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?