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Alex J.
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3671
Experience:  Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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Hello My trustees have disclaimed their interest in a property

Resolved Question:

Hello
My trustees have disclaimed their interest in a property my wife and I own (lease hold). I have been told I need to apply for a vesting order, which a solicitor is happy to do but for a large fee. What happens if nothings happens? The freeholders are not going to pursue anything as far as I believe and my wife and I are now no longer bankrupt.
many thanks
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

If you do not claim the property it will end up going to the Treasury Solicitor until it is reclaimed.

If you do not want to pay a solicitor you could try bringing the application yourself. https://www.gov.uk/government/publications/vesting-orders-how-to-apply There is a guidance note here from the treasury solicitor.

You will have to pay the fees of the Treasury Solicitor or Attorney General in any event, which is normally just an administration fee.

Have you contacted the treasury solicitor and confirmed that they will consent to this?

Kind regards

AJ
Customer: replied 3 years ago.

Thank you


Who would be allowed to reclaim it as I have a mortgage on it?


What is the Treasury Solicitor or Attorney General?

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

The treasury solicitor basically holds all property that effectively no longer has an owner until someone can come along and prove ownership to it (i.e with a vesting order). When property exists like this it is known as Bona Vacantia - https://www.gov.uk/government/organisations/bona-vacantia

The Attorney General is just an office of this, it effectively gives legal advice to the Government.

As you are maintaining a mortgage on the property, I would recommend that you have it vested in you, because you could potentially be in breach of your mortgage deed.

I look forward to hearing from you.

Kind regards

AJ
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