Buying The House Off The Receiver

Question:
help, has anyone experienced buying your share off the receiver, a spouse or relative needs to buy it to safeguard your home, my problem is we have no money to buy it, but the receiver insists that you have to value your home and pay your share of the house. we have £50000 equity meaning my wife has to find £25000 to stop them from selling the house. We cannot get loans because i am a bankrupt and have no family or friends that can lend us the money. does anyone know if the PRU will take an offer>? please post a answer as we are in peices in knowing wha to do, we also have a small child and dont want to be homeless

Answer:
Please see my answer to your Q in a previous thread. I have been told by the receiver that there is less chance of your house being sold if you and your wife own it together. AND almost nil possibility of this if your pre-16 year-old child lives in it with you! In the meantime, your share of £50k equity (if you joint own it), is £25k. But the receiver should be willing to deduct appropriate estate agency fees, and conveyancing costs and possibly a 10% deduction of total value as if an offer had been made by a hypothetical purchaser. Your wife, or anyone else, should be able to negotiate the actual price for the assignment at somewhere between £15k and £20k. It does not need to be a family member, anyone you trust can do this. NB: The purchaser will ALWAYS own the equity in your property. And they can force you to sell it at any time, sot there are legal and inheritance considerations. However, when you are discharged, you can have inhibitions, 2nd charge and cautions removed from the register and your friend can just tear up the contract to return you as owner. (you will still be the titleholder on the deeds anyway). Hope some of this helps. I am still a bit confused about it all myself! Out of interest, where do you live and with which trustee and O.R. office is your case held?





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