Husband bankrupt and Trustee wants to sell our house??!!!??

Tinks74

luvchochocolate is correct.

Bankruptcy - Secretary of State's administration fee (applicable to bankruptcy orders made on or after 6 April 2010)

For the performance of the Secretary of State’s general duties under the insolvency legislation in relation to the administration of the estate of each bankrupt, there shall be payable a fee calculated in accordance with the following scale as a percentage of chargeable receipts relating to the bankruptcy (but ignoring that part of the total receipts which exceeds the bankruptcy ceiling) at the rate of -
0% of the first £2,000
100% of the next £1,700
75% of the next £1,500
15% of the next £396,000
1% of the remainder, subject to a maximum of £80,000

So assuming there have been no other realisations, which is unlikely, the minimum that would be deducted as Secretary of State / OR fees is £16,245.00

These fees are non negotiable if the funds are from asset realisation.


These have been changed BKY's from 21/07/16 are charged differently, but the charges in place at the date of BKY are the ones that carry through the life of the BKY.

macman

Until the OP can come to terms with the reality that the house will be sold, I don't think anyone can offer more advice that is of any help.

lindens

Your next plan of action:-
1. Tidy up the house ready for sale
2. Put the house up for sale
3. Yourself - look for a job so that eventually you can get a mortgage on your own with a deposit of whatever is left of £100,000 after paying rent etc for the next 6 months
4. Start looking at rental properties in the meantime to work out the cost and what kind of a deposit and rent you are going to need.

blatchp

As a retired mortgage lender, I can say ex-bankrupts are not automatically barred from a new mortgage, though option and lenders may be limited. The receiver has every right to take your husbands equitable share in the home, but maybe possibly hopefully if you then have a decent deposit and your husbands credit file has been impeccable since bankruptcy there is a chance of some lender being sympathetic.

TakeAwayKing_2

It!!!8217;s unlikely that the OR will be dealing with the property and so unlikely that the OR fee rate will apply

More than likely the bankruptcy case will be passed to an IP firm to deal with as Trustee as there are assets. And the IP could be charging fees on a time cost basis.

BeccaGee

Yes it is a Trustee it was passed out from the or a while back.

What is helpful is someone PMing me offering me a £100,000 loan to get the bankruptcy dealt with.

silvercar

BeccaGee wrote: »

Yes it is a Trustee it was passed out from the or a while back.

What is helpful is someone PMing me offering me a £100,000 loan to get the bankruptcy dealt with.

Are you hoping for that? or has it actually happened?

brewthebear

100k, do you know this person,will a charge go on your house what do they want from the lend ?? what are the terms you may find yourself worse off...Sounds iffy to me

lisyloo

Be careful to look at the terms.

debt_doctor

Tinks74 wrote: »

luvchochocolate is correct.

Bankruptcy - Secretary of State's administration fee (applicable to bankruptcy orders made on or after 6 April 2010)

For the performance of the Secretary of State’s general duties under the insolvency legislation in relation to the administration of the estate of each bankrupt, there shall be payable a fee calculated in accordance with the following scale as a percentage of chargeable receipts relating to the bankruptcy (but ignoring that part of the total receipts which exceeds the bankruptcy ceiling) at the rate of -
0% of the first £2,000
100% of the next £1,700
75% of the next £1,500
15% of the next £396,000
1% of the remainder, subject to a maximum of £80,000

So assuming there have been no other realisations, which is unlikely, the minimum that would be deducted as Secretary of State / OR fees is £16,245.00

These fees are non negotiable if the funds are from asset realisation.


These have been changed BKY's from 21/07/16 are charged differently, but the charges in place at the date of BKY are the ones that carry through the life of the BKY.

Yes indeed - then there is the Insolvency Service Case Management Fee - just over £2k last time I looked - but then..... the biggest robbery of all is when the IP is appointed to 'dispose of the property'. I have seen IP fees typically £30 - 40k and up to £70k simply for handling the sale and a few frills.

DD