Solved - Bankrupt but bequeathed share of property

dave3dtg

greensalad said:

dave3dtg said:

greensalad said:

dave3dtg said:

Yep, I was stupid to design and patent an award winning world first that had been attempted for 60+ years and which would've been purchased by up to 70% of its target market...totally daft. You should only invent things if you're already rich.

Sounds like your issues are sorted then with your award-winning invention.

Nope, I'm in the UK.

There's a whole big world out there. You could easily contact investors abroad, you don't have to be in the same country as where you sell your invention? 

And that my friend is a fine example of exactly what's wrong with this country.
Yes, I know that's what Dyson did...after this country had twice almost made him bankrupt. He's a prime example. However, his product/s are mass market whereas mine is more niche than a vacuum cleaner.
Also read my comments to John.

John_

dave3dtg said:

greensalad said:

dave3dtg said:

Yep, I was stupid to design and patent an award winning world first that had been attempted for 60+ years and which would've been purchased by up to 70% of its target market...totally daft. You should only invent things if you're already rich.

Sounds like your issues are sorted then with your award-winning invention.

Nope, I'm in the UK.

Again, you are blaming everyone else but yourself for your situation. It is this attitude that leads so many like you into penury, as you seem completely unable to accept that you are solely responsible for yourself.
No-one else is your keeper, no-one owes you anything, and unless you manage to understand this it’s going to be really hard for you to get back in your feet.

You don’t have an interest in the house now, the OR does, yet you seem to not be able to understand what this means. I’d put money on you popping back up in a few months though, claiming to have won, and then refusing to give the case number.

sammyjammy

Whatever your Mums will says about the ownership of the house on her death will only add to your % of ownership, you already own 8.33%, your Mums will cannot override that just add to it.

dave3dtg

Update.....
Findings thus far but nothing from the OR to confirm...
My parents were Tenants in Common (50/50 split) and the house is in trust.
My Dad's Will bequeathed a beneficial interest of 8.33% of his share. So this is actually 4.165% of the whole property, which equates to roughly £24K.
There is 2 very distinct legal situations here...legal ownership of property and beneficial interest. Because of the TIC and trust my Dad's half automatically goes to my Mum and she is 100% legal owner of the property. My brothers and I aren't legal owners...we have a bequeathment of a beneficial interest and not ownership...that is only effectual if and when the property is sold which is very unlikely as one of them wants to move in. So the OR can't do anything as I hold no legal title.
According to insolvency-bis the OR can only act on sole legal titles that are vested in the bankrupt, a bequeathment doesn't give this. The OR is also discouraged from acting where property is in trust even when the bankrupt has sole legal title. Mostly the OR will not act if the bankruptcy cannot be paid off entirely which includes their costs as well.
The most the OR can ever get is £24K or 4.165% of the whole.
Presently my beneficial interest is worthless and can only be realised if the property has to be sold to pay for her care. 
My beneficial interest from my Dad disappears upon the death of my Mum as it's her Will that takes precedence.
My Mum will live long past the end of my bankruptcy and will bequeath me a third of the beneficial interest but the OR cannot claim this because I won't recieve it whilst bankrupt.
I keep asking the OR for their intentions with regards to my Mum's house but they never reply.

bradders1983

"I keep asking the OR for their intentions with regards to my Mum's house but they never reply"

This has been answered in here, multiple times. The OR is not going to sell the house and kick your mother out, why have you ignored this?

JCS1

If the asset is over £10k, the OR used to pass the case onto a IP.  Not sure if that is still the case, but that could also be why they are not answering the question.

Minkym00

It’s not TIC where the other half automatically goes to the other party, it’s joint ownership. See here:  https://www.gov.uk/joint-property-ownership. So the fact is your father was a TIC and willed you a share of his property.

dave3dtg

Minkym00 said:

It’s not TIC where the other half automatically goes to the other party, it’s joint ownership. See here:  https://www.gov.uk/joint-property-ownership. So the fact is your father was a TIC and willed you a share of his property.

Hmmm I'm getting conflicting advice from the Land Registry then...https://hmlandregistry.blog.gov.uk/2018/02/13/property-owner-dies/#comment-84037

dave3dtg

bradders1983 said:

"I keep asking the OR for their intentions with regards to my Mum's house but they never reply"

This has been answered in here, multiple times. The OR is not going to sell the house and kick your mother out, why have you ignored this?

This much I obviously know.
I'm asking for their intentions because, as I've also told them, my Mum is struggling with what has happened with my Dad's Will and the fact the OR is involved has added to her stress and confusion. I'm merely asking them because she needs to see confirmation as to their intention in black and white. I'm hoping they'll respect the fact that she's a frail 83 year old and allow her to grieve. I'm also hoping they're not hedging their bets to see if she passes before the end of bankruptcy so they can claim the third that'll come my way...well would do but I've now been excluded from her new Will.

dave3dtg

To all that answered/discussed/advised.
Thank you for your efforts.
I have now been advised by the OR that he/she doesn't have an interest in my Mum's house. The only way the OR would have a claim would be if my Mum passed away before my discharge, which is in about 6 weeks on 06/03.
The OR came to this conclusion after seeing both my Dad's Will and the Title Deeds for the house.
Thanks again.
Dave