Financial advice years after bankruptcy

foxfeatures

Hi,

I declared myself bankrupt in 2010 - everyone on here was very helpful - thank you.

Since then my circumstances have changed a lot - married, two kids and a much better income from a better career.

My BR was complicated from the fact that I have a mortgaged flat that I rented out. This was part of my BR and an insolvency company took it over and I assume rent it out and pay the mortgage. This I am confused about as one of my credit files actually paints a good picture that I have a mortgage that is always paid on time - although this isn't the true picture.

The flat is still in my name although technically mine.

I would like to get everything cleared up and ideally the flat out if my name - I am hoping to get a mortgage again one day relatively soon with my husband.

Does anyone know a similar situation and what I should do / options I have or could recommend a specialist I could speak to. Is there anyway I could even looking into buying the BI in the flat and taking ownership back or is this too late?

Any thoughts or advice would be much appreciated.

Thanks

debt_doctor

Hi,


An interesting situation and no doubt a little frustrating.
Normally an OR or Trustee has 3 years to deal with a family home, but of course this was not your family home and as such there is no time limit for the trustee to deal with this property.
They (the trustee) are clearly paying the mortgage and presumably the rent collected makes it viable for them.
I have never heard of a trustee holding on to a property with a tenant in for so long - normally trustees dislike taking on responsibilities of a landlord.
I can only assume that the property has little or no value from sale.


I would approach the trustee and ask what their intentions are, how long do they intend to continue in this manner?


I am wondering if there is anything you can do to force the trustees hand - are there any terms of the mortgage not being complied with - does the mortgage require YOU to be the landlord? If so, they could technically re possess on those grounds - but a recent re possession won't do you any favours for a new mortgage application!


I think this starts with a talk to the company administering the property.


I hope someone comes along who has had a similar experience.


DD

silvercar

I think the first thing to do is to download the deeds from Land registry. That will cost you £3. It should show:

1. you as owner
2. the name of the mortgage lender with the date of the loan being given (normally the date you took out the mortgage)
3. Any notification/ charge that the OR or Trustee has put on the property.

See if that shows any light.

You can also register with the Land Registry (for free) that you have an interest in the property. You then get an email notification if anyone attempts to change any charges registered against the property.
You should also notify the Land registry of your current address.

What sort of mortgage is on the property? I assume it is a BTL one. If it isn't then you could force the issue by informing the lender of the situation. I also assume it is interest only. It would be very interesting to say the least, if the trustee was making mortgage capital repayments and building up equity in the property.

Land_Registry

silvercar wrote: »

You can also register with the Land Registry (for free) that you have an interest in the property. You then get an email notification if anyone attempts to change any charges registered against the property.
You should also notify the Land registry of your current address.

The service I believe silvercar is referring to here is the Property Alert Service - you don't have to have an interest in the property but you simply set up an alert

If you want to update your contact details on the register then you can complete a form and apply for the details to be changed