Beneficial interest home

roughsea

Things are moving forward with the bankruptcy which is good as been a long journey

My concern is now the profit that is in the apartment i own as had it valued yesterday and was a bit more than i thought

It looks like at present i have about £9k in profit equity and also live alone and now worried i might be kicked out once my bankruptcy goes through

I seen a few posts that a member of my family ( parents) can buy the equity for which they have agreed and at what stage would the OR ask me if anyone wants to buy. Im concerned the OR will want to look at the house in 3 years so they can try and get more money in case house prices increase or will they want to deal with it within the year of bankruptcy ?

Any help appreciated

Mouse007

You can make an offer as soon as you like. Remember to deduct selling costs from your offer though (it will cost the OR £’000 to sell, estate agent, solicitor etc). Maybe try £5,000 (?) as first bid.

The OR will not play the waiting game (houses prices can go down too) they will accept a sensible offer. You will also have to pay some legal fees, few hundred £.

Edit to add:

You don't need to wait for the OR to offer, just pitch in asap

mum70

I was BR May 2011 and the OR put a charge on my house in 2014. its very messy. I would offer something just to get them of you back. Don't wait. sadly my house price increased. Remember the charge is 8%. now looking to sale house because I don't want to pay them any more money.