner rather than later , it would be stressful to have to wait up to 3 years to find out if we were to loose our home .
Is there anyone on here that has any recent experience with the OR and dealing with their home? Did they insist on waiting or did they allow the beneficial interest to be purchased?

tigerfeet2006

If you have the money now the OR will want to deal with it and get it off there books asap.

Just get a few estate agents in to value it for a quick sale as 'you really need to get out quickly and move elsewhere, don't you. Also don't have the house looking it's best, it's times like this that you don't want the house visitor ready. Oh! and don't forget to point out if the boiler is going to need to be renewed in a year or two etc. etc. It's always good to be helpful.

TakeAwayKing_2

Unfortunately with the insolvency market on a bit of a downer at the mo - insolvency practitioners are more and more happy to take on bankruptcy cases forming the official receiver with the plan of sitting on them for a few years until the hoUse value goes up

Djem6

So it could go either way then... We were hoping to get it sorted sooner rather than later ! Does anyone have any recent experience of their home being dealt with? Were you allowed to buy the beneficial interest or are you having to wait ?

tigerfeet2006

Debt Doctor is very knowledgeable about these matters and I happen to agree with him at this time. Especially if you have below £0K in equity or only £1-5K .