I entered into bankruptcy 2 years ago and have been discharged for 1 year
I am the sole owner of the property
I have what is considered a second home as at the time of the bankruptcy order
however I explained that my family home was my 2nd home and it was noted on the insolvency site that I was formerly residing at my second home.
I am not sure if this will have any baring on how long the Official Receiver will have an interest in this property ?
I have valuations and there is no equity in either property.
My beneficial interest and I assume the legal title transferred to the official receiver This appears on the the property register. (28.09.2011) BANKRUPTCY NOTICE (04.10.2011) BANKRUPTCY RESTRICTION
As I have mentioned there is no equity in the property.
I am concerned about the costs in this situation especially stamp duty.
Also the complications in buying out the official receivers interest.
I have been told that a relative or friend may be able to buy my beneficial interest in the home, that this will stop the official receiver or trustee selling my home later?
However I am also told that If the property is solely owned the transaction is more complicated because the legal title, as well as the beneficial interest, must be transferred?
I am told anyone wishing to buy back the trustee’s interest in my property may become liable for Stamp Duty Land Tax?
Would the mortgage company agree for my relative to buy the beneficial interest? Would my relative have to have the be mortgage transferred into their name?
Thank you for getting back to me. I have read this on one of the sites and it has confused me.
We act for the Official Receiver in connection with the transfer of property 'X' back to you. We are instructed that the consideration to be paid by you is £X and that you have paid the sum of £X on the account of our costs.As the property is solely owned, both the legal and beneficial interest vest with Official Receiver. You will therefore require the services of a solicitor to obtain the consent of the mortgagee, deal with the completion and submission of any Stamp Duty Land Tax Return required and register the Transfer at the Land Registry. Until registration of the Transfer the property will remain vested with the Official Receiver and the legal formalities not concluded.If you intend to act for yourself, please note that you are responsible for the matters set out in the second paragraph of this letter. As we act for the Official Receiver only, we are not able to advise you on the implications of any documents we send you, nor assist you in carrying out any of the steps outlined above.Please advise us of your solicitors' details in order that we may forward the Transfer to that Firm.
So here are some questions
As I am discharged can I buy back the interest on my second home ?
Would the official Receiver sell his interest on a 2nd home?
How recent would the valuation have to be?
Would I need a solicitor as well?
Do you know what the Official receiver would charge as I seem to have heard its about £1,000 plus legal costs.
Would it be a very intense prolonged procedure
How long does the official receivers interest stay on the 2nd home?
I called the RTLU and they said the file is no longer with them, it was back with the Official Receiver. I called the OR and they said the file is closed and the property would revert back after 3 years?
Could this indicate that they have accepted it as being my family home?
Would I be right in assuming if they say the file is closed and that nothing being done with the property, that it would be my whole file and all it included?
I don't really want to keep contacting them
Yes, I am still paying the mortgage in full every month I wasn't aware that the mortgage company do anything? Is this something they can do?
I had a valuation by a chartered surveyor and the property is is negative equity. I am now assuming that is why my file was sent back from the RLTU to the official Receiver.
The lady I spoke to at the Official Receivers office seemed to indicate it was an automatic process in 3 years? although I have heard it can be less than that 2 years 3 months? I just don't want to push it with them.
Is it an automatic procedure that the restrictions will be removed in that time frame? or would I in any event have to initiate the removal?