Family home - how long until it has to go?

katyp

Both my husband and myself declared bankruptcy in September last year, so we are both about six months into the process.
In general, our IP has been very good, allowed very generous amounts on our SOA, allowed us to keep our NT tax money, returned some of our savings to us etc.
However, this largesse does not seem to extend to the family home, as she seems to be pushing through a lot quicker than most others on here experience.
We are in the extremely fortunate position of having elderly parents who are buying the equity on our home, and the IP has been very good with agreeing an amount to pay.
However, we got a shock last week when she asked, completely out of the blue, for the money to be transferred within 48 hours.
Obviously this was unrealistic but things will probably be sorted by the end of this week.
But it got me thinking. Are houses usually dealt with this quickly? Everything I have read on here seems to indicate that you would have at least a year to get things sorted, and some folk talk of three years.
We have had six months, and if we had to leave, it seems to be indecent haste?
What are others experiences?

TheGardener

In the days of more or less guaranteed and inexorable rises in property prices, the OR would make full use of the 3 years allowed to watch the rising market and then cash in on the increase in value.
Nowadays, there are clouds on the horizon and house prices are slowing a little maybe? Perhaps there is also more emphasis on the OR getting enough in to pay their own fees more promptly?
Either way - where there is a large, easily realisable asset the OR has discretion to move on it when they want but before the 3 years are up.
Maybe you are seeing the start of a trend - frustrating that they are pushing with such tight (and almost unrealistic!) time demands but as you say, you seem to have had a good deal with other assets and income - c'est la vie and BR is all about the future and life after the trauma of BR.

debt_doctor

Hi,

The at least a year thing relates to 'home rights'. Home rights guarantee that at least one year will pass until the property is sold to release the equity.
In your case, clearly the property isn't going to be sold as you have a willing beneficial interest purchaser - which is great.
The quicker the process, the cheaper it should be - IP's often rack up huge fees over time.

It just might be that you have found what I have searched for for many years - A reasonable IP!

DD

katyp

Our IP has been very reasonable (so far) and we are hoping it will continue until we are discharged.
Maybe it's because it is the same person who is also dealing with our business liquidation, so she has full sight of everything that has happened and can see we have been unlucky (we have!)

katyp

QUICK UPDATE: The payment has gone through and the IP is writing to the Land Registry to remove her interest in our property.
Massive, massive weight off my mind, and I can never thank my inlaws enough.