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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3840
Experience:  Solicitors 2 years plus PQE
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I was made bankrupt in October 2012 and I am 27 months into

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I was made bankrupt in October 2012 and I am 27 months into a £250 payment agreement out of 36 months and 27 months into a pension payment of £244.00 per month out of 36 months they also took 25% £16000 of my pension, I also arranged a without prejudice ,£95.000 for my wife to buy out my share of the equity in our property back in January this year this was done through cashing in the remaining pension pot and my wife borrowing £50,000. This was raised against the equity in a property my wife solely owned and rented to her 2,daughters, I am a builder by trade so took it upon myself to extend our house after the amount of £95.000 was agreed back in February this year, I extended over the existing garage to creat 2 new bedroom so my step daughters could move in and my wife sell her house to clear the loan against it, due to the solicites dealing with this matter on behalf of the receivers wanting information about where the monies have come from to settle with, they discovered the building works I have been doing and say they want a re- valuation etc, this all seems rathe unfair. Is there nothing I can do about this as both myself and my wife are at our wits end over this.

Hi thank you for your question and welcome. My name is ***** ***** I will assist you. Has the transfer of the property been formally made into your wife's name? Was this approved by your trustee in bankruptcy?

Customer: replied 1 year ago.
Hi AJ, No not as yet, the property is still mortgaged in my name only, and the mortgage will end in 1 year, so the trustee still has his hands on the property, surely with the time scales they have took to sort this,and myself and my wife having to decide to do the building work after the ' agreement, do we not have any rights at all, it just seems like it's dragging on and on. Gary

Hi thank you. Has the mortgagee consented to this? Did you get the original validation agreement in writing from the trustee? Kind regards AJ

Customer: replied 1 year ago.
the mortgagee consented to this, and no I got nothing in writing despite meeting the trustee and there solicitor and agreeing together the £95,000 on February 1st 2016

Hi thank you. Have you objected to the valuation? Have they said on what grounds they are changing the deal? Kind regards AJ

Customer: replied 1 year ago.
No I have not objected to the valuation as yet, should I ? And if so what grounds do I have, they will change the deal to get more money out of the equity I assume.

Hi, Thank you. If your wife has already gone and arranged the mortgage she could object to the valuation on those grounds. She has acted in detrimental reliance on the trustees advice. Do you have any correspondence of the offer even by email? Kind regards AJ

Customer: replied 1 year ago.
she arranged for £50,000 remortgage against her own property, I cashed the remains of my pension £35,000 and my wife put her savings of £10,000 to make up £95,000, I am away from my office at the moment so can not check emails as they go straight to my work email. will have a look back then. But as I said seems like everything was agreed without prejudice. Gary

Hi. Thank you. Was it agreed without prejudice subject to contract? Agreeing the contract without prejudice should not stop potential equitable remedies but any claim would be in the name of your wife. Have they taken any money from your wife? Kind regards AJ

Customer: replied 1 year ago.
it was agreed without prejudice subject to contract , no money as yet changed hands although my wife has had the fnd since the agreement was reached back in February this year. What do you mean when you say any claim would in my wife's name. Gary

Hi thank you. They agreed a deal with your wife, so any claim would have to be brought by your wife. If you refused the revaluation, how quickly would the house be sold? Does it have building regs and planning permission. You could write to them and say that if the building works are fully complete it would take them a long time to sell the property - this offer is available now and for the benefit of the creditors. You would be in part calling their bluff? Have they even appointed a valuer?

Customer: replied 1 year ago.
Thank you for you responses, I would really like to refuse the revaluation as I feel it under nines all the work we done and in particular the agreement, the building works are now complete and we do have planning permission and building regs, we do not think they have yet appointed a valuer as they have made no contact with us for the last 3 weeks, on your advice I will be writing to them as you are right what you say by the time they get a court ruling ( which I would contest ) and if the house goes on the market it could take a considerable time for the sale . And we do have the funds now. Gary

Hi thank you. Let me know what response you receive and if I can assist any further. I would be most grateful if you would rate my response in the mean time? Kind regards AJ

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