How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34263
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

Me and my wife are separated before she went bankrupted the

Resolved Question:

Me and my wife are separated before she went bankrupted the property is on both our names -It is now three years later now the bankruptcy agency send me a letter dated the 10th -received on the 14th and said I must call there a pointed agent with in 7 days for a to come and validate the property and I must make a offer and I can seek legal advice
I only have 3 days and it is the X-mas time
What can my response be to deal with this in the new year
Tertius
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
How much is the house worth and how much is outstanding on the mortgage?
When was your ex actually declared bankrupt?
Clare
Customer: replied 2 years ago.

Hi Clare

Last year it was £600,000 because of the marked The outstanding mortgage is £625,000 (I am on interest only ) but the marked improved

now and it is possible to go up to £700,000 ?

They mentioned that the last date for claim ? 25th Jan

It was the 8th Feb 2012

Expert:  Clare replied 2 years ago.
Hi
Best guess on the realistic value?
Clare
Customer: replied 2 years ago.

I would say £655,000 It is a 5 bedroom house

My 2 girls are living with me

Tertius

Expert:  Clare replied 2 years ago.
Hi
You are being offered the chance to "purchase" your ex's half of the property to avoid the property being sold on the open market to recover her share and pay it towards your debts
There is relatively little equity in the property and the costs of sale have to be factored in - so at most the equity is £25,000 meaning your ex's share is £12,500 (at most)
The Trustee in Bankruptcy does not wish to have the costs of proceedings to evict you and market the property
If you get the lowest valuation you can and offer say between £7.500 and £10,000 (possibly less) to purchase her share.
Your mortgage remains the same.
As a starting point agree to the valuation - and remember to point out ALL the faults in the property.
Please ask if you need further details
Clare
Customer: replied 2 years ago.

Dear Clare

Yes I do understand but there will be cost involve in selling +/_ £16000.00

With need to be deducted from the £25000.

But what I need to know is what answer I need to give to there letter of

7 days I don't want to deal with it now before Xmas but I feel I need to respond to the letter

Tertius

Expert:  Clare replied 2 years ago.
HI
Just to clarify - costs of sale would be £16,000?
If so that is excellent news as it reduces the equity to £9,000 - £4,500 each - which means an offer of £3,000 could work.
At this stage simply wrote back and agree to a valuation in the new year
Clare
Clare and other Law Specialists are ready to help you