The sale of my family home as a result of bankruptcy

Samsung_Note2 · 8 May 2018 at 12:40PM

Probably of no help in this case..when we went joint bankrupt,as above we asked three local "friendly" estate agents to pop round for a cuppa and a piece of cake and give us a valuation.

Obviously being the utterly honest person im not..i felt obliged to say we were going bankrupt,well it just so happens all three agents all estimated nearly the same figure or with in a couple of grand,who would have thought hey..lol

Just so happens all three were all under the value of the mortgage and would be a loss for the OR to sell.

Happily were now eight years on and roughly £60,000 in equity.

WobTimus_Prime · 8 May 2018 at 7:11PM

Well that would be ideal if we could do that but there!!!8217;s no way we!!!8217;re gojng to be in negative equity which in normal circumstances would obviously be great but not the case here.

maxmycardagain · 9 May 2018 at 10:37AM

WobTimus_Prime wrote: »

Well that would be ideal if we could do that but there is no way we are going to be in negative equity which in normal circumstances would obviously be great but not the case here.

as said, only half of any "possible" equity would go to the IS, after the costs of selling and settling up with your missus they would be lucky to see £15,000 (if that) .......... and youd have a decent amount yourselves, but I think the IS will do a deal, lump sum and/or a payment plan...

Samsung_Note2 · 14 May 2018 at 10:30AM

WobTimus_Prime wrote: »

Well that would be ideal if we could do that but there!!!8217;s no way we!!!8217;re gojng to be in negative equity which in normal circumstances would obviously be great but not the case here.

If three independent agents all valued it in a favourable light towards you..then the half of the equity would be less...less money to find.?

maxmycardagain · 16 May 2018 at 5:29PM

Samsung_Note2 wrote: »

If three independent agents all valued it in a favourable light towards you..then the half of the equity would be less...less money to find.?

certainly less interesting for the IS or the collectors

WobTimus_Prime · 24 May 2018 at 4:32PM

Quick update, the trustee has had their valuation done and it shows £40,000ish as my half of the equity. We!!!8217;ll likely get our own valuations done.

They have suggested that because of my wife!!!8217;s pregnancy we could agree to a protective possession order which could suspend the enforcement for 6 months.

Does anyone know anything about this particular option?

Thanks in advance !!!55357;!!!56397;

silvercar · 25 May 2018 at 8:04AM

Sounds like they are offering to secure a possession order but not enact it for 6 months. I've never heard of that, and you will want to check on the legals. Be careful what you are signing!

To me it appears that they are giving you 6 months grace in return for you not contesting the possession. Does it also commit you to losing the £40k equity for your share? Or will the proceeds of the sale be calculated the sale is complete.

If they took you to court, they may or may not win, they would incur costs, which may make them more likely to investigate other options eg a charging order.

If you do go ahead, you may as well stop paying the mortgage - no point protecting the equity in the property if you are going to lose half of it! Save it as a rent deposit.

The sale of my family home as a result of bankruptcy

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