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Joint Trustees' Beneficial Interest - 6 years after Discharged


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I have been made bankruptin October 2005 and discharged a year later.

My only asset was the heavilymortgaged house I own in joint names with my wife.

In November 2008, theJoint Trustees applied to Court for possession and sale of the property.

The Court ruled that ‘onehalf of the beneficial interest in the property is vested in the Applicants(Joint Trustees) under section 306 of the Insolvency Act 1986.

The Court ordered: (1) Therespondent do deliver up possession of the property to the Applicant forthwith. (2) The Applicant may sale the property and(3) The Applicants’ costs of the application be added to the costs of thebankruptcy.

The Applicants undertakingto the Court not to enforce the order provided the Respondent co-operate duringthe period up to May 2009 with the property being valued and viewed andmaintained all payment due to the mortgagee.

A survey was done on thehouse in November 2008, which valued it at £220,000

In May 2009, the JointTrustees wrote to me with this information, adding that ‘charges on theproperty totalling £207,730’, and they are prepared to accept £5,000 in settlementof the beneficial interest of the Trustees.

I replied by arguing that (1)Houseprices have dropped by 5.74% between January and April 2009, and (2) they havenot taken into account of the professional fees involved in realising theirbeneficial interest. I offered them£1,500 in full and final settlement, which they have rejected.

Nothing happened in theinterim until November 2011, when they wrote to informed me that they havereceived an up-to-date valuation putting the house at £235,000.- There are alsoMortgage £197,810.- and others charges £6,306. They have therefore calculated their 50% share totals £15,442. Unless an adequate proposal is received 21days, they will consider enforcing a sale on the open market.

I have searched theproperty index recorded at Land Registry. This indicated that the propertyprice in my area between November 2008 and today are virtually the same ( withthe index showing 263.5

My questions are asfollows:

I read somewhere that JointTrustees have 3 years after bankruptcy to dispose of the property of the bankrupt.Is this correct?

If Land Registry recordsshown the price index are identical for the two periods, how can they add£15,000 to the value of the property?

Can the Joint Trustees applyto Court for an Eviction Order?

If they obtained anEviction Order, can I apply to Court for suspension, subject to agreeing thevalue of the 50% Shares of the Joint Trustees? Or ask the judge to put a fair value?

Any and all informationare much appreciated.

Many thanks.

Tony

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  • 2 months later...

Hi

 

They have recieved an up to date valuation from who? I would ask this question

 

Also like anything did they just get 1 valuation to suit them or did they get say 3 different ones get the actual valuation?

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I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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I have been made bankruptin October 2005 and discharged a year later.

 

My only asset was the heavilymortgaged house I own in joint names with my wife.

 

In November 2008, theJoint Trustees applied to Court for possession and sale of the property.

 

The Court ruled that ‘onehalf of the beneficial interest in the property is vested in the Applicants(Joint Trustees) under section 306 of the Insolvency Act 1986.

 

The Court ordered: (1) Therespondent do deliver up possession of the property to the Applicant forthwith. (2) The Applicant may sale the property and(3) The Applicants’ costs of the application be added to the costs of thebankruptcy.

 

The Applicants undertakingto the Court not to enforce the order provided the Respondent co-operate duringthe period up to May 2009 with the property being valued and viewed andmaintained all payment due to the mortgagee.

 

A survey was done on thehouse in November 2008, which valued it at £220,000

 

In May 2009, the JointTrustees wrote to me with this information, adding that ‘charges on theproperty totalling £207,730’, and they are prepared to accept £5,000 in settlementof the beneficial interest of the Trustees.

 

I replied by arguing that (1)Houseprices have dropped by 5.74% between January and April 2009, and (2) they havenot taken into account of the professional fees involved in realising theirbeneficial interest. I offered them£1,500 in full and final settlement, which they have rejected.

 

Nothing happened in theinterim until November 2011, when they wrote to informed me that they havereceived an up-to-date valuation putting the house at £235,000.- There are alsoMortgage £197,810.- and others charges £6,306. They have therefore calculated their 50% share totals £15,442. Unless an adequate proposal is received 21days, they will consider enforcing a sale on the open market.

 

I have searched theproperty index recorded at Land Registry. This indicated that the propertyprice in my area between November 2008 and today are virtually the same ( withthe index showing 263.5

 

My questions are asfollows:

 

I read somewhere that JointTrustees have 3 years after bankruptcy to dispose of the property of the bankrupt.Is this correct? They have 3 years to start the action to realise the beneficial interest in the property, in you case that started when they made application to the court for possession, so it is that application that needed to be within 3 years

 

If Land Registry recordsshown the price index are identical for the two periods, how can they add£15,000 to the value of the property? well the land reg is only an average for the area so is always going to be trumped by an actual valuation of the individual property

 

Can the Joint Trustees applyto Court for an Eviction Order? Yes they can

 

If they obtained anEviction Order, can I apply to Court for suspension, subject to agreeing thevalue of the 50% Shares of the Joint Trustees? Or ask the judge to put a fair value? You can of course ask for time but it is up to the judge whether they grant it, they may well take the opinion that you have not paid the required amount in the last 3 1/2 years so why should they give you longer

 

Any and all informationare much appreciated.

 

Many thanks.

 

Tony

 

Hope that helps

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